For recent years, Vietnam – Russia economic cooperation has improved. However, the actual result is still short of potential and expectations, particularly given the longstanding and faithful traditions between two countries. That has posed an urgent task of accelerating the bilateral economic cooperation. Being fully aware of its tasks and responsibilities, Vietnam – Russia Joint Venture Bank (VRB) is now making all effort to function its roles as a financial and banking bridge, resolve payment difficulties, and promote bilateral commercial, economic and investment cooperation.Promoting solid foundation
In 2006, on the Vietnam official visit by Russian Prime Minister Mikhail Fradkov, the leaders of the two governments agreed to set up Vietnam – Russia Joint Venture Bank (VRB) to strengthen the bilateral relations. VRB was founded by the Bank for Investment and Development of Vietnam (BIDV) and the Russian Foreign Trade Bank (VTB) in order to create a well-connected payment channel for the business of the two nations.
After eight years of establishment and development, VRB is one of the most active joint venture banks to expand the operating network in Vietnam. Currently, VRB has six branches in Hanoi, Hai Phong, Da Nang, Khanh Hoa, Vung Tau, and Ho Chi Minh City. A majority of current customers are foreign representative agencies and businesses.
Determined to become a modern retail bank, VRB has focused on developing banking infrastructure and technology, completed changing new Core banking software system, issued domestic payment card, and VISA international credit and debit card. Modern technology has enabled VRB to develop its products, complete automation, electronic transaction and administrative systems.
Connecting Vietnam – Russia businesses
In November 2014, on official visit to Russia by General Secretary Nguyen Phu Trong, the leaders of the two countries discussed contents on how to enhance and diversify financial and credit cooperation, including using card and domestic currencies in foreign payments, and encourage investment of VRB in bilateral projects in oil, gas and energy fields.
To facilitate partners and businesses of two countries, VRB has constantly supported and shared market information in the fields of agriculture, forestry, fisheries, oil and gas, nuclear power and others. Currently, VRB is providing full of financial services for companies and individuals, with priority given to payment services between Vietnam and Russia, especially in current sanctions.
According to VRB Board of Directors “Free Trade Agreement (FTA) negotiations between the Customs Union of Russia, Belarus and Kazakhstan with Vietnam were concluded with high expectations and opportunity. The economic cooperation between Vietnam and Russia has created new opportunities. Russian companies in Vietnam and Vietnamese exporting companies will grow their business. VRB will support the payment services for Vietnamese and Russian companies and also be a channel to attract investment flows from Russia to Vietnam.
Minh Xuan
Đăng ký: VietNam News
