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VTB and Bank for Investment and Development of Vietnam sign a Memorandum of Understanding

 
14 June 2007

On 13 June 2007, in Volgograd, within the framework of the Sixth meeting of Russian-Vietnamese working group on interbank cooperation VTB Bank and Bank for Investment and Development of Vietnam signed a Memorandum of Understanding.

The Agreement is designed to enhance partnership between VTB and Bank for Investment and Development of Vietnam in order to facilitate banking services underpinning foreign trade turnover between the Russian Federation and the Socialist Republic of Vietnam. In particular, the Agreement provides for stronger cooperation in such spheres as trade finance, treasury operations, international capital markets and in investment projects monitoring. It also stipulates overall supporting to Vietnam - Russia Bank (established in November 2006. Bank for Investment and Development of Vietnam holds 51% of its shares, VTB - 49%).
 
For reference:
Bank for Investment and Development of Vietnam is one of the leading full-service banks of Vietnam. In terms of assets it is ranked 3rd in the country. (According to Bankers' Almanac).

 


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