The Bank for Investment and Development of Vietnam (BIDV) officially launched its working team in the Russian market at a ceremony in Moscow on November 22.

The launch ceremony saw the presence of Vietnamese Ambassador to Russia Nguyen Thanh Son, BIDV Chairman Tran Bac Ha, and representatives from Vietnamese and Russian businesses.

The team is the third unit of BIDV operating in the East European market, following the IDCE International Company and the BIDV Representative Office set up in the Czech Republic in 2010 and 2012, respectively.

Its aim is to further promote trade and investment between Vietnam and Russia and assist Vietnamese businesses in increasing their exports and investment in this market.

It will set up connections with local banks to provide timely support for Vietnamese firms as well as update them on information on Russia’s political and socio-economic situation.

The working team was a preparation for the establishment of the BIDV representative office in Russia.-VNA