President Nguyễn Minh Triết and President Vladimir Putin inaugurate Vietnam-Russia JV Bank

VNGOVNet – In the afternoon of November 19, Vietnamese President Nguyễn Minh Triết and Russian President V. Putin attended the opening ceremony of the Vietnam-Russian Joint-venture Bank (VRB), a symbol of trade development between the two countries, especially in banking. VRB has become the only foreign bank to be licensed to do business in Vietnam over the past ten years.

November 19, 2006 8:30 PM GMT+7

President Nguyễn Minh Triết and President Vladimir Putin attend the opening ceremony
Photo: VNGOVNet

The attendance of the two heads of state at the inauguration of the VRB reflected the interest of the two countries' leadership in further promoting bilateral economic cooperation. On his February 2006 visit to Vietnam, Russian PM M. Phratcov shared his idea with the then PM Phan Văn Khải about establishing a joint-venture bank. The Vietnamese and Russian governments then assigned the Bank for Investment and Development of Vietnam (BIDV) and the Vneshtorgbank (VTB) of Russia to set up this joint-venture.

The VRB has a registered charter capital of US$ 10 million, of which 51% comes from Vietnam and 49% from Russia. In the future, the two sides are expected to increase the JV's charter capital in accordance with the Vietnamese law's regulations in order to meet customers’ growing demand and contribute to boosted economic and trade relations between the two countries.

By Xuân Hồng