• The IBEC Signed the Agreement on Cooperation with the Bank for Investment and Development of Vietnam
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The IBEC Signed the Agreement on Cooperation with the Bank for Investment and Development of Vietnam

On 22-23 August 2017, the delegation of the International Bank for Economic Co-operation (IBEC) headed by Ms. Thinh Thi Hong, Board Member, took part in the 15th meeting of the Working Group on Interbank Cooperation of the Intergovernmental Russian-Vietnamese Commission on Trade-and-Economic and Scientific-Technical Cooperation held on the Phu Quoc island (Socialist Republic of Vietnam). As a part of the meeting, the Agreement on Comprehensive Cooperation was signed between the IBEC and the Bank for Investment and Development of Vietnam (BIDV).

Under the Agreement, the parties agreed to develop the cooperation in the Russian, Vietnamese and international financial markets in the implementation of the investment projects, the participation in syndicated loans, the support to small and medium entrepreneurship, trade finance, the support to export of goods of the two countries to the IBEC member countries and in other areas of mutual interests.

Mr. D.G. Skobelkin, Chairman of the Russian party of the Working Group on Interbank Cooperation, Deputy Chairman of the Management Board of the Central Bank of the Russian Federation, noted that the IBEC is a unique structure, which has the opportunity to carry out all types of bank operations, and this opportunity should be exploited. He also expressed confidence that the Bank’s vigorous activity would promote the expansion of settlements and mutual cooperation between the two countries.

Ms. Nguyen Thi Hong, Chairman of the Vietnamese party of the Working Group on Interbank Cooperation, Deputy Chairman of the State Bank of Vietnam, congratulated the IBEC with the signing of the Agreement on Comprehensive Cooperation with BIDV, encouraged the Bank’s intentions to develop the cooperation with the Russian and Vietnamese enterprises and expressed the readiness to continue supporting the development of the Bank.

The IBEC’s experts took an active part in the discussion of opportunities to arrange the settlements between economic entities of the two countries in national currencies, to organize their financing in national currencies, in particular using trade finance instruments (letters of credit, guarantees, counter-guarantees), and exploiting the Bank’s opportunities when arranging the settlements in the RF Ruble/Vietnamese Dong (RUB/VND) currency pair at the Moscow Exchange.