VN-Russia bank eye dong-rouble channel

Apr 8th at 13:56
08-04-2015 13:56:46+07:00

VN-Russia bank eye dong-rouble channel

The Bank for Investment and Development of Vietnam yesterday signed a memorandum of understanding with the Bank for Foreign Trade of Russia to enhance the role and capacity, including financial, of their joint venture, Vietnam – Russia Bank (VRB).

 

The signing ceremony was held during an ongoing visit to Viet Nam by Russian Prime Minister Dmitry Medvedev.

The agreement is expected to help VRB better serve customers in the two countries, thus accelerating economic co-operation between Russia and Viet Nam.

VRB will set up, if approved, a payment channel for Russian and Vietnamese businesses using their respective currencies, the dong and the ruble.

The two partners will seek permission from their governments for themselves and VRB to participate in/serve key projects and bilateral programmes at the governmental level in areas including nuclear energy and defence.

VRB is expected to provide services such as credit, deposit, foreign exchange, letters of credit, and others.

It was established in 2006 with both parent companies holding an equal 50 percent stake.

It has total assets of US$447 million and outstanding loans of $269 million.

It serves as a payment hub for businesses in the two countries engaged in trade between themselves.

bizhub



NEWS SAME CATEGORY

Finance Ministry to inspect foreign shipping firms, adjust fee collection

The Finance Ministry will inspect 20 foreign shipping companies located in big ports, including HCM City, Hai Phong and Ha Noi this month, Deputy Minister of...

SHB finalises procedures to open Laos subsidiary

The planning and investment ministry has given its approval for the finalising of procedures by the Sai Gon-Ha Noi Bank (SHB) to establish a subsidiary bank in Laos.

MHB set to merge with BIDV: official

The Mekong Housing Bank (MHB) will collaborate with the Bank for Investment and Development of Viet Nam (BIDV) to complete their merger this year.

Tax reforms to target better business climate

The General Department of Taxation said during an online meeting yesterday that it would step up tax reforms to improve the business environment.

VAMC to increase charter capital to VND2 trillion

The government has decided to raise the Vietnam Asset Management Company's (VAMC) charter capital to VND2 trillion (US$93.89 million) from VND500 billion ($23.47...

Foreign banks flock to Vietnam

There are nearly 100 foreign banks and branches and representative offices of foreign banks in Vietnam, according to incomplete statistics.

Banks say they have no more bad debts to sell

When commercial banks complained at a meeting held in HCM City two weeks ago that they had no more debts to sell as requested, the State Bank replied that it was...

VID Public to become foreign-owned

The State Bank of Vietnam (SBV) has in principle given the greenlight to Public Bank Berhad (PBB) to turn VID Public, its joint venture in Vietnam co-owned with the...

US dollar prices keep soaring in local market

Greenback rates kept soaring at domestic commercial banks on April 3, and the gap to the ceiling price set by the State Bank of Viet Nam (SBV) narrowed.

Banking credit up in first quarter

Banking credit grew by 1.5 per cent in the first quarter, the State Bank of Viet Nam has reported.

Bank stocks

Insurance stocks


MOST READ


Back To Top