Vietnam-Russia Bank to open rep. office in Russia

The Governor of the State Bank of Vietnam has given the nod to the Vietnam-Russia Joint Venture Bank (VRB) to open its rep. office in Moscow , Russia.

The rep. office, which will be allowed to operate in three years to the longest, will act as the VRB’s representative in Russia . It will work to set up an affiliate of the VRB in Russia .

The SBV Governor’s decision also requires the VRB to seriously abide by regulations on overseas investment during its opening and operation of a rep. office in Russia .

The VRB, a joint venture between the Russia Foreign Trade Bank (VTB) and the Bank for Investment and Development of Vietnam (BIDV), was officially put into operation in Hanoi in November 2006. It has a total charter capital of 10 million USD with 51 percent contributed by the Vietnamese side.

The bank works as a bridge to facilitate the payment of Vietnamese and Russian business communities, thus helping boost the cooperation between the two countries.

VNA

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