BIDV opens in Russia

05-Jan-2016 Intellasia | VOV | 6:00 AM Print This Post

The Bank for Investment and Development of Vietnam (BIDV) on December 31 was allowed by the State Bank of Vietnam (SBV) to set up a representative office in Moscow, Russia.

BIDV is the sole Vietnamese bank to have its rep.offfice in Russia.

BIDV Chair Tran Bac Ha said the will help spur economic, trade and investment cooperation between Vietnam and Russia. It will collect information, conduct market research, establish cooperative relations and serve as a bridge to connect BIDV and relevant agencies, partners and potential and existed clients in Russia.

In a long-run, BIDV plans to set up a subsidiary bank in Russia at a suitable time, Ha revealed.

Russia is one of BIDV’s key markets. Since 2006, BIDV has cooperated with VTB- one of Russian biggest banks – to establish a Vietnam-Russia Joint Venture Bank (VRB). It has also set up relations with more Russian commercial banks and financial institutes.

Earlier in November 2015, BIDV in coordination with relevant agencies organised a series of business events in Russia, such as a world-wide conference of Vietnamese entrepreneurs, a Vietnam business forum and a high-quality Vietnam goods fair, which attracted hundreds of Vietnamese and Russian businesses to take part in.

On the occasion, BIDV and VTB launched two-way payment channels which was a bottleneck for trade between the two countries over the past year.


Category: Finance, Vietnam

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