On 27 March 2008, a new Branch of Vietnam-Russia Joint Venture Bank (VRB) was opened in Ho Chi Minh, the most dynamically developing city in Vietnam.
The Branch will offer a full range of banking services to VRB corporate customers in the South of Vietnam, the most developed economic region of the country. The greater part of export-import and trade activities between Vietnam and foreign countries, including Russia, is concentrated in Ho Chi Minh, a large financial centre in the country. It is ranked first in terms of opened banks and in the volume of financial operations.
Among the core lines of the new Branch business will be participation in project lending, trade financing, export and import financing, international and internal settlements, bank guarantees and money transfer. The VRB Branch will be headed by Mr. Le Nong, who was earlier Deputy Director in the Daklak Branch of the Bank for Investment and Development of Vietnam (BIDV).
Opening of the VRB Branch in Ho Chi Minh will contribute to enhancing the Bank's customer base and retail operations.
Vietnam-Russia Joint Venture Bank (VRB) was established in 2006. Among its shareholders are VTB with 49% of shares and the Bank for Investment and Development of Vietnam with 51% of shares. In March 2007,VRB opened its first branch in Vung Tau aimed to support Russian companies in developing their business in such spheres as military-technical cooperation, transport, oil production and refinery, telecommunications, machinery and power industry. The Branch will also promote modern bank technologies in the Vietnamese market. In May 2007, VRB increased its authorized capital from USD 10 to 30 million. In April 2008, the Bank plans to further increase its authorized capital. VRB is the first Russian bank established in the territory of Vietnam to develop bilateral trade-economic relations between Russia and Vietnam, simplify trade settlements between the countries as well as encourage large scale Russian-Vietnamese projects with the Russian capital involved.