IBEC delegation held meetings with partners in Vietnam

Chairman of the IBEC Board Denis Ivanov and IBEC Board Member from Vietnam Mr. Nguyen Vinh Hung paid a working visit to Vietnam on November 9-11.

On November 10, 2022, the IBEC delegation took part in a meeting with the Deputy Head of the Vietnamese Delegation to the IBEC Council, Mr. Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam.

During the meeting, Mr. Ivanov briefed Mr. Pham Thanh Ha on the main results of IBEC activities in 2022 and informed about the active work carried out by the Bank. In the conditions of an unstable economic environment, IBEC pays special attention to the preparation of the new updated Strategy. The Bank is planning to consider new niches and promising geographic markets for its products.

Representatives of the IBEC delegation emphasized that the Bank's activities in the Vietnamese direction are still focused on promoting the diversification of export and import markets, as well as increasing the share of high value-added exports, highly processed products, high-tech and environmentally friendly products.

“Vietnam has always provided essential support in the implementation of key strategic projects and initiatives that have helped the Bank to find its niche among multilateral development banks,” – Denis Ivanov noted during the meeting.

Mr. Pham Thanh Ha, for his part, highly appreciated the activities implemented by the Bank's management in the current difficult geopolitical situation, and expressed confidence in overcoming the current challenges on the way to the further progressive development of the Bank.

The IBEC delegation also met with the Bank's largest corporate borrower in Vietnam, Hateco Group. The funds provided by IBEC under the credit line are aimed at creating an infrastructure facility in Vietnam, which, in turn, contributes to the intensification of export-import relations and will make a significant contribution to the economic development of the country. The parties discussed the progress of the project and its current conditions, and also considered the possibilities of mutual cooperation in the form of new potential projects that correspond to the mission and mandate of IBEC.

During the visit, the Bank's representatives met with key partner financial institutions, which are: Bank for Investment and Development of Vietnam (BIDV), Saigon-Hanoi Bank (SHB) and Vietnam Bank for Agriculture and Rural Development (Agribank).

At a meeting with Saigon-Hanoi Bank (SHB), the IBEC delegation noted the large number and significant volume of financing operations implemented under letters of credit payable at sight (UPAS LCs) to support foreign trade with countries in Asia, Africa, South America and other regions. The most significant transactions include the buyout of obligations under SHB letters of credit opened under contracts for the supply of monocrystalline solar panel modules to Vietnam, a key element for renewable solar energy projects. The implementation of such “green” forfaiting operations ensured the contribution of the banks to the achievement of the UN Sustainable Development Goals.

Mr. Ivanov and Mr. Nguyen Vinh Hung also expressed their gratitude to BIDV and Agribank for fruitful cooperation and discussed the prospects for trade finance transactions, collaboration in the field of treasury and settlement operations. Moreover, IBEC delegation expressed its readiness to consider new instruments and opportunities for partnerships.

It should be noted that IBEC is also developing syndicated financing in the Vietnamese market. Participation in an international syndicated credit facility in favor of the Vietnamese financial company VNDIRECT Securities Corporation has become a landmark deal in 2022. The total volume of the syndicated loan amounted to USD 100 million up to 1 year tenor, the share of IBEC was USD 15 million. The funds raised will be used to fund the company's general corporate goals, including the development of online platforms to provide clients with greater access to investment products and transactions on the stock market. The implementation of the company's plans will contribute to the development of the Vietnamese stock market, will lead to an increase in competent private investors, and to the availability of financial services for the corporate sector. This is in line with the strategic objectives of the IBEC as a development institution that promotes the economic development of its member countries.


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