On October 22, 2010, in Hanoi, PetroVietnam Financial Corporation (PVFC), a non-bank financial company, and Vietnam Export Import Commercial Joint Stock Bank (Eximbank) inked a comprehensive cooperation agreement with the aim to strengthen cooperation and make the most advantage of experience and professional ability of the parties.

Under this agreement, PVFC and Eximbank shall make comprehensive cooperation in the fields of credit, foreign exchange trading, investment, corporate financial consultancy, trade finance, payment, etc. The two institutions also commit to support and create the best conditions for each other in terms of exchange and provision of information related to business performance, cooperate to exchange necessary information, as well as create opportunities to promote the brand image and business activities of each party.
Established in 1989, Eximbank is one of the first commercial joint stock banks of Vietnam. At present, Eximbank’s owner’s equity is over VND14,000 billion, making it one of the largest commercial joint-stock banks in terms of owner’s equity and its total asset is over VND100,000 billion. Eximbank has a nationwide network with its Head Office located in Ho Chi Minh City and 166 branches and transaction offices. Eximbank offers a full range of synchronic, diversified and highly competitive financial services and products of bank of international stature.
PVFC, a financial institution under Petrovietnam Oil and Gas Group (PVN), is tasked with arranging capital for PVN and its affiliates’ projects, and effectively managing capital of the national oil and gas group. Over the past 10 years, PVFC has become the biggest non-bank credit institution in Vietnam. At the moment, PVFC has a chartered capital of VND5 trillion, total assets of VND70 trillion, a network of 10 branches and 4 affiliates and a portfolio of 30 services and products for corporate and individual customers in the oil industry as well as other economic and engineering industries. The signing of the comprehensive cooperation agreement between PVFC and Eximbank is a significant step, a milestone which confirms the close cooperation between the two units and shows determination and endless efforts to ensure sustainable growth of both sides, in line with the trend of integration and common development of enterprises in Vietnam.
Mr. Nguyen Thien Bao – PVFC’s General Director - shared his opinion: “Cooperation for development is a positive direction for local enterprises to support one another in terms of capital sources as well as increase the feasibility of invested projects for mutual benefits. In recent years, PVFC has continuously strengthened cooperation with major financial institutions and banks in the country and abroad to comply with the proposed strategy, striving to become the leading financial institution in Vietnam having full ability to arrange capital to optimally meet the capital demand of accelerating development projects of oil and gas industry. Through capital support and preeminent banking services of both sides, this agreement with Eximbank will help PVFC expand our customers as well as have opportunities to join hands together with local enterprises to promote economic development.”
Mr. Truong Van Phuoc, the Chief Executive Officer of Eximbank confirmed: “We choose PVFC as a comprehensive cooperation partner because this is one of Vietnam’s biggest non-bank financial institutions which has close business relationship with Eximbank, and has strengths and experience in energy, oil and gas projects, as well as advanced technologies in providing modern banking products and services. By this cooperation, we hope both sides will jointly develop, complete tasks assigned by the Government, and achieve much success in the financial and money markets.”