IBEC and SHB – sustainable and mutually beneficial partnership
International Bank for Economic Co-operation continues active expansion of its trade finance portfolio. Vietnam is one of the important markets where such operations are especially in demand this year. The strategic partner of IBEC in this direction is Saigon-Hanoi Commercial Joint Stock Bank (SHB) . A General Cooperation Agreement has been in force between IBEC and a leading Vietnamese financial institution since 2018. The partners have worked out effective interaction by financing a large number of foreign economic contracts of Vietnamese companies. In June-July, IBEC provided financing for a number of letters of credit, providing export supplies of chemical products in amount of more than USD 6.3 million. The global geography of transactions is telling – Asia, Africa, Russia, South America.
Since the beginning of the year, despite the instability caused by the COVID-19 pandemic, IBEC and SHB have completed transactions in a total volume of about USD 30 million, which exceeds the total volume for the two previous calendar years. Stable business relations with the leading Vietnamese financial institution provide IBEC clients and partners with effective services in the Asian direction. Vietnamese partners, in turn, get access to first-class services in a wide range of foreign trade operations.