Vietnam, Russia banks in currency deal Tran Thu By Tran Thu – The Saigon Times Daily HCMC – The Bank for Investment and Development of Vietnam (BIDV) and Bank for Foreign Trade of Russia (VTB) signed a memorandum of understanding (MoU) on April 7 allowing firms of the two nations to pay each other in domestic currencies. Both sides also agreed to raise the potential role of Vietnam-Russia Joint Venture Bank (VRB) and enhance trade and economic cooperation between the two nations. As part of the deal, BIDV and VTB will set up a private payment channel to support export-import payments for enterprises, with VRB chosen as the intermediary for implementation. A joint working group will be established and both sides will discuss a specific implementation roadmap in April to work towards using domestic currencies for payment. Speaking at the signing ceremony in HCMC on April 7, BIDV chairman Tran Bac Ha said that 97% of the payments for Vietnamese-Russian transactions are in U.S. dollar and only 1.7% in domestic currencies. Therefore, the cooperation will help enterprises from both sides cut payment expenses and step up trade exchanges. Asked when domestic currencies were used for payment, Ha told the media…

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