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The International Bank for Economic Co-operation funded Saigon-Hanoi Commercial Joint Stock Bank (SHB) import letter of credit in the amount of USD 6.9 million. Funds are targeted to purchase agricultural products.
The deal has become a symbolic continuation of the “Vietnam Business Week”, held on the sidelines of the IBEC Council meeting and the successful business forum in Hanoi. The keynote of the events was the development of economic relations between the Asian region and European economies and the role of international development institutions in this process.
IBEC and SHB are actively implementing the General Cooperation Agreement signed in 2018. In just over a year, the package of trade finance transactions between the two banks exceeded USD 23 million. The partnership between financial institutions has acquired a stable and mutually beneficial character, and several more large contracts are under development. Having secured the support of the leadership of the country's economic bloc during the visit to Vietnam, IBEC intends to continue developing the Asian direction, taking into account the growing interest of all the bank’s member states for this particular region.
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