The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Trung Nam Construction Investment Joint Stock Company (Trungnam Group) inked a comprehensive cooperation agreement on January 20.

Under the agreement signed in Ha Noi, Vietcombank and Trungnam Group, the largest local private energy investor in Viet Nam, will prioritise using each other's products and services.

Vietcombank will promote the wholesale banking including investment, payment and cash flow management services and retail banking with different financing products for the group and its customers while a cross-selling cooperation for both sides' services will be applied.

Vietcombank said it would provide Trungnam Group with cutting-edge financial and banking services.

The agreement between Vietcombank and Trungnam Group will lay the groundwork for long-term cooperation, allowing both parties to maximise their strengths and further develop the relationship that has been established to develop the renewable energy sector, thereby contributing to the country's energy security and socio-economic development.

Vietcombank has previously sponsored many large projects that are now operational, including the Thuan Nam Solar Power Plant with 450MW in Ninh Thuan, Dong Hai Wind Power Plant 1 with a capacity of 100MW in Tra Vinh, and Ea Nam Wind Power Plant with a capacity of 400MW in Dak Lak, with total capital of nearly VND13.6 trillion (US$591.3 billion). — VNS