Building on successes for a higher jump

truc lInH

With 15 years of building trust and reputation, Vietnam Russia Bank (VRB) has been walking steadily on the journey of innovation to meet all needs of customers.

Looking back over the past 15 years, VRB affirms that this journey has laid a solid foundation for it to make breakthroughs. The bank has fulfilled its task in promoting the bilateral cooperation between Vietnam and the Russian Federation, providing financial solutions for Russian joint ventures and leading corporations operating in Vietnam such as Vietsovpetro, Rosneft Vietnam, Power Machines Vietnam, and Zarubezhneft.

VRB launched a bilateral payment system between Vietnam and the Russian Federation in 2016, marking an important milestone of efforts in developing a local currency payment channel between the two countries, serving payment, economic and trade cooperation activities between the two countries. VRB is also the first bank in Vietnam to work with Napas and NSPK to provide payment services for Russian domestic cards (MIR chip cards) in Vietnam.

As of end-2021, VRB’s total assets, outstanding loans, customer deposits, and pre-tax profit had all exceeded the business plan. Loans to individual, SMes, and FDI customers accounted for about 80 percent of the bank’s total outstanding loans. Typical customers include Vietnam Airlines Corporation, Geruco Song Con Hydropower JSC, Bamboo Airways, primary agents of global corporations such as Sena Tech Co., Ltd., Jworld Vina Co., Ltd., eunsung electronics Vina Co., Ltd., TPS Vietnam Co., Ltd. 2021 was also the first year VRB was rated by the Moody's with long-term deposits, long-term issuers, and BCA at B2 and stable outlook. The ratings are equivalent to those of other big commercial banks in the market.

According to Mr. Nguyen Manh, Vice Chairman of VRB, the bank is focusing on implementing the strategy for the 2021-2025 period with a vision to 2030. Accordingly, VRB will continue to pursue the goal of "effective and sustainable development", becoming a bank leading in the digital platform, and one of the leading banks in terms of profitability among peers. VRB is set to fulfill all tasks, contributing to the socioeconomic development of Vietnam, and upholding the role of being a symbol of economic, commerce, banking, finance and investment cooperation between Vietnam and the Russian Federation.