HA NOI (Biz Hub) — The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) signed a cooperative agreement on credit and investment with the International Investment Bank (IIB) on Monday.

Vietcombank representative Pham Quang Dung and IBB representative Thinh Thi Hong in the agreement signing ceremony.

The agreement with Vietcombank will enable IIB to access more information on the Vietnamese market to guide the company's investments.

The IIB will also look to support Vietnamese small and medium-sized enterprises investing in Russian projects in Viet Nam, through its credit loans for Vietcombank.

IIB currently assists Vietcombank in expanding its operations in Eastern European countries and IIB's member nations.

IIB is an interstate organisation operating on the basis of the intergovernmental Agreement on the Establishment. The Agreement on the Establishment of the IIB was signed by member states on July 10, 1970 and registered with the Secretariat of the United Nations.

Eight countries are set to join the IIB, including Vietnam, Russia, Bulgaria and Cuba.

IIB has invested in Eastern European countries and Mongolia, but is yet to deploy sizable investment in Viet Nam. — VNS