Question 1

What is VRBank?

Accepted Answer

VRBank (Vietnam-Russia Joint Venture Bank) is a joint venture commercial bank established through cooperation between the governments and central banks of Vietnam and the Russian Federation. The bank serves as a financial bridge promoting trade and investment cooperation between the two countries. VRBank is jointly owned by two leading banks: the Bank for Investment and Development of Vietnam (BIDV) holds 50%, and the Bank for Foreign Trade of Russia (VTB) holds the remaining 50%. The bank operates as a multi-functional business institution offering modern banking services under principles of sustainable, effective, secure, and integrative development.

Question 2

When was VRBank founded?

Accepted Answer

VRBank was officially established on November 19, 2006, following an agreement between the governments and central banks of Vietnam and Russia. The idea for creating VRBank emerged during an official visit by Russian Prime Minister Mikhail Fradkov to Vietnam in February 2006. The bank held its official opening ceremony on November 19, 2006, in Hanoi, with the ceremony attended by Vietnam's President Nguyen Minh Triet and Russian President Vladimir V. Putin. VRBank started operations with an initial charter capital of 10 million USD, which rapidly increased to 168.5 million USD within five years of establishment. By 2010, the bank's total assets exceeded 590 million USD.

Question 3

Where is VRBank headquartered?

Accepted Answer

VRBank is headquartered in Hanoi, Vietnam. The head office is located at Building No. 75 Tran Hung Dao Street, Tran Hung Dao Ward, Hoan Kiem District, Hanoi. This location serves as the central hub for the bank's operations throughout Vietnam and its international banking relationships.

Question 4

Where does VRBank operate?

Accepted Answer

VRBank operates throughout Vietnam with its head office in Hanoi and branches in key economic centers including Ho Chi Minh City, Hai Phong, Da Nang, Khanh Hoa (Nha Trang), and Vung Tau. The bank has a network of 20 branches and transaction offices across the country, with more than 500 employees. VRBank also established a representative office in Moscow in October 2008, and in December 2009, opened a 100% subsidiary credit organization, Bank "VRB Moscow" (LLC), with charter capital of 210 million rubles. The bank has established correspondent relationships with 869 banks across 84 countries worldwide.

Question 5

What services does VRBank offer?

Accepted Answer

VRBank provides comprehensive banking services for both individual and corporate clients. For individuals, services include deposit accounts, current accounts, debit and credit cards, personal loans (including housing, car, and consumer loans), money transfers (domestic and international, with direct transfers between Vietnam and Russia in VND, RUB, and EUR), Internet Banking, Mobile Banking, and SMS Banking. Corporate services encompass business accounts, working capital loans, medium and long-term corporate financing, project finance, guarantees (including payment guarantees, bid bonds, contract performance guarantees, and advance payment guarantees), trade finance (import/export support), documentary credits and letters of guarantee, foreign currency trading, factoring, and cash management solutions. VRBank specializes in investment consultancy, arranging investment capital, direct financing or co-financing of projects, and facilitating bilateral trade and investment activities between Vietnam and Russia. The bank established a two-way payment channel in July 2007 enabling settlements in USD, EUR, RUB, and VND.

Question 6

What makes VRBank unique?

Accepted Answer

VRBank holds a unique position as the only joint venture organization in the finance and banking sector between Vietnam and the Russian Federation. The bank's special mission is to serve as a bridge in the banking and finance sector, resolving payment difficulties and promoting economic, trade, and investment cooperation between the two countries. VRBank provides convenient and safe payment settlement solutions in local currencies (VND and RUB) for businesses from both countries, helping them avoid challenges and uncertainties in international trade. The bank is an active member of the intergovernmental bilateral working group on interbank cooperation, attempting to eliminate difficulties and obstacles in trade and investment operations while proposing solutions to increase trade volumes. VRBank has received credit ratings from Moody's with a stable outlook, demonstrating its financial stability. The bank offers a "tailor-made individual approach" to customers, with many years of experience and broad understanding of the Russian market, providing specialized advice, products, and services for customers operating between the two countries.

Question 7

What type of financial institution is VRBank?

Accepted Answer

VRBank is a Joint Venture Commercial Bank (Ngân hàng thương mại liên doanh) in Vietnam. This designation indicates that the bank is a joint venture between foreign and domestic shareholders, specifically BIDV (Vietnam) and VTB (Russia), each holding 50% ownership. As a joint venture bank, VRBank is licensed by the State Bank of Vietnam to provide comprehensive commercial banking services including deposit-taking, lending, trade finance, investment services, and payment services. Joint venture banks in Vietnam operate under special frameworks that facilitate international cooperation and cross-border banking activities, making them particularly suited for promoting trade and investment between partner countries.

VRBank

in Vietnam 🇻🇳

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About VRBank in Vietnam