DA NANG (Biz Hub) — The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) signed a new agreement on Saturday to improve its partnership with the Binh Son Refining and Petrochemical Co Ltd (BSR).

Under the new agreement, the Quang Ngai-based refinery company will receive assistance from Vietcombank in financing, foreign currency trading, individual lending and card payments, with preferential policies for customers.

Nguyen Hoai Giang, BSR's Chairman of the Management Board, said that the latest agreement aims to improve the partnership between the refinery and Vietcombank.

The agreement will create more opportunities for both sides, allowing each company to reach their full potential, Giang said, adding that the agreement is also designed to tighten the companies' relationship after a 10-year partnership.

Vietcombank officials said they appreciate the partnership, since BSR is the first Vietnamese refinery, and today leads the industry, said Nghiem Xuan Thanh, Vietcombank's Chairman of Management Board.

Under the new agreement, the Quang Ngai-based refinery company will receive assistance from Vietcombank in financing, foreign currency trading, individual lending and card payments, with preferential policies for customers.— File Photo

Thanh added that Vietcombank has helped finance BSR's short-term and long-term projects with loans of VND5 trillion (US$222.2 million).

Binh Son Refining and Petrochemical Co Ltd is assigned to manage and operate the Dung Quat Oil Refinery, which leads Viet Nam's oil refinery industry and provides high-quality employees for the industry.

Since the Dung Quat Oil Refinery was first opened, BSR has earned revenues of VND710 trillion from producing more than 36.2 million tonnes of oil and gas, and contributed VND120.3 trillion to the State budget. BSR has also imported more than 40 million tonnes of crude from overseas suppliers. — VNS