Trade finance in Vietnam
International Bank for Economic Co-operation is expanding its presence in the Vietnamese market. Another trade finance transaction in partnership with Saigon-Hanoi Commercial Joint Stock Bank (SHB). An import letter of credit was financed for the implementation of import operations for the supply of agricultural goods and raw materials in the amount of $ 6.4 million.
The partnership between IBEC and SHB began with the signing of the General Agreement in 2018 at the Sochi Economic Forum in the presence of the Presidents of the Russian Federation and Vietnam. A joint business with the Asian-oriented SHB promotes the expansion of IBEC beyond Eastern Europe as a traditional center of bank interests. This opens up new integration opportunities for all IBEC member countries. The upcoming meeting of the IBEC Council in November in the capital of Vietnam, Hanoi, and related business events will undoubtedly give a new impetus to expand the bank's interregional operations.