The Bank for Investment and Development of Vietnam on April 7 signed amemorandum of understanding with the Bank for Foreign Trade of Russia toenhance the role and capacity, including financial, of their jointventure, Vietnam-Russia Bank (VRB).
The signing ceremony was held during the visit to Vietnam by Russian Prime Minister Dmitry Medvedev.
Theagreement is expected to help the VRB better serve customers in the twocountries, thus accelerating economic co-operation between Russia andVietnam.
The bank will set up, if approved, a payment channel forRussian and Vietnamese businesses using their respective currencies,the dong and the ruble.
The two partners will seek permissionfrom their governments for themselves and the VRB to participatein/serve key projects and bilateral programmes at the governmental levelin areas including nuclear energy and defence.
The VRB is expected to provide services such as credit, deposit, foreign exchange, letters of credit, and others.
It was established in 2006 with both parent companies holding an equal 50 percent stake.
It has total assets of 447 million USD and outstanding loans of 269 million USD.
It serves as a payment hub for businesses in the two countries engaged in trade between themselves.-VNA
The signing ceremony was held during the visit to Vietnam by Russian Prime Minister Dmitry Medvedev.
Theagreement is expected to help the VRB better serve customers in the twocountries, thus accelerating economic co-operation between Russia andVietnam.
The bank will set up, if approved, a payment channel forRussian and Vietnamese businesses using their respective currencies,the dong and the ruble.
The two partners will seek permissionfrom their governments for themselves and the VRB to participatein/serve key projects and bilateral programmes at the governmental levelin areas including nuclear energy and defence.
The VRB is expected to provide services such as credit, deposit, foreign exchange, letters of credit, and others.
It was established in 2006 with both parent companies holding an equal 50 percent stake.
It has total assets of 447 million USD and outstanding loans of 269 million USD.
It serves as a payment hub for businesses in the two countries engaged in trade between themselves.-VNA
