Vietnam-Russia Joint Venture Bank (VRB) increased its authorized capital from USD 62.5 mln to USD 168.5 mln, with VTB capital injection amounting to USD 53.625 mln. As a result, VTB share in VRB authorized capital grew by 1% and reached 50%. These changes have already been registered with the State Bank of Vietnam.
VRB is a joint venture of JSC VTB Bank and the Bank for Investment and Development of Vietnam. Its major goal is to promote bilateral trade and economic relations between Russia and Vietnam, and to encourage large projects with Russian capital involved. VRB activities are under the patronage of the governments of the two countries.
Established in 2006, Vietnam-Russia Joint Venture Bank (VRB) offers a wide range of banking services in the developing market of Vietnam working both with Russian and Vietnamese companies, and individuals. The bank has been actively developing its branch network. Today, VRB has six points of presence which include the largest economic centers of Vietnam (Hanoi, Hochiminh and Vung Tau). Besides, a subsidiary of VRB is operating in Moscow. In spring 2008, VRB entered into an agreement with VTB24 to perform bank transfers for individuals.