Background

IBEC delegation visited the Embassy of the Socialist Republic of Vietnam in Moscow

The Chairman of the Board of the International Bank for Economic Co-operation Denis Ivanov and IBEC delegation including a member of the Board Ms. Thinh Thi Hong, Director of the Client Relations Department Alexandra Matveeva and Head of the Project Group of the International Fund for Technological Development at IBEC Vadim Kulikov 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, trade representative of Vietnam in the Russian Federation Mr. Duong Hoang Minh and representatives of the Embassy.

The head of the IBEC acquainted the Ambassador with the implementation of the updated development strategy of the Bank, with the key performance indicators of IBEC, and shared plans for the development of the Bank's activities, including in the Vietnamese direction. “The Bank actively cooperates with the largest Vietnamese financial institutions. Banks such as Saigon-Hanoi Commercial bank, Vietcombank, Agribank, HDBank, Bank for Investment and Development of Vietnam are IBEC partners in numerous trade finance transactions totaling over USD 100 million”, – noted Denis Ivanov.

Many of the transactions served by IBEC have an important social and environmental impact, which meets the new strategic priorities of the Bank. IBEC is at the final stage of financing a significant investment project to create a logistics infrastructure by HATECO Logistics. At the moment, the possibility of participating in a project to create wind power generating capacities using advanced Russian technologies is also being considered; other energy projects, including projects of renewable energy sources, are under development. Moreover, at the meeting parties discussed the opportunities for multilateral cooperation within the perimeter of the IBEC member countries.

Vadim Kulikov informed the Ambassador about the activities of the International Fund for Technological Development, the opportunities that the Fund, together with IBEC, can offer Vietnamese companies.

During the negotiations the parties also touched upon the harmonization issues of some banking regulations in the domestic market of Vietnam and the status of IBEC as a multilateral development institution, including the unique settlement function of the Bank. Changes in this area can give a new impetus to servicing the international trade of Vietnamese companies and their partners from other IBEC member countries.

Denis Ivanov especially emphasized the attentive and interested attitude of the top economic leadership of Vietnam to the Bank, to its new development strategy, the actualization of the IBEC role as an important link between the economies of ASEAN, the European Union, and the countries of the Eurasian Economic Union.

The Ambassador emphasized the importance of the active participation of the Bank's representatives in the meetings and events of the Vietnamese business community in Moscow, the prompt exchange of information in the field of finance, economics and foreign trade.

Last but not least, the Chairman of the IBEC Board expressed his sincere gratitude to the staff of the Embassy of the Socialist Republic of Vietnam in Moscow for many years of comprehensive and repeated support and assistance in organizing contacts and establishing work of the IBEC with the political, diplomatic and business circles of Vietnam. “I am sure that friendly relations with the Socialist Republic of Vietnam will help IBEC to fulfill its development plans, as well as to support foreign trade in the strategic directions of the Vietnamese economy, which in the most difficult period of the pandemic showed not only high resistance to external shocks, but also demonstrated a powerful growth potential", – concluded Denis Ivanov.

 

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