ICBC pledges deeper financial cooperation with Vietnam

ICBC pledges deeper financial cooperation with Vietnam

The Industrial and Commercial Bank of China has held talks with Vietnamese financial officials on strengthening financial cooperation between the two countries.

Minister of Finance Nguyen Van Thang and vice chairman of the Board and President of ICBC Liu Jun. Photo: Duc Minh

On March 17, Minister of Finance Nguyen Van Thang received a delegation from the Industrial and Commercial Bank of China (ICBC) led by Liu Jun, vice chairman and president of the bank. Thang congratulated ICBC on maintaining its position as the world's largest bank and achieving strong business performance in 2025, noting its active involvement in cooperation initiatives between the two governments, partnerships with Vietnamese banks, and participation in financing major infrastructure projects.

The government's long-term development goals through to 2045 focus on accelerating economic growth and raising income levels, with around 80 per cent of investment resources expected to be mobilised from domestic enterprises, foreign investors, and the public.

"By 2030, Vietnam will make greater use of fiscal policy tools, particularly mobilising capital from investors for development projects, while also prioritising international capital flows through the stock market. This presents significant opportunities for international financial institutions such as ICBC," said Thang.

Thang added that ICBC is well-positioned to deepen its participation in Vietnam-China cooperation initiatives, particularly through engagement with the planned international financial centres in Ho Chi Minh City and Danang, where the bank could contribute capital, expertise, and management capabilities.

He also highlighted major infrastructure projects of high-level interest to both countries' leadership, including the Lao Cai–Hanoi–Haiphong railway, which has begun site clearance and is moving towards completion of its feasibility study. Additional projects include rail links from Lang Son to China, connections from Mong Cai in Quang Ninh province, urban railway systems in Hanoi and Ho Chi Minh City, and the North-South high-speed railway. These projects offer substantial opportunities for ICBC to participate as a financing partner.

On trade and investment, the minister noted that the government has recently submitted to the Politburo a resolution on attracting next-generation foreign investment, prioritising high-technology sectors such as AI and semiconductors with a range of competitive incentives.

Thang expressed his expectation that ICBC would help facilitate Chinese corporations in establishing manufacturing operations in Vietnam, noting that export credit financing for machinery and equipment is an area where the bank could participate effectively.

He also proposed closer coordination between ICBC, Vietcombank, and NAPAS to successfully implement cross-border QR payment services, which could serve as a foundation for broader cooperation. "Looking ahead, we aim to promote direct payment mechanisms between Vietnam and China across all sectors, particularly in import-export activities," he said.

In response, ICBC President Liu Jun thanked Minister Thang and Ministry of Finance officials for sharing insights into policy directions and the government's priorities in leveraging finance to support the economy, key sectors, and major projects, as well as improving the investment and business environment. The minister's recommendations would help ICBC further enhance its service quality and deepen its integration into Vietnam's development.

Liu Jun reaffirmed ICBC's commitment to mobilising its global resources to support projects in Vietnam, and pledged to assist the Ministry of Finance and the Vietnamese government in foreign exchange swap operations.

VIR