Vietnam-Russia Bank (VRB) increased its authorized capital from USD 10 million to USD 30 million. A relative decision was made by the Board of Directors of the Bank on 25 April 2007.
Having passed all the procedures required by the regulatory authorities of Vietnam, VRB shareholders paid up additionally issued bonds. VTB Bank paid USD 9.8 million, Bank for Investment and Development of Vietnam (BIDV) - USD 10.2 million. Thus, their shares in VRB share capital remained the same: VTB holds 49% of shares, BIDV - 51%.
This increase in VRB authorized capital will help develop bilateral relations between Russia and Vietnam in the sphere of trade and economy, and will also facilitate to implementation of large-scale Russian-Vietnamese projects with Russian capital participation.
Vietnam-Russia Bank is a joint venture of VTB Bank and Bank for Investment and Development of Vietnam. It was opened in November 2006 and was the first Russian bank, established on the territory of Vietnam. Major activities of VRB comprise project and export-import finance, crediting to Russian enterprises, having their business in Vietnam, and also international settlement between the two countries.
Final decision to establish Vietnam-Russia bank was approved on the governmental level of the two countries in February 2006. Memorandum of Establishing the Bank was signed at the Fifth meeting of Vietnamese-Russian working group on interbank cooperation in May 2006 in Vietnamese city Da Nang. Founding documents were signed during a visit of the Vietnamese representatives to Moscow on 31 August 2006. Presently, VRB acts under Government of both countries. VTB and Bank for Investment and Development of Vietnam render an overall support to VRB, which is among priority tasks for the banks.
In March 2007, the first branch of VRB was opened in Vung Tau, in order to support Russian enterprises developing their business in such spheres as military technical cooperation, transport, petroleum production and refining, telecommunications, machinery construction and power industry, and also to promote modern banking technologies in Vietnamese market.