VCB Named Only Converter of Some US$10 Bln Per Year for Nghi Son Refinery Project

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recently signed an agreement on conversion bank with Nghi Son Refinery and Petrochemical Complex (NSRP) in Hanoi.

 

The signing took place in the framework of a ceremony of striking the Government guarantee undertaking (GGU) for Nghi Son Refinery and Petrochemical Complex and other documents related to the Vietnamese Government and the Ministry of Industry and Trade.

 

According to the conversion bank contract, Vietcombank will provide bank conversion services for NSRP and become the only bank to convert currencies for the largest project in Vietnam in terms of foreign exchange value, estimated at US$7 - 10 billion a year, depending on crude oil and gasoline prices.

 

Thus, to date, Vietcombank is the only commercial bank to provide currency conversion services for five major energy-related projects guaranteed by the Government and is the only lender in Vietnam to provide conversion bank services for Government-guaranteed projects.