Framing the Future
Van's Story
Hanoi, Viet Nam
Nguyen Thi Hong Van graduated from Polytechnic College with a dream to open a business supplying building materials for tall buildings in Viet Nam.
She originally started sourcing materials from Germany and other European countries, but soon became frustrated over shipment delays and logistical issues.
At the same time, Van learned there was no manufacturing capacity for these products locally.
Then, she decided to open her first factory to produce facade systems, aluminum rolling doors, and other building parts for the Vietnamese market.
She now supplies building materials across Viet Nam as well as neighboring countries such as Thailand, Lao Republic and Cambodia.
Van has successfully completed the construction of her third factory, where she plans to expand her product line further.
Thanks to the backing from IFC’s client TP Bank, Van's business Tan Truong Son Group ‘Boss Door' has grown into one of Vietnam's biggest manufacturers, providing jobs to over 100 women. TP Bank is part of IFC’s Banking on Women initiative, as well as the Women in Trade initiative under Global Trade Finance Program (GTFP). TP Bank is the one of the largest participants of this initiative, providing financing for women entrepreneurs who are importing materials from all over the world and exporting products to Bangladesh, Pakistan, India, and other countries.
Since its inception in 2012, IFC’s Banking on Women program (BOW) has provided financial assistance and business expertise female-owned SMEs through an innovative investment-advisory model. Collaborating with financial institutions, BOW designs customized value propositions that emphasize both financial and non-financial services to empower female entrepreneurs.
In 2019, IFC’s BOW and Global Trade Finance Programs joined forces to create the BOW Global Trade Finance Program. This Women in Trade initiative encourages banks to increase access to trade finance for female-owned SME entrepreneurs in emerging markets so that they can grow and expand their businesses. This program is supported by the Women Entrepreneurs Opportunity Facility (WEOF), a partnership launched by Goldman Sachs 10,000 Women and BOW. To date, more than US$260 million of trade finance support has been allocated by this partnership to support more than 233 women entrepreneurs around the world.
Since its launch, BOW has invested US$4.29 billion in emerging market financial institutions, making substantial strides with 251 projects across 76 countries. As the BOW business continues to break barriers and empower women globally, it remains a beacon of progress, setting new benchmarks for gender-inclusive financing.
Read more about IFC’s Banking on Women Global Trade Finance program here. Read more about IFC's Banking on Women program here.
Published March, 2024
I grew tired of waiting for shipping containers from Europe that would sometimes be late and delay my business. I then thought to myself, why not produce these products here in Vietnam? That marked a turning point in my life."
