Background

The IBEC delegation meets with the management of the State Bank of Vietnam (SBV)

On September 20, 2018, at the headquarters of the State Bank of Vietnam (SBV), Governor Le Minh Hung had a meeting with Mr. Denis Ivanov, Chairman of the Management Board of the International Bank for Economic Co-operation (IBEC).

At the meeting, Governor Le Minh Hung welcomed Chairman Denis Ivanov and the IBEC delegation to visit and work with the SBV. He also congratulated Mr. Denis Ivanov on being newly appointed as Chairman of the IBEC Management Board, and highly appreciated his experience and great contributions to the results of the reforms at the International Investment Bank (IIB) in the past. The SBV Governor expressed his beliefs that in his new position as the Chairman of the IBEC Management Board, Mr. Denis Ivanov would succeed in reforming the IBEC in the coming time.

As the representative of the Government of Vietnam at the IBEC and the IIB, the SBV always closely monitors the situations and operations of the IBEC. Governor Le Minh Hung asserted that Vietnam, as a responsible member of the IBEC, would always accompany and support the IBEC Management Board for the more effective development of the IBEC.

Supporting the IBEC’s approved measures of reforming, Vietnam hopes that the IBEC would conduct successfully these measures on the basis of ensuring progress and operational quality. Governor Le Minh Hung confirmed that the SBV would support the IBEC for the connection and establishment of cooperation with Vietnamese partners in order to strengthen the IBEC’s operations in Vietnam.

For his part, Mr. Denis Ivanov, Chairman of the IBEC Management Board, expressed his sincere thanks to Governor Le Minh Hung for his hospitality, and praised the support from the Government of Vietnam with the SBV as its representative for the active participation and the important role in the process of policy and decisio- making of the IBEC.

He said that the IBEC is implementing two-step loans for several Vietnamese credit institutions to support the development of SMEs. The IBEC is also in negotiations to implement the provision of commercial finance for several Vietnamese credit institutions to enhance the commercial cooperation between Vietnam and the Russian Federation in particular and IBEC’s members in general.

The two sides also discussed the priority for development of commercial sponsoring activities to support exports and imports, and to strengthen the commercial and economic cooperation among member countries with the important role of the IBEC. They shared that, with the signing of the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union, there will be enormous prospects and potentials for trade and economic cooperation between Vietnam and the Russian Federation.

In addition, the two sides agreed that the IBEC should continue to give priority for payments activities. They also discussed the formulation of the IBEC’s country strategy for Vietnam, which sets out the basis and objectives for further enhancing the cooperative relations between the IBEC and Vietnam, as well as extending the operational scope and locations of the IBEC and the IIB in Vietnam in particular and in Asia in general…

Author: Le Hang
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