Background

IBEC Supports Vietnam's Foreign Trade

New trade finance deals were implemented in the Asian direction – in partnership with the Saigon-Hanoi Commercial Joint Stock Bank (SHB). IBEC provided financing under letters of credit opened for the export of polypropylene. The Bank continues to support the foreign economic activity of Vietnamese companies, providing comfortable contract terms for both exporters and buyers of Vietnamese products. The total amount of transactions – USD 3.5 million, letters of credit term is 6 months.

SHB has become IBEC's permanent and largest partner in the Vietnamese market. Cooperation was accelerated after the business forum, held by IBEC in Hanoi in November last year. As part of the General Agreement on Cooperation between the banks, the total volume of trade finance transactions has approached USD 42 million, including about USD 18 million since the beginning of 2020.

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