VTB Bank and «Bank for Investment and Development of Vietnam» signed a memorandum of full cooperation. His document was signed by Senior Vice President, Head of the subsidiaries of VTB Bank Mikhail Yakunin and Chairman of the Board of «Bank of Investment and Development of Vietnam» Chan Bac Ha, informs «Pacific Russia».

The document is a logical continuation of the April memorandum of understanding, strengthening the role and capacity of the subsidiary bank VTB in Vietnam — «Vietnam-Russia Joint Venture Bank» (VRB).

The memorandum indicated the practical steps and measures that the parties plan to take to strengthen and expand economic cooperation between the two countries and strengthening the role of VRB in economic integration.

Having regard to the planned signing of a free trade agreement between Vietnam and the EEAS, to strengthen cooperation between VTB and «Bank for Investment and Development of Vietnam» will allow companies of Russia and Vietnam to expand areas of cooperation.

The parties plan to concentrate their efforts on areas such as the establishment of direct bilateral payment channel between Russia and Vietnam to support export and import operations in national currencies. In addition, the document provides for service of export-import operations of the Russian and Vietnamese companies with the assistance of VRB. It is planned that the bank will provide financial and banking services to major economic projects between Vietnam and Russia, including in the nuclear and energy sectors.

The parties also agreed to develop a strategy for the development of VRB 2016-2018 gg., Which includes strengthening the role of the bank in the market and increase its efficiency.

Despite the long partnership and cooperation between VTB and «Bank for Investment and Development of Vietnam,» the signing of this document in a timely and defines guidelines of interaction between the two leading banks in Vietnam and Russia.