2:33:22 PM | 20/12/2007
The Vietnam-Russia Joint Venture Bank (VRB) on December 13 kicked off its first transaction office in Hanoi, marking a big step on the development of its banking network in Vietnam.
The office, addressed at 27 Mai Hac De Street, is expected to facilitate VRB to promote cooperation between the banking sectors of Vietnam and Russia.
VRB is the only joint venture bank licensed in Vietnam in the past ten years and has a chartered capital of US$10 million, 51 per cent coming from the Bank for Investment and Development of Vietnam and 49 per cent from the Russian Foreign Trade Bank.
The two sides plan to increase the bank’s chartered capital as soon as possible to meet the needs of its clients, who are overseas Vietnamese in Russia or Russian investors in Vietnam.
The representative of the Russian Foreign Trade Bank said that the establishment of the VRB is necessary to satisfy the requirements of Vietnamese and Russian businesses, especially when Russia’s investment into Vietnam is approximately US$200 million per year. (Vietnam Financial Times)
Vietnamese
