IBEC delegation visited the Embassy of the Socialist Republic of Vietnam to Russian Federation

The Chairman of the Board of the International Bank for Economic Co-operation Denis Ivanov and IBEC delegation including a member of the Board Mr. Nguyen Vinh Hung and Managing Director Asia Oleg Vnukovsky visited the Embassy of the Socialist Republic of Vietnam in the Russian Federation and held a meeting with His Excellency Ambassador Extraordinary and Plenipotentiary Mr. Dang Minh Khoi and representatives of the Embassy.

The head of the IBEC introduced the Ambassador with the implemented projects aimed at supporting the Vietnamese economy and key transactions with Vietnamese counterparties in the Bank’s portfolio. “Since 2018, in the new period of the Bank’s development, IBEC has financed projects totaling about EUR 155 million in equivalent, both with corporate clients-residents of Vietnam and financial institutions”, – noted Denis Ivanov.

Many of the transactions implemented by IBEC provide a positive social and environmental impact, which meets the new strategic priorities of the Bank aimed at contributing to the achievement of the UN Sustainable Development Goals.

In December 2021, IBEC provided a non-revolving credit line to HATECO Logistics in the amount of EUR 20 million for the construction of logistics infrastructure. The Bank’s participation in the project contributed to the early adoption of measures to combat COVID-19 by improving and optimizing the supply chain of medicines, equipment and food for the people of Vietnam.

In January 2022, IBEC took part in an international syndicated facility in favor of the Vietnamese financial company VNDIRECT Securities Corporation. The total volume of the syndicated loan amounted to USD 100 million for a period of up to 1 year, the share of IBEC was USD 15 million. Ten banks from Taiwan, Hong Kong and Europe were involved in the deal, with Taiwan's Cathay United Bank acting as the sole authorized lead arranger and bookrunner.

During the negotiations the parties also touched upon a set of working issues which from the Bank’s viewpoint are of interest in the context of potential development of economic relations between the IBEC member states. In particular, the parties exchanged views on the prospects for proactive limit establishment on IBEC by Vietnamese financial institutions to carry out trade finance transactions, as well as the development of interbank relations between financial institutions of Vietnam and Mongolia.

IBEC Chairman especially emphasized the attentive and interested attitude of the top economic leadership of Vietnam towards the Bank in the new period of its development.

The Ambassador stressed the importance of the active participation of the Bank's representatives in the meetings and events of the Vietnamese business community in Moscow and invited IBEC representatives to take part in the upcoming events organized with the support of the Embassy.

At the end of the visit, the parties expressed their intention to make every possible effort to resolve current pending issues, the resolution of which will enable IBEC to contribute to the prosperity of the Socialist Republic of Vietnam and the development of relations with the IBEC member states.

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