VCB secures 100 mln USD loan from Italian bank

The Bank for Foreign Trade of Vietnam (Vietcombank-VCB) signed a deal on a 100 million USD loan with the Intesa Sanpaolo bank of Italy on July 2.

Vietcombank Chairman Nguyen Hoa Binh said the three-year loan would contribute remarkably to the bank’s mid-term foreign currency funds to serve its development targets.

According to Binh, Vietcombank has risen its total asset to 203 trillion VND (12.3 billion USD), up by 6 trillion VND from the end of 2007. Some 5.3 billion USD of the figure were in foreign currency funds.

Intesa Sanpaolo representative said the deal was of significance in boosting trade relations between Italy and Vietnam by assisting Italian businesses to enter the Southeast Asian market.

Intesa Sanpaolo is soon to open its Hanoi representative office, the first one in Vietnam.

VNA

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