Background

Formal meetings with leaders of the Vietnamese economic bloc

Prior to the IBEC “Vietnamese” week, which opens on November 27 with the business forum “Enhancing trade cooperation of Vietnam with CEE and Eurasia”, the Chairman of the Bank’s Board Denis Ivanov met with the leaders of the economic bloc of the Republic of Vietnam.

The IBEC Leader was received by Mr. Nguyen Van Binh, Politburo member and head of the Party Central Committee’s Economic Commission, who welcomed the choice of Vietnam as the venue for the second IBEC Business Forum and Bank’s Council meeting.

Mr. Nguyen Van Binh, who had been the head of the Vietnamese delegation to the IBEC Council for a long time, is well acquainted with the bank. He noted with satisfaction the active introduction of new business practices and financial instruments by the bank. Mr. Nguyen Van Binh expressed confidence that the implementation of the updated IBEC development strategy will allow the bank to actively support Vietnamese companies and, more broadly, the social and economic development of Vietnam.

Denis Ivanov introduced Mr. Nguyen Van Binh with the progress of the ongoing bank reforms, especially noting the course to increase the efficiency of operational activities and the introduction of advanced international standards applied by multilateral development institutions. IBEC head thanked Mr. Nguyen Van Binh for the continued support provided to the bank.

Commenting on the prospects for the update of the bank’s constituent documents, including in terms of increasing the amount of authorized capital, Mr. Nguyen Van Bin confirmed the possibility of the Vietnam’s share growth in the authorized and paid-in IBEC capital, referring to bringing its size in line with the scale of the growing Vietnamese economy and the volume of IBEC operations in the country.

IBEC delegation led by Mr. Ivanov also made a visit to the State Bank of Vietnam, where it was received by the Governor of the Bank, Mr. Le Minh Hung.

During the conversation, the parties touched upon the following key issues of the IBEC activity: implementation of the updated Strategy, the projects of the bank in Vietnam and interaction with the State Bank of Vietnam, representing the country in the Council of the bank. Mr. Le Minh Hung assured IBEC delegation of his full support for initiatives aimed at developing the bank's activities in the Vietnamese direction. Speaking about IBEC mandate as a multilateral development bank supporting Vietnamese foreign trade operations, Mr. Le Minh Hung paid special attention to the possibilities of IBEC as a settlement bank, with the prospect of settlements in Vietnamese dongs. Mr. Ivanov expressed his interest in the development of the Vietnamese direction, focusing on project and trade financing. The parties also discussed the agenda of the upcoming IBEC Council meeting, including the update of constituent documents and possible increase in the number of the bank’s member states.

IBEC Chairman of the Board thanked the State Bank of Vietnam for its support in organizing the Business Forum, the subject of which aroused great interest from both the Vietnamese government institutions and the business community, as well as from foreign and international companies operating in Vietnam.

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