BIDV becomes TienPhongBank’s agent bank in China

The Hanoi-based Bank for Investment and Development of Vietnam has become Tien Phong Commercial Bank’s correspondent bank in China under a deal signed Tuesday.

BIDV’s Ha Thanh branch in Hanoi will pay and receive money in China for TienPhongBank’s clients.

The settlement mode depends on agreements between BIDV and Chinese banks.

The dong will be used to settle export contracts and the Chinese yuan for imports.

TienPhongBank is owned by FPT Corporation, MobiFone, and the Vietnam National Reinsurance Corporation, or Vinare.

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