IBEC continues active cooperation with Vietnam

On 19-21 September, 2018 IBEC delegation headed by the Chairman of the Board Denis Ivanov visited the Socialist Republic of Vietnam. Within the framework of the working visit, a number of meetings with core Vietnamese partner banks and companies were held – State Bank of Vietnam, Saigon-Hanoi Commercial Joint Stock Bank, Bank for Investment and Development of Vietnam, HD Bank, Vietcombank, Vietinbank, VIB, Long Lo Construction Corporation, EVN and PetroVietnam.

The meeting of the IBEC and the State Bank of the Socialist Republic of Vietnam executives was held on 20 September 2018 at the State Bank headquarters. The delegation of the state Bank of Vietnam was headed by Mr. Le Minh Hung, Governor of the State Bank of Vietnam, the IBEC’s Chairman of the Board Mr. Denis Ivanov was accompanied by Ms. Thinh Thi Hong, Member of the Board and Ms. Alexandra Matveeva, Director of the Client Relations Department.

The most relevant issue being discussed at this meeting was an opportunity of opening a correspondent account in order to conduct payments and settlements in Vietnamese dongs (VND). It will open the way for servicing foreign trade contracts nominated in national currency of Vietnam as well as provide clients with the opportunity to carry out currency exchange transactions with VND.

Meeting with Saigon-Hanoi Commercial Joint Stock Bank (SHB) also took place on 20 September 2018 in SHB headquarters. Vietnamese delegation was headed by the Chairman of the Board of Directors Mr. Do Quang Hien, IBEC delegation was headed by the Chairman of the Board Mr. Denis Ivanov.

At the meeting parties signed an Agreement for Implementing Trade finance transactions. Agreement is aimed at giving the existing cooperation a more practical angle by executing specific deals. Moreover, the Agreement is supposed to contribute to implementation of the Master Financing Agreement between IBEC and SHB which had been signed in the beginning of September, 2018 in the presence of Heads of States.

At the meeting of IBEC delegation with representatives of Bank for Investment and Development of Vietnam (BIDV) Senior Executive Vice President Mr. Le Ngoc Lam and Chairman of the IBEC Board Denis Ivanov discussed basic cooperation issues. In particular, Parties gave special attention was paid to disbursement commencement technicalities related to the trade finance credit line in the amount of EUR 15 mln. Taking into account experience and leading positions of BIDV in trade finance market, as well as new course of IBEC development, parties expressed confidence in successful cooperation perspectives and readiness to move forward along with negotiated arrangements.

Summarizing results of the meeting with Vietcombank, parties discussed collaboration opportunities and agreed on signing of the Cooperation Agreement in the near future.

At the meeting with the Vice Chairperson of HD Bank Mr. Nguyen Thanh Do parties reached an agreement on exploring the option of setting mutual limits on trade finance and treasury transactions.

In the course of meetings with VIB and Vietinbank issues of bilateral cooperation in regard to trade and debt financing were broadly discussed.

And finally, at the meetings of IBEC delegation with Vietnamese companies, such as Long Lo Construction Corporation, EVN and PetroVietnam, parties managed to present their companies to each other, discuss the areas of potential collaboration as well as strategies of successful business development.