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Vietcombank becomes partner of Foreign Investment Agency   2009-04-23 - VietNamNet/VNS

Vietcombank has become the first domestic banking partner of the Foreign Investment Agency under the Ministry of Planning and Investment. The partly privatised Vietcombank will provide banking and financial services to foreign invested enterprises.

In return, the agency will promote and expand enterprise customers for the bank.

The agreement between the bank and the agency is expected to improve investment environment and attract more foreign funds.

The two partners will share information, advertise products, promote foreign investment, consult and train staff.

The Ha Noi-based bank will be permitted to introduce banking and financial services to foreign investors at conferences or meetings hosted by the agency internally and abroad.

The foreign investment sector is important to Viet Nam’s economy and the development of its society.

Last year, foreign investment hit an all-time high of US$64 billion from 70 countries and territories.

This year, because of the crisis, Viet Nam only managed to attract $6 billion in the first quarter, 60 per cent of the figure for the same period last year. A total of 93 new foreign investment projects were licensed, with a combined investment capital of $2.1 billion, equalling 28 per cent of the total number of projects and 30 per cent of the total capital compared the first three months of last year. The remaining $3.9 billion represented increased investment capital for existing projects.

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