Russian Bank to Branch out into Vietnam
The Bank for Foreign Trade of Russia is planning to open a branch in Vietnam within the year with initial investment capital of between US$5 million and US$10 million, the bank chairman Andrey Koxtin said on March 1.
The plan is designed based on the proposal by the Russia’s Central Bank and Vietnamese Government to set up a joint venture commercial bank between two countries, he said.
During his visit to Vietnam in mid-February, the Russian Prime Minister Mikhail Fradkov suggested establishing a joint bank between Vietnam and Russia in order to facilitate cross-border payments between the two countries’ companies.
To date, Russia has invested in 47 projects in Vietnam with total investment capital of around US$278 million, ranking the top ten investors in Vietnam while the communist nation invests US$38 million in 11 projects in Russia.
Two-way trade between Vietnam and Russia in 2005 was estimated at US$1 billion.
VNA
Vietnamese
