Viet Nam, Russia Form Joint Venture Bank

The State Bank of Viet Nam has licensed a banking joint venture between the Bank of Investment and Development of Viet Nam and Russia’s JSC Vneshtorgbank (Russian Bank for Foreign Trade).

The Viet Nam-Russian Joint Venture Bank with a licensed duration of 50 years will have chartered capital of US$10 million and be 51% owned by the Vietnamese partner.

The new bank will open branches in Viet Nam and a number of countries which have economic relationship with both Viet Nam and Russia. The bank is expected to provide a fast and convenient payment channel for Vietnamese and Russian businesses.

Russian President Vladimir Putin will inaugurate the new bank when he goes to Ha Noi this month for the APEC summit.


 

Source: VNA - Translated by Van Hanh

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