BIDV signs cooperation agreement with IIB

Bank for Investment and Development of Vietnam will receive US$65 million credit.

The International Investment Bank based in Moscow also signed cooperation agreements with several other Vietnamese banks. Under a comprehensive cooperation agreement between IIB and BIDV, Vietnam’s most profitable bank, the loan will be used for medium- and long-term project and trade assistance.

The two sides also committed to cooperating in savings and foreign exchange transactions. IIB is also a partner of the Ho Chi Minh City Development Joint Stock Commercial Bank.

On March 1, IIB and the Agricultural Bank of Vietnam signed an agreement, under which the two sides will exchange views on cooperative possibilities and facilitate joint projects.

Established in 1970, IIB used to be a common bank of former socialist countries with headquarters in Moscow. It now includes 10 member states. The aim of the bank is to build an effective mechanism of support for small- and medium-sized businesses in the member states, and to participate in large infrastructure projects.