OREANDA-NEWS. On November 19, 2006 Vietnam-Russia Joint Venture Bank (VRB) was officially opened in the presence of Vladimir Putin, President of Russia, and Nguyen Minh Triet, President of the Socialist Republic of Vietnam. VRB is a joint venture of VTB Bank and the Bank for Investment and Development of Vietnam (BIDV).

The capital of a new financial institution amounts to USD 10 million, 51% stake is owned by BIDV and 49% is acquired by VTB.

The key business activities of VRB will be project finance, export-import finance, lending to Russian enterprises operating in Vietnam, and international settlements (Russia-Vietnam).