Vietnam-Russia Joint Venture Bank (VRB) was established in 2006 by two leading banks of Vietnam and the Russian Federation: Bank for Investment and Development of Vietnam (BIDV) and VTB Bank (former Vneshtorgbank Russian Foreign Trade Bank).
VRB’s charter capital grew from 10 million USD at inception to 168.5 million USD (equivalent to 3,000 billion VND) this time. Especially, after nearly 10 years of steady and effective operation, VRB has achieved remarkable results, such as the work of governance is a top priority of consolidating the officer at all levels.
Furthermore, VRB has created customer-oriented platform market and target customer groups to develop appropriate policies, such as: Russian enterprises operating in Vietnam, Vietnam – Russia Joint Venture Enterprises, small and medium-sized enterprises, effective Imex business enterprises, have good financial situation, have the potential to use the products and services at the Bank. Besides, VRB focuses growth capital fund mobilization that forms the long-term stability, and balance to ensure capital adequacy prescribed. Building the product of full and competed services, in the right direction with the target customer is the Russian customers such as: Bilateral channels payment KFT, credit package for the import and export business with Russia, paid services to Russian clients in foreign currency,… Deploy Core Banking System upgrade, ensure adequate management of the activities, meeting the rapidly expanding demand for products and services under development requirements; at the same time promoting the development of modern distribution channels (Internet Banking, Mobile Banking…). Gradually reducing NPL ratio, improving credit portfolio quality, improving incomes, overcoming losses through increasing net interest income.
Constantly exert all VRB’s strengths to enhance service quality as well as the image and reputation to customers, VRB was recently awarded the certificate of “Top 10 most trusted enterprises of Vietnam in the same economic sector 2015” by Center of appraisal enterprise trust. Besides, VRB also affirms its position as in the Top 500 enterprises with the best prospect in 2016.
It can be seen that the last 10 years, VRB has always co-operated to bring capital and financial solutions to best serve individual customers and businesses, entrepreneurs in Vietnam and abroad with products and services which are high quality, effective and meet the requirements in the process of international economic integration.
With the mission of financial bridge, VRB is attempting to become the leading bank in serving small and medium enterprises (SMEs) and individual customers, especially customers in EAEU, the Russian Federation market and projects of EAEU in Vietnam and Vietnam’s projects to invest in the Russian Federation. Besides, becoming the pioneer bank in digital technology is also one of the most important targets of VRB in the development process.
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