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On 17 May 2016, just before the opening ceremony of the representative office of Joint Stock Bank for Investment and Development of Vietnam (BIDV) in Moscow, negotiations were held between the International Bank for Economic Co-operation and BIDV’s representatives.
BIDV’s delegation was headed by Mr. Le Ngoc Lam, Senior Executive Vice President. During the negotiations, the parties have discussed the prospects of organizing mutual settlements in national currencies between the Russian Federation and Vietnam and a range of other issues relating to further development and deepening of the ties between IBEC and BIDV.
The IBEC management has highly appreciated BIDV’s efforts for launch of a pilot scheme of bilateral settlements in national currencies implemented with the involvement of BIDV and the largest Russian banks.
In turn, the Head of BIDV delegation supported the IBEC’s initiatives which facilitate more active promotion of services provided by the Bank to enterprises of the Socialist Republic of Vietnam (SRV), including the extension of long-term loans and the implementation of a full range of payment and settlement transactions, trade finance, conversion and other banking transactions.
The parties recognized the relevance of areas of joint cooperation of two Banks referred to in the Memorandum of Understanding between BIDV and IBEC, which was signed on 11 March 2003. In terms of the key tasks of further cooperation of two Banks, the parties expressed interest in expanding cooperation in the area of interbank lending, in developing and coordinating trade finance projects, as well as in continuing consultations and activating mutual exchange of information on projects for joint participation of the parties.
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