Incombank signs cross border agreement with Chinese bank

The state run Industrial and Commercial Bank of Vietnam or Incombank’s Lang Son and Mong Cai branches have signed an agreement in principle on cross border payments with the Industrial and Commercial Bank of China (ICBC).

Under this agreement the two sides will assist each other in terms of technology to enhance payment transactions, reducing the cost of technology and staff training. Both banks will allow their branches on the b Vietnamese Chinese border to carry out payments and open accounts in dong and Yuan according to international principles.

Cross border payment revenues of Incombank’s Lang Son and Mong Cai branches reached 3.772 trillion dong in 2004; 4.914 trillion dong in 2005 and 5.025 trillion dong in 2006.

 

Category: Finance