Sacombank is the first joint stock commercial bank in Viet Nam to get such a loan from Cathay United Bank. — Photo cafef.vn

HA NOI (Biz Hub) — Sacombank has signed a contract to receive credit worth US$50 million from Taiwan's Cathay United Bank for its mid- and long-term credit activities.

Sacombank is the first joint stock commercial bank in Viet Nam to get such a loan from Cathay United Bank.

The two sides also signed a memorandum of understanding (MoU) on comprehensive co-operation to create opportunities for Sacombank to access rich sources of capital in Taiwan for its credit activities.

Under the MoU, the two sides will support each other in searching for markets, exchanging information and promoting investment and trade activities.

The two sides will also assist each other in seeking information related to foreign investment and related regulations in Viet Nam, Taiwan, Cambodia and Laos for their customers in Viet Nam and Taiwan.

Sacombank will co-operate with Cathay United Bank in providing banking services, organising conferences and sharing experiences in human resources management, employment and tax issues.

Cathay United Bank has been operating in Viet Nam since 2000. — VNS