Vietnam: IIB increases its potential in Asia
The State Bank of the Socialist Republic of Vietnam has made its
contribution to the capital of the International Investment Bank in the amount
of EUR 2,645 million. This
payment was made subject to the decision
of the Council on the Bank’s recapitalisation. Alongside its own payment Vietnam also covered the
obligations of Cuba, which, being a member of the Bank, had to abstain from
participation in the process of recapitalisation due to its economic situation.
Vietnam, which expressed interest to increase its participation in the renewed
IIB grasped this opportunity after receiving confirmation of the Government of Cuba and the Council of the Bank.
As a result the share of Vietnam in the paid-in capital has tripled, having reached
the amount of 1.35%. Although this does not fully reflect Vietnam’s current position as one of the driving
forces behind the economic development of the Asian region, the dynamics of SRV’s participation in the IIB explicitly display the
country’s interest to increase its role both in the international economic cooperation and, particularly,
in cooperation with other member states, which express growing interest to move
towards Eastern direction.
At present more than a half of the member states participated in the Bank’s recapitalisation. The paid-in capital has reached
the amount of EUR 272.6 million. Such a strong
support to the Bank in a time of geopolitical uncertainty proves its significance
as an important element of the system of bilateral and multilateral cooperation
and an instrument of the economic diplomacy for the countries with different
social and political situations. The interest of the member state Governments in the development of the Bank has influenced among other factors the high
rankings assigned to IIB by international rating agencies. In August 2014 Moody’s Investors Service assigned an investment credit rating of «A3» to the Bank with a stable outlook.