IBEC Hosts the Official Delegation of Vietnam

On 11 September 2017, a meeting of the IBEC’s official delegation headed by Ms. Irina Golovchenko, Board Chairman of the International Bank for Economic Co-operation, with the delegation of the Socialist Republic of Vietnam headed by Mr. Nguyen Van Binh, Member of the Politburo of the Central Committee of the Communist Party of Vietnam, was held in the headquarters of the International Bank for Economic Co-operation (IBEC) in Moscow.

The following high-level public officials have arrived within the delegation: Mr. Nguyen Chi Thang, Deputy Head of the International Relations Department of the Central Committee of the Communist Party of Vietnam, Mr. Cao Quoc Hung, Deputy Minister of the Ministry of Industry and Trade, Mr. Pham Manh Hung, Deputy Minister of the Ministry of Education and Training, Mr. Tran Thanh Nam, Deputy Minister of the Ministry of Agriculture and Rural Development, and Mr. Lai Ngoc Doan, Plenipotentiary Minister, Deputy Head of Mission of the Embassy of the Socialist Republic of Vietnam in the Russian Federation.

Ms. Irina Golovchenko, IBEC’s Board Chairman, in her speech told about dynamically developing areas of the Bank’s business and about economic relations between the IBEC and economic entities of member countries, including the financial institutions of Vietnam. The IBEC’s plans to extend operations on three key lines of the Bank’s business were also announced, namely: trade finance, lending and settlement operations, which were supported by the President of Vietnam during the meeting with the IBEC’s Board Chairman in June 2017. The IBEC has already signed a number of agreements with commercial banks of Vietnam and considers the possibilities of setting up settlements between the economic entities of the member countries in national currencies, as well as investments in a variety of significant projects in the country, which will give substantive support to the economy of Vietnam. The IBEC’s Board Chairman also expressed her hope for a constructive dialogue in the near future regarding the update of the Bank’s constituent documents.

In his reply, Mr. Nguyen Van Binh emphasized the importance of the IBEC participation in financing of projects in Vietnam and expressed interest in the development of the IBEC’s business in terms of lending to small and medium enterprises of Vietnam. Mr. Nguyen Van Binh also expressed support for the IBEC’s plans in setting up settlements not only in convertible currencies, but also in national currencies of the Bank’s member countries. He also supported the Bank’s intention to update the constituent documents for the purpose of bringing them into line with the current banking practice. Mr. Nguyen Van Binh concluded his presentation by declaring the willingness to render multifaceted assistance to the Bank’s activity.