Coffee business gets Standard Chartered Bank loan
The Standard Chartered Bank (SCB) on April 9 signed an agreement lending US$24 million to the Daklak September 2nd Import-Export Co. Ltd (Simexco Daklak), the second largest state-owned coffee trader in Vietnam.
Simexco General Director Le Duc Thong said the loan will help the company to achieve its export revenue goal.
Meanwhile, Louis Taylor, General Director of Standard Chartered Vietnam, said that the Vietnamese coffee industry has seen a spectacular development over the past 20 years and has become one of the main drives for the country’s export. The strategic partnership between SCB and Simexco is evidence of the bank’s commitment to sustainable development in Vietnam.
Founded in 1993, Simexco Daklak has built up a dynamic purchasing network directly from farms and investing in modern coffee processing factories, staff training and quality control systems in key coffee growing areas of Vietnam.
Last year, the company’s revenue reached VND6,577 billion (approximately US$314.9 million), a year-on-year increase of 41 percent.