VIB Bank and PetroVietnam Insurance (PVI) on June 11 signed a comprehensive cooperation agreement in Ha Noi.
As per the accord , the two sides will increase their market competitiveness and diversity by using each other’s strengths in specific areas, said Han Ngoc Vu, general director of VIB Bank.
The bank will provide new credit services for PVI and its clients with preferential interest rates. The services include short, medium and long-term loans, guarantees and international payments, he said.
”The comprehensive cooperation will not only help the two sides tap their partners’ strong points, but also boost their exchange of knowledge and experience on financial professionalism,” said Vu.
PVI will in turn offer an insurance programme and risky management services at a competitive cost for clients borrowing capital from VIB Bank or related projects, said Le Van Hung, chairman of PVI’s board of directors.
In addition, the two sides will jointly develop and promote cash transfer services via their networks and develop capital sources, including derivative products like options rights and swaps, Hung said.
The two sides will share investment opportunities on energy projects such as power plants, oil exploration and the development of machinery for the oil industry as well, Hung added.
Other investment projects like urban construction, trade, industrial, export or processing zones and real estate will also be shared by the two sides.
VIB Bank and PVI also signed a deposit contract worth 50 billion VND (3.1 million USD) the same day.
The bank currently has a charter capital of more than 1 trillion VND (62.5 million USD) and plans to increase that number to 2.5 trillion VND (156 million USD) by the end of this year, Hung said.
PVI is a member of the Viet Nam National Oil and Gas Group. As of June 10, PVI recorded a turnover of 1 billion VND (62,500 USD) or 65 percent of its yearly plan.
Source: VNA
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