The Vietnamese arm of Singapore-headquartered United Overseas Bank ( UOB ) has signed a green trade financing agreement with Navico, one of Vietnam’s leading exporters of catfish products.

The transaction aims to drive the sustainable transformation of Vietnam’s aquaculture industry in line with international standards, says Ho Chi Minh City-based UOB Vietnam. Neither the lender nor the borrower disclosed the deal’s value, citing client confidentiality.

UOB Vietnam says Navico secured the financing agreement after going through the bank’s rigorous sustainable finance approval process. The trade facility supports the private-sector company’s aquaculture operations, from sourcing internationally certified raw materials to investing in advanced production technology and optimizing its supply chain for greater efficiency.

The deal will also enable Navico to adopt new green initiatives, such as circular economy practices, resource conservation, and the transition to clean energy.

"As sustainable practices increasingly become a mainstream business consideration, access to green financing is essential to support this transition,” notes Lim Dyi Chang, head of commercial banking at UOB Vietnam.

He says UOB is committed to providing financial solutions and offering expertise to help Vietnamese companies achieve their commercial goals while enhancing sustainability.

Green transition

The agriculture, forestry, and fisheries sectors, particularly seafood exporters, require strong financial resources and international collaboration to accelerate the green transition and meet global standards, Chang says, adding that partnering with businesses with a clear vision and strategy for sustainable development, like Navico, remains a key focus for the bank.

Navico chief executive officer Doan Toi says his company has made constant investments in developing an integrated supply chain model that guarantees traceability, product quality, and environmental responsibility. The aqua-product exporter has for years used environmental, social, and governance criteria as a guiding principle to optimize its processes and profitability.

Based in the Mekong province of An Giang, the company makes products from Vietnamese catfish. Vietnam has labelled the Mekong River fish as pangasius since a dispute over catfish in 2001 developed into a trade war between Vietnamese and US catfish producers. After incurring huge financial losses, the Catfish Farmers of America ( CFA ) lodged an anti-dumping case before the US Department of Commerce against frozen catfish from Vietnam.

Navico was among Vietnamese pangasius producers hit by the dispute but managed to survive by diversifying both products and export markets. It is operating four processing plants in the Mekong Delta with a total annual capacity exceeding 120,000 tonnes.

Meanwhile, Vietnam is currently the world’s third-largest seafood exporter behind China and Norway, with an annual export value ranging from US$9-11 billion, according to statistics from the Vietnam Fisheries Association.

In the country, UOB Vietnam has supported 19 green finance projects across renewable energy, manufacturing, agriculture, and sustainable aquaculture as of April 2025.