From 18 to 23 October 2007 in Hanoi (Vietnam) the 16th Vietnamese International Industrial Fair (VIIF-2007) was held under the support of the Ministry of Trade and Industry of Vietnam, the Ministry of Construction and other Vietnamese authorities. Among the participants in VIIF-2007, with the exhibition halls of more than 12 thousand square meters, there were 300 Vietnamese enterprises and organizations, also 150 foreign companies from 11 countries, including Russia, Czechia, Taiwan, Korea, India, Japan, China, Singapore, Thailand, Israel and Malaysia. The Russian exhibit display was organized by the Ministry of the Industry and Energy of the Russian Federation. VTB was the General sponsor of the exhibition.
VTB status as a General sponsor of the exhibition was underpinned by its global approach to solving the tasks set before the Bank in developing VTB Group business in the Asian region, which is one of the key items of a long-term Group strategy.
Today, the amount of contracts made by Russian corporations with Vietnamese partners and served by VTB has exceeded USD 160 million. VTB share amounts to 11% in servicing the Russian and Vietnamese trade turnover. In November 2006, VTB together with the Bank for Investment and Development of Vietnam opened Vietnam-Russia Joint Venture Bank (VRB) to support the development of bilateral trade and economic relations between Russia and Vietnam.
The first year results and further plans for VRB development were reported at the VTB presentation within the exhibition. In his address Vladimir Osmolovski, Senior Vice President, head of VRB Board of Directors, said that VTB Vietnamese subsidiary was successfully developing such lines of activities as project finance, export-import finance, and lending to Russian enterprises having their business in Vietnam, and also international settlements between the two countries. Over the past period, more than a thousand of accounts have been opened, and the projects are now being studied in such spheres as military and technical cooperation, transport, oil refining and production, telecommunications, machinery and power industry.
The Ministry of Industry and Energy of the Russian Federation appreciated VTB activities aimed to create favorable conditions for developing the Russian business in Vietnam. Talking at a plenary session during the VIIF-2007, Victor Khristenko, Head of Minpromenergo and head of the Russian delegation, pointed out VTB Group substantial contribution to bilateral trade and economic cooperation of the Russian and Vietnam companies and expressed confidence in further dynamic growth of the corporate business of both VTB Group and its subsidiary in Vietnam.
For the support of the 16th Vietnamese International Industrial Fair (VIIF-2007) VTB received an honorary award and gold medal for the design of its exhibition stand, which was recognized as the best at the exhibition.