Vietnam-Russia JV Bank Opens

Vietnamese president Nguyen Minh Triet and Russian president Vladimir Putin were in attendance yesterday for the inauguration of the Vietnam-Russia Joint Venture Bank (VRB) which is a joint venture between the Bank for Investment and Development of Viet Nam (BIDV) and JSC Vneshtorgbank. 

Russian president Vladimir Putin and Vietnamese president Nguyen Minh Triet at the inauguration ceremony of the Vietnam-Russian Joint Venture Bank yesterday

BIDV will hold a 51% stake in the only joint venture bank in Viet Nam in the past ten years. The initial chartered capital is set at US$10 million.
Speaking at the opening ceremony, Mr. Putin said the bank is an important financial cooperation that forms the basis for the development of economic relations between Viet Nam and Russia.
The two presidents each signed a commemorative book at the ceremony as a symbol of their hope that VRB will act as a model for an effective joint venture bank and help to continue the developing friendship between the two countries economic institutions.
A representative of the Russian bank said VRB will facilitate the needs of transactions and payment channels for the two countries’ enterprises. This arrangement could prove to be particularly lucrative for Vietnamese industry, especially when you consider that Russian investors already invest over US $200 million in Viet Nam annually.

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Source: TT – Translated by Yen Chuong

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