IBEC Top Managers Meet High Level Vietnamese Delegation in St. Petersburg

On 24 May 2018 a meeting between Vietnamese high level delegation and top managers of the International Bank for Economic Co-operation (IBEC) took place aside St. Petersburg Inter-national Economic Forum 2018.

The Vietnamese delegation was headed by his Excellency Mr. Nguyen Van Binh, Member of the Politburo and Secretariat of the CPV Central Committee of the Socialist Republic of Vietnam, Chairman of the Central Economic Commission.

The other members of the delegation were:

  • Mr. Huynh Tan Viet, member of CPV Central Committee, Party Secretary and Chairman of Peoples’ Committee of Phu Yen province;
  • Mr. Pham Viet Thanh, Member of CPV Central Committee, Chairman of Central SOEs Commission;
  • Mr. Vu Dai Thang, Alternate member of CPV Central Committee, Vice Minister of Planning and Industry;
  • Mr. Hoang Quoc Vuong, Vice Minister of Industry and Trade,

and other high ranking officials.

The IBEC delegation was headed by Mr. Denis Yu. Ivanov, Chairman of the Board, as accompanied by Ms. Thinh Thi Hong, Board member.

Mr. Binh congratulated Mr. Ivanov on his appointment as the IBEC’s Chairman of the Board and expressed confidence that Mr. Ivanov’s successful career with International Investment Bank (IIB) put him in an excellent position to fully realize the IBEC’s benefits for the Bank’s member states as well as to efficiently cooperate with IIB.

Mr. Binh underlined that Vietnam, as a member state both in IBEC and IIB, highly appreciated the high results in both banks’ activities as well as the banks’ efforts of cooperation with Vietnamese banks and enterprises.

Mr. Ivanov expressed his gratitude to Mr. Binh and to the other members of the Vietnamese delegation for the opportunity to meet the very high level Vietnamese officials in his capacity as IBEC’s Chairman of the Board. He briefly presented plans for further reform of IBEC as well as ideas of a possible integration between IIB and IBEC to ensure a synergy in both banks’ activities for the maximum benefit of their member states. Mr. Ivanov emphasized the necessity of a clear definition of each bank’s business profile: IBEC specializing in trade finance, settlements and trade-related lending while IIB focusing on financing of long-term projects and investments, each bank operating independently but in a close cooperation. This arrangement, he noted, would be subject to all member states’ approval.

Mr. Binh pronounced Vietnam’s overall support of the IBEC reform plans, including the envisaged IBEC’s focus on trade finance and, given its historical mission, becoming a settlement center of both banks’ member countries, as well as plans for integration with the IIB.

He also noted the overwhelming importance for IBEC and IIB of taking advantage of the current moment of robust growth of bilateral investments and trade relations between Russia and Vietnam.