Following the Joint Statement between Vietnam and Russian Federation during the Russian Prime Minister’s state visit to Vietnam.

During the state visit to Vietnam by Prime Minister D. Medvedev, on 6 April 2015 the Prime Ministers of the two countries talked on comprehensive cooperation. The two leaders discussed measures to promote bilateral trade relations, including ones to expand the use of local currencies to facilitate bilateral payment as well as enhance financial capacity for Vietnam - Russia Joint Venture Bank (VRB), a financial institution founded by BIDV (Vietnam) and VTB (Russia).

Following the talks of the two leaders, on 7 April 2015 in Ho Chi Minh City, Bank for Investment and Development of Vietnam JSC (BIDV) and Bank for Foreign Trade of Russia (VTB) as parent banks of Vietnam-Russia Joint Venture Bank (VRB) met and discussed to realize the Joint Statement at the earliest. BIDV Chairman Tran Bac Ha and VTB Chairman Andrei Kostin, a member of the delegation accompanying the Russian Prime Minister Dmitry Medvedev officially signed an MOU on enhancing the role and potential of the VRB and concreting economic relations between Vietnam and Russia.

Accordingly, BIDV and VTB have agreed to research, develop and report to the competent authorities of the two countries for approval of a payment channel to support the import-export activities between Vietnam and Russia. The two parties agreed to use VRB as an intermediary bank for this payment channel. The parties will set up a joint working group and agree on a specific schedule in April, striving to make payments in local currencies of the two countries soonest.

The two parties also agreed to report the two governments on allowing BIDV, VTB and VRB to participate in key projects and state-level cooperation programs between Vietnam and Russia, including nuclear energy and national defense. The two parties agreed to appoint VRB as the main bank to serve the above-mentioned projects and programs, including without limitation to the products and services: accounts and payments, credit extension, factoring, guarantee, L/C, collection, funds, deposits, FX, etc.

Regarding further enhancement to operation and financial capacity of the VRB, two parties have agreed to direct and support the VRB at the highest level to help it successfully fulfill its restructuring scheme; and report to the governments, central banks and the relevant ministries of the two countries for directions and support.

VRB was founded and officially operated since 2006 in the presence of Russian President V. Putin and Vietnamese President Nguyen Minh Triet. As of 31 March 2015, VRB has total assets of VND10,243 billion (USD477 million) and outstanding loans at VND5,780 billion (USD 269 million). VRB has become the payment hub for businesses, organizations and individuals trading between Vietnam and Russia with total payment value (including converted one) of USD218.74 million.

For more information, contact:

Branding and Public Relations

Bank for Investment and Development of Vietnam JSC

Tel: (+84-4) 22205256; Fax: (+84-4) 22225316