IBEC Asian Vector

International Bank for Economic Co-operation took part in a foreign trade transaction for the supply of wood-chemical products to Vietnam. IBEC has advised a letter of credit issued by Vietcombank to secure a contract between the Vietnamese and Belarusian companies.

This deal started practical cooperation between IBEC and one of the leading banks in Vietnam. The principal agreements on cooperation between the two banks were reached at the end of last year, during the visit of the IBEC delegation to the Republic of Vietnam.

According to Ms. Thinh Thi Hong, IBEC Member of the Board, this transaction is an example of how the trade financing mechanisms offered by the Bank, on the one hand, contribute to the realization of a large trading potential between Vietnamese business and companies from the CIS, on the other hand, ensure the implementation of the IBEC mandate for the development of international business of member countries.