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VTB expands cooperation with Vietnamese companies

12 November 2015

VTB expands cooperation with Vietnamese companies.

A Russian-Vietnamese business forum organised by Vietnam’s Ministry of Industry and Trade and the Vietnam Trade Promotion Agency with support from the Bank for Investment and Development of Vietnam and VTB opened in Moscow on 12 November. Plans for the event were made in spring during Vietnamese President Truong Tan Sang’s visit to Moscow.

During the forum, a memorandum was signed on a bilateral channel of financial settlements between VTB, KAMAZ, New Atlantic International Trading Corporation and the Vietnam-Russia Joint Venture Bank. The memorandum covers the use of national currencies in financial settlements on foreign trade contracts between Russian and Vietnamese companies via VTB and the Vietnam-Russia Joint Venture Bank.

A memorandum on the integration of the two countries’ payment card systems was also signed during the forum. Under the agreement, the National Payment Card System and the BanknetVN Vietnam payment system agreed to work together on processing operations at ATMs and POS terminals in both states, as well as in conducting money transfers by individuals between countries. VTB and the Vietnam-Russia Joint Venture Bank will be the clearing banks.

“Financial institutions play a major role in promoting economic cooperation between Russia and Vietnam. VTB and our subsidiary bank in Vietnam actively contribute to the development of Russian-Vietnamese trade relations and the implementation of joint projects between our countries. I am confident that these new agreements will lend new impetus to our cooperation,” First Deputy President and Chairman of the VTB Bank Management Board Vasily Titov said.

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