OREANDA-NEWS. On 7 March 2007, a branch of Vietnam-Russia Joint Venture Bank (VRB) was opened in Vung Tau, in the south of Vietnam. The opening ceremony was attended by VTB management, representatives of Vietnam’s leadership, Zarubezhneft company, and Bank for Investment and Development of Vietnam (BIDV).

Vietnam-Russia Bank, which was opened in Hanoi last November with the attendance of Russian President Vladimir Putin and President of the Socialist Republic of Vietnam Nguyen Minh Triet, is a joint venture of VTB Bank and BIDV. VRB authorized capital is USD 10 million, with 51% of the stock belonging to BIDV and the remaining 49% - to VTB.

VRB was the first Russian bank established in Vietnam designed to promote bilateral trade and economic relationship between Russia and Vietnam, to facilitate trade settlement between the two countries and contribute to implementing large Russia-Vietnam projects with Russian capital involved.

VTB key business lines are project finance, import and export financing, lending to Russian enterprises operating in Vietnam, and international settlement between the two countries.

Extended presence of the VTB Group in Vietnam will enhance support for Russian enterprises engaged in such industries as military and technical cooperation, transport, oil extraction and refining, telecommunications, machine building and energy, as well as in promoting innovative banking technologies in Vietnam’s markets.

The decision to open Vietnam-Russia Bank was made at the governmental level of the two countries last February. Later, at the V Session of the Vietnam-Russia Working Group in Interbank Cooperation a Memorandum on the Bank opening was signed in May 2006, in Da Nang. Constituency documents were signed on 31 August 2006 within the framework of a visit of the Vietnamese delegation to Moscow. Presently, VRB activities are being patronized by the two countries’ governments.

On their parts, both VTB and BIDV are also proactively supporting VRB activities regarding this mission as one of their top priorities.