Russian, Vietnam open joint VRB bank in Moscow

The Vietnamese Bank of Investment and Development and Russia's VTB have opened their first joint branch in Moscow.

The joint bank, VRB, with a share capital of almost $7 million will service both Vietnamese and Russian companies, engaged in business in the two countries. Vietnam's Bank for Investment and Development owns 51% in the joint venture, with VTB the minority stake.

The banks say that VRB will serve to strengthen trade and economic ties between Russian and Vietnam. The bank will provide commercial financing of projects between Russia and Vietnam, and consulting services in project valuing and execution, as well as control.

Head of VTB bank, Andrey Kostin, who along with other senior Russian officials and Vietnam’s Prime Minister participated at the opening ceremony, was optimistic about the role the new bank will play.

“There is a big market in Russian and Vietnamese trade and economic relations. It’s easier to deal with these issues on the basis of a joint bank. Besides there are a lot of Vietnam residents working in Russia, who can become clients of the bank. It won’t replace VTB in Russian-Vietnamese cooperation but it will be an additional mechanism for the development of bilateral relations.”