VTB Bank and the Bank for Investment and Development of Vietnam have signed a memorandum of understanding to support and strengthen the role and potential of VTB’s subsidiary bank in Vietnam – the Vietnam-Russia Joint Venture Bank (VRB), and also on increase the range of services provided and promote further economic cooperation between Vietnam and the Russian Federation.
The Memorandum was signed by President and Chairman of VTB Bank Management Board Andrey Kostin and Tran Bac Ha, Chairman of the Bank for Investment and Development of Vietnam’s Board of Directors during Russian Prime Minister Dmitry Medvedev’s visit to Ho Chi Minh City.
Under the document signed, a payment system between Russia and Vietnam will be developed in order to support import and export payment activities with a view to creating a bilateral payment channel for these activities in the near future.
VTB’s subsidiary in Vietnam, the Vietnam-Russia Joint Venture Bank (VRB), has been chosen as the main bank and coordinator for export and import operations, and in work to support key economic projects between Russia and Vietnam in the energy sphere and national security.
VRB will become the main bank in credit, factoring, foreign exchange, guarantees, and other financial and banking operations involving Russia and Vietnam. The parties also agreed to support VRB and strengthen its role in the banking sector.
The first results of the implementation of this memorandum will be reviewed in May, during the visit of Vietnamese President Truong Tan Sang to Russia. He will be accompanied by the head of the Bank for Investment and Development of Vietnam.