Incombank, VNCC cement partnership

Incombank, VNCC cement partnership
Published: 16 April 2007

Vietnam Industrial and Commercial Bank (Incombank) signed an agreement with Viet Nam Cement Corp (VNCC) on Thursday to supply financial services.

"I do believe that this co-operation will bring more opportunities for both of us in terms of supporting investment capital, expanding operational networks, diversifying business sectors, and exploiting each partners’ advantages," said Pham Huy Hung, Incombank general director.

"The economic alliance is in line with the new development trend of economic integration."

Incombank has always viewed VNCC as a strategic partner, said Hung. The bank has already invested over VND5 billion (US$3.12m) into VNCC projects including cement plants in Hai Phong, Binh Phuoc, But Son and Ha Tien.

Incombank holds a 25 per cent stake in the domestic banking market and is one of four leading State commercial banks undergoing equitisation.