The Bank of Investment and Development of Vietnam (BIDV) and the VTB – Russia’s largest bank in term of authorised capital – have agreed on principle to set up a 500 million USD fund for investment projects in Vietnam, Laos and Cambodia.

The agreement will be a basis for the two sides to further negotiations toward signing an official contract as early as possible.

The fund, with a minimum capital of 100 million USD for the first stage by 2010, will prioritise projects in tourism, real estate and energy.

The BIDV and VTB will work to attract potential investors from Russia, countries of the Commonwealth of Independent States (CIS), Vietnam and other countries to contribute to the fund, thus helping to boost the trade and investment ties between the two countries./.