• IBEC’s New Age First Signing of Agreement in Attendance of Russian and Vietnamese State Leaders as Part of Official Events
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IBEC’s New Age First Signing of Agreement in Attendance of Russian and Vietnamese State Leaders as Part of Official Events

On 6 September 2018 Denis Ivanov, Chairman of the Board of the International Bank for Economic Co-operation, participated in events dedicated to an official visit to the Russian Federation of Nguyễn Phú Trọng, General Secretary of the Central Committee of the Communist Party of the Socialist Republic of Vietnam, which took place in the city of Sochi. On this day Vladimir Putin, President of the Russian Federation, welcomed Nguyễn Phú Trọng at ‘Bocharov Ruchei’, his Sochi residence.

As President of Russia pointed out: ‘…relations between Russia and Vietnam develop proactively and steadily in all areas, – we are satisfied with the way interstate cooperation is emerging. We can definitely recognize these relations to be a strategic partnership’.

In his reciprocal address General Secretary of the Communist Party of Vietnam highlighted that the aim of the current visit of the Vitenamese official delegation to Russia is ‘a further strengthening of cooperation between Vietnam and the Russian Federation’. As the high guest stated: ‘I think that my present visit will facilitate further development of the cooperation…’.

During the official visit of Nguyễn Phú Trọng, General Secretary of Vietnam’s Communist Party Central Committee, to the Russian Federation a number of interstate and inter-agency covenants were executed. The only interbank agreements signed in the framework of the official events at the level of heads of state were a bilateral Master Financing Agreement between the IBEC and the Vietnamese commercial bank ‘Saigon-Hanoi’ as well as signing of a Memorandum between this Vietnamese bank and the International Investment Bank (IIB), IBEC’s sister bank.

The Master Financing Agreement signed by the IBEC stipulates development of cooperation with the Vietnamese bank both in payments and trade finance operations.

The IBEC’s act of signing of an international banking document during the official visit of Vietnam’s high delegation is another milestone and a prominent step towards a trilateral cooperation of the Bank with Russia and Vietnam as well as with the IBEC’s member states.