Mr. Tran Bac Ha, Chairman of Bank for Investment and Development of Vietnam (BIDV) and Mr. Andrei Kostin, President and Chairman of the Management Board of VTB Bank have signed a memorandum of understanding to enhance the ability of Vietnam-Russia Joint Venture Bank (VRB) in order to better serve economic cooperation between Vietnam and Russia.

BIDV and VTB have agreed to develop implementation of payment channels to support trading between the two countries.

The two sides agreed to choose VRB as an intermediary to implement this payment channel. The parties will establish a joint work group and have scheduled implementation in April so that bilateral payments by each country in their own currencies can begin as soon as possible.

The banks will report to their respective governments to allow them to serve key projects and programs of cooperation between Vietnam and Russia, including in nuclear energy and national security.