SACOMBANK TO SIGN MOU WITH VIETNAM ENGINE AND AGRICULTURE MACHINERY

(Nguyen Minh Tam (right) - Deputy CEO Sacombank and Mr. Tran Ngoc Ha - Representative of Coucils Members VEAM signed the MOU that  is to be witnessed by: Mr. Vu Quang Tam - Deputy CEO VEAM, Trinh Quang Dung - Member of Coucils Members cum Deputy CEO VEAM, Mr Nguyễn Văn Cựu- BOD member and Ms. Nguyen Thi Thanh Mai – member of Board of Supervisory Sacombank)

In detail, Sacombank will provide inclusive financial services for VEAM and its subsidiaries such as credit financing, master account, cash management, electronic banking, foreign exchange, personal financial services for VEAM’s employees... Moreover, in order to optimize operational network advantages, both parties decided to give credit sponsor (in terms of loans, bank guarantee) for VEAM’s Agents and Consumers. 

(Nguyen Minh Tam (right) - Deputy CEO Sacombank and Mr. Tran Ngoc Ha - Representative of Coucils Members VEAM signed the MOU that  is to be witnessed by: Mr. Vu Quang Tam - Deputy CEO VEAM, Trinh Quang Dung - Member of Coucils Members cum Deputy CEO VEAM, Mr Nguyễn Văn Cựu- BOD member and Ms. Nguyen Thi Thanh Mai – member of Board of Supervisory Sacombank)

VEAM is a State Owned Company, operating under the model of parent company - subsidiary company, belonging to the Ministry of Trade and Industry. It was founded in 5th May 1990 to implementing key goals of Vietnam’s engineering industry such as industrialization and modernization of agriculture and rural areas. VEAM currently has 20 affiliates including subsidiaries, associated companies, affiliates... with over 7,000 employees; is a Vietnamese partner contributing capital and establishing Joint Venture with Toyota Vietnam, Honda Vietnam, Ford Vietnam, Mekong Auto, Kumba and VEAM Korea. VEAM is now the largest company in terms of size and long history in producing agricultural machinery. VEAM’s products are prefered in domestic market and started to be exported to other countries.