The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has clinched a cooperation agreement with the Singapore Business Federation (SBF).
The signing of the deal coincides with the celebration of the 45th anniversary of the establishment of diplomatic relations, and the fifth anniversary of the establishment of strategic partnership between Vietnam and Singapore.
The signing ceremony was graced by the presence of prime minister Nguyen Xuan Phuc who is in Singapore to pay an official visit and participate in the 32nd Asean Summit.
According to the agreement, Vietcombank and SBF will join hands to foster development and efficiency of both, and support SBF in commercial expansion and investment in Vietnam.
Vietcombank will be treated as a priority bank for SBF members in banking transactions like cash management, international payment, project funding, short-term credit, guarantees and consulting on M&A deals.
Ho Meng Kit, CEO of SBF, said that under the deal, SBF members will have more favourable conditions to develop commercial activities and invest in Vietnam, contributing to boosting bilateral ties between the two nations.
Established in 2002, SBF has 25,000 members who are active in 54 sectors and supports member companies to build business links with domestic and international partners. Almost 20 percent of SBF member firms have already invested in Vietnam.
english.thesaigontimes.vn/59523/Vietcombank-cuts-deal-with-SBF.html
