Illustrative image (Photo: zn.ua)
Hanoi - Vietnam's State Capital Investment Corporation (SCIC) and Russian VTB Group signed a Memorandum of Understanding (MoU), which will allow both companies to expand investment between the two countries.
According to a press release issued by the VTB Group on March 28, the MoU was signed by Riccardo Orcel, Deputy CEO of VTB Group, and Lai Van Dao, Board Member and CEO of SCIC, in Moscow. The ceremony was attended by VTB executives, and representatives of the Vietnamese government and financial institutions.
The MoU between the parties will create a framework for facilitating investment opportunities for VTB Group clients in SCIC-related companies and projects. In turn, VTB will introduce SCIC and its partner companies to attractive investment options in countries where VTB is present. As part of the agreement, VTB Group will assist SCIC and its linked companies to raise capital on international markets and act as a financial advisor in debt and equity deals.
Riccardo Orcel, Deputy CEO of VTB Group said, "The MoU is evidence that Asia continues to be a high priority region for VTB Group's business, and we look forward to strengthening our relations with local market players in cooperation with SCIC, a partner with an excellent track record in the region."
Moreover, the agreement will open up unique opportunities for VTB clients to invest in growing Vietnamese businesses and participate in major cross-border transactions," he said.
Dao said that the signing was an important step in upholding the business relations between Russia and Vietnam. It's expected to set out important grounds for further cooperation between SCIC and VTB as well as SCIC's linked companies and VTB's clients.
VTB was present in Vietnam with the launch of the Vietnam — Russia Joint Venture Bank (VRB) in 2006, a joint venture between VTB Bank and the Bank for Investment and Development of Vietnam (BIDV). VRB is showing dynamic development, rapidly becoming the main bank to support import and export payment activities between the two countries, as well as providing a wide range of products and services in the consumer and business banking sectors.
VTB Group is a global provider of financial services, comprised of over 20 credit institutions and financial companies operating across all key areas of the financial markets. The majority shareholder of VTB Bank is the Russian Government, which owns 60.9 percent of voting shares.-VNA