OREANDA-NEWS. In the course of the 38th Annual Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) being held in the city of NhaTrang (Vietnam), Vnesheconombank and the Vietnam Development Bank signed a Memorandum of Understanding.

On behalf of VEBthe Memorandum was signed by Deputy Chairman Anatoly Ballo and on behalf of the Vietnam Development Bank - by Director General Tran Ba Huan.

The Memorandum provides for enhancing all-round cooperation, the two banks' joint participation in implementing investment projects, and in programs of trade and export financing as well as sharing experience on main lines of the two development institutions' activity.

The Memorandum's implementation would help to promote exports of Russian products to Asian countries and enhance economic ties between Russia and Vietnam.

Vietnam Development Bank (VDB) was established in 2006 according to the Decision of the Prime Minister of Vietnam based on the reorganization of Development Assistance Fund. The bank's main function is to raise capital from domestic and foreign counteragents to pursue investment, credit and export policy of the state as well as expand international cooperation. The bank is responsible for funding major government projects by way of extending subsidies, investment and export credits as well as credits against government guarantees.