VTB signs agreement with Vietnam’s state investment fund

MOSCOW, March 28. /TASS/. Russia’s second-biggest lender VTB and Vietnam’s State Capital Investment Corporation (SCIC) signed a memorandum of understanding aimed at boosting investment flows between the two countries, VTB reported Monday. The agreement will "create a framework for facilitating investment opportunities for VTB Group clients in SCIC-related companies and projects," the report said. In turn, "VTB will introduce SCIC and its partner companies to attractive investment options in the CIS and countries of VTB’s presence." Also, VTB Group will assist SCIC and its linked companies to raise capital in international markets and act as financial advisor in debt and equity deals, VTB said. "Asia continues to be a region of high priority for VTB Group’s business, and we look forward to strengthening our relations with local market players in cooperation with SCIC, a partner with excellent track record in the region. Moreover, the agreement will open up unique opportunities for VTB clients to invest in growing Vietnam businesses and participate in major cross-border transactions," Deputy CEO of VTB Group Riccardo Orcel was quoted as saying. SCIC is a strategic investment arm of Vietnam’s government, which focuses on effectively managing the state interest at companies and projects. VTB has already built a strong presence in Vietnam with the launch of Vietnam-Russia Joint Venture Bank (VRB) in 2006, a joint venture of 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. Read more