Forum discusses trade opportunities between Vietnam, CEE and Eurasia

Thursday, 2019-11-28 11:22:53
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SBV Deputy Governor Nguyen Thi Hong speaking at the forum.
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NDO – A forum entitled “Enhancing trade cooperation of Vietnam with CEE and Eurasia” was jointly held by the State Bank of Vietnam (SBV) and the International Bank for Economic Cooperation (IBEC) in Hanoi on November 27.

SBV Deputy Governor Nguyen Thi Hong affirmed that,thanks to the efforts and high determination of the IBEC member countries and management board, IBEC’s performance has improved, meeting the initial expectations of member countries.

IBEC has gained positive results including the increasingcredit-trade finance activities which soared sharply to EUR219.5 million by September 30, up nearly 10 times compared to that in late 2017. IBEC also participated in the credit rating for the first time in March 2018 and was granted a BBB- rating by Fitch with a stable outlook, and this rating continues to be maintained until the present.

In particular, IBEC successfully issued its first bonds in Russia with a scale of nearly EUR99 million.

Hong noted that Vietnam is an export-oriented countryand the Vietnamese Government has made efforts to promote international economic integration with the signing of a number of free trade agreements (FTA),including the Vietnam-Eurasian Economic Union FTA, the EU-Vietnam FTA, and others, in a bid to foster trade cooperation between Vietnam and IBEC members in the Central-Eastern Europe (CEE) and Asia-Europe region.

“Through the forum, the parties will initially have anopportunity to learn the needs and cooperation ability to maximize the inherent potential of each party towards effective and sustainable cooperation in the future. As a State management agency on monetary and banking activities in Vietnam and a representative agency of the Vietnamese Government at IBEC, the SBV will always accompany and support stakeholders to realise the set goals," Hong added.

At the forum, the delegates gave assessments and analysis of the opportunities and potential of trade cooperation between Vietnam and countries of the CEE and Eurasia region. The event is also a channel for the sharing of information and experiences on cooperation between Russian and Vietnamese businesses and cooperation in the application of blockchain technology and digitalisation in the development of trade finance products.