VPBank And Vinacomin To Sign Comprehensive Cooperation Agreement

On 04/02/2013, in Hanoi, Vietnam Prosperity Bank (VPBank) and the Vietnam National Coal - Mineral Industries Group (Vinacomin) haveofficially signed a comprehensive cooperation agreement. Under this agreement, VPBank and Vinacomin agree to deploy cooperation in such areas of credit, cash management, foreign exchange, bonds, securities services and investment cooperation. Specifically, in the area of ​​credit, based on Vinacomin’s business plan and proposal, VPBank shall deploy short, medium and long – term credit products for Vinacomin and its member companies. Vinacomin and its members shall use the payment accounts through VPBank system in the forms of payment, money transfer, L/C, discount / collection of export documents, etc in their transactions for business activities. In the field of trading foreign exchange, Vinacomin shall use VPBank's foreign exchange services including foreign exchange spot, forward, swap, options and other products arising. Also under the agreement, Vinacomin and its member companies agree to access VPBank products and services.

At the signing ceremony, leadership of VPBank has shared that “Development cooperation is a positive direction for local enterprises to support each other and increase the feasibility of capital investment projects on the basis of mutual benefits. The agreement between VPBank and Vinacomin will help both parties to take advantage of the strengths of each other, exchange and strengthen cooperation in business activities. Simultaneously, VPBank will create all conditions for Vinacomin to access and use VPBank services conveniently, quickly with preferential service charges.”

Mr. Le Minh Chuan, General Director of Vinacomin said "In recent years, VPBank and Vinacomin have made a number of short-term credit transactions, foreign exchange, and especially, the Bank’s participation in funding 10 million USD for Cam Pha Thermal Power Plant. However, these are only the first steps for both sides to develop cooperative relations to a higher level, in which the event today will mark a turning point in the relationship between Vinacomin and VPBank.”

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