IBEC for the first time in its new history closed a trade finance deal in Vietnam
20 December 2018 International Bank for Economic Co-operation (IBEC) for the first time in its new history closed a trade finance deal in Vietnam.
IBEC provided financing under the import letter of credit issued by Saigon-Hanoi Commercial Joint Stock Bank (SHB) for the total amount of USD 9.7 million for a period of 173 days. Targeted trade financing is aimed at supporting import of agricultural products from Asian markets to Vietnam.
The deal has become the first step towards practical implementation of the agreements signed by the parties in September, 2018, which are: the Agreement for Implementing Trade finance transactions and the Master Financing Agreement signed in Sochi in the presence of Heads of States.
Thus IBEC continues active development of international business and cooperation with its member countries and in line with the Updated Strategy take proactive actions aiming to enlarge its trade finance portfolio.