Vietnam - Russia Joint Venture Bank

What Vietnam - Russia Joint Venture Bank does

Vietnam - Russia Joint Venture Bank (VRB; legal name: Ngân hàng Liên doanh Việt - Nga) is a commercial bank incorporated in Hanoi on November 19, 2006 as the only bilateral joint venture bank between Vietnam and Russia. It is co-owned 49.5% by BIDV (Bank for Investment and Development of Vietnam), 49.5% by VTB Bank (Russia), and 1% by NGS, with a registered capital of USD 170,202,020 as updated by State Bank of Vietnam Decision 756/QD-TTGSNH1 in December 2024. The bank operates 6 branches and 10+ transaction offices across six provinces/cities (Hanoi, Ho Chi Minh City, Da Nang, Khanh Hoa/Nha Trang, Hai Phong, Vung Tau) and serves individual retail customers, SMEs, corporate/enterprise clients, and Vietnam-Russia cross-border trade participants.

VRB's product portfolio spans traditional banking (savings and term deposits, housing loans, business loans, overdraft facilities, salary disbursement, guarantee services) and digital banking delivered through two proprietary platforms: iPlus for retail customers (mobile app with fund transfers, bill payments, QR code payments, online deposits, and biometric eKYC) and ePlus for corporate customers (batch transfers, salary payments, online deposits, and loan applications). The bank issues NAPAS-branded domestic debit cards with contactless/QR support and Visa cards for international use, and is integrated with NAPAS, VNPay, MoMo, Payoo, and OneFin payment gateways.

VRB's revenue mechanics derive primarily from net interest income on lending (enterprise rates from 4.4% per annum, individual rates from 4.5% per annum) and deposits (0.2% non-term up to 6.8% on 12-month VND deposits), supplemented by transaction and service fees, foreign exchange (including RUB/VND pairs for cross-border flows), and card-based merchant fees. Distribution combines physical branches, transaction offices, self-serve digital channels, NAPAS/partner merchant networks, and event sponsorships (e.g., Kremlin Cup Golf Tournament, Vietnam-Russia economic forums).

Name

Vietnam - Russia Joint Venture Bank

Legal name

Ngân hàng Liên doanh Việt - Nga (VRB)

Website

https://vrbank.com.vn

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

Vietnam - Russia Joint Venture Bank (VRB) is a Hanoi-based commercial bank jointly owned by BIDV and VTB Bank, serving Vietnamese retail, SME, corporate, and Vietnam-Russia cross-border trade clients through 6 branches, 10+ transaction offices, and iPlus/ePlus digital platforms.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Retail banking services
• Commercial lending products
• Digital banking platforms
• Corporate banking solutions
• Cross-border trade finance

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on loans to retail and corporate customers. The bank offers various credit products including housing loans, business loans, and overdraft facilities with competitive rates starting from 4.4% per annum.
2. Deposit Interest: Interest earned on customer deposits across various terms and products including savings accounts, term deposits, and specialized deposit products.
3. Transaction and Service Fees: Fees from money transfers, payment services, card transactions, and other banking services. The bank offers free internal transfers and promotions on various services.
4. Foreign Exchange Services: Revenue from currency exchange and cross-border transaction services, particularly for Vietnam-Russia trade.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

VRB is a commercial bank providing retail and corporate banking products including deposits, loans, payment cards, and digital banking services (iPlus for retail and ePlus for corporate), with a specialized focus on facilitating cross-border trade and financial services between Vietnam and Russia. The bank distributes products through 6 branches, 10+ transaction offices, mobile/internet banking platforms, and the NAPAS national payment network.

Product overview

Vietnam-Russia Joint Venture Bank (VRB) offers a comprehensive suite of banking products and digital services. The core banking platform consists of two digital channels: iPlus for individual customers and ePlus for corporate customers. The product portfolio includes traditional banking services (deposits, lending, cards, payment services) alongside specialized products such as the Russia-themed 'Tình Yêu từ nước Nga' deposit and the SME-focused lending programs. VRB also provides social insurance payment collection through its mobile applications.

Differentiator

Problem solved

Functional benefit

Brands

• ePlus: Digital banking service for corporate/enterprise customers
• iPlus

Products and services

• iPlus Digital Banking Platform Digital banking application for individual retail customers offering account management, fund transfers, bill payments, QR code payments, online deposits, loan applications, and eKYC registration support. Available on iOS App Store and Android APK.
• ePlus Corporate Digital Banking Platform Digital banking solution for corporate and business customers providing batch transfers, salary payments, POS statement reconciliation, online deposits, loan applications, invoice payments, and online guarantee verification.
• Tình Yêu từ nước Nga Term Deposit (Love from Russia Deposit) Special themed term deposit product with loyalty reward points themed around Vietnam-Russia relations, targeting customers with ties to Russia.
• Individual Term Deposits (Tiền gửi cá nhân) Suite of individual deposit products including end-of-term, periodic interest, beginning-of-term, and stepped interest term deposits, plus savings (KKH/non-term) accounts with rates from 0.2% to 6.8% per annum in VND.
• Corporate Term Deposits (Tiền gửi doanh nghiệp) Corporate deposit products including end-of-term interest, periodic interest, beginning-of-term interest deposits, and online deposits (Tiền gửi trực tuyến) with enhanced interest rates.
• VRB NAPAS Domestic Debit Card Domestic debit card operating on the NAPAS national payment network with contactless NFC payment capability and QR code payment support.
• VRB Visa International Card International Visa card for global transactions and payments.
• Housing Loans (Vay nhà ở) Home loan financing for property purchase, construction, and renovation, available to individual customers.
• Business Production Loans (Vay sản xuất kinh doanh) Business production and operations loans for SMEs, enterprises, and individual business borrowers at competitive interest rates from 4.5% per annum.
• Overdraft Facility with Collateral (Vay thấu chi có tài sản bảo đảm) Overdraft facility with collateral for individual and business customers needing flexible access to revolving credit.
• Corporate Overdraft Lending (Cho vay thấu chi dành cho Doanh nghiệp) Corporate overdraft lending product for business working capital needs, providing flexible revolving credit facilities to enterprise customers.
• SME Credit Program (Chương trình tín dụng SME) Special credit program for small and medium enterprises with preferential interest rates from 4.4% per annum and a program scale of 500 billion VND available through end of 2025 for qualified enterprise customers with BBB+ credit rating.
• Salary Payment Service (Dịch vụ thanh toán lương) Salary payment service enabling enterprises to process payroll disbursements through VRB corporate accounts via the ePlus platform.
• Tuition Fee Payment via OneFin (Thu học phí qua OneFin) Tuition fee payment service through OneFin payment gateway enabling students to pay fees at partner universities and educational institutions via VRB.
• Online Guarantee Verification Service (Truy vấn Bảo lãnh) Online guarantee verification service allowing corporate customers to check guarantee status through the ePlus corporate digital banking platform.
• Bancassurance Insurance Distribution (Bảo Việt Insurance) Bancassurance partnership with Bảo Việt Insurance for distribution of insurance products to VRB customers through the bank's branch and digital channels.
• Chứng chỉ tiền gửi ghi danh (Registered Deposit Certificates) Registered deposit certificates offering long-term savings with competitive interest rates for individual and corporate customers.
• Mẫu An Gia Women's Deposit (Tiền gửi Mẫu An Gia) Special women's deposit product with enhanced interest rates for female customers depositing at bank counters, tied to promotions for International Women's Day (20/10 and other occasions).
• Online Deposit Product (Tiền gửi trực tuyến) Online deposit product allowing customers to open and manage term deposits through digital banking channels with enhanced interest rates including promotional bonus of +0.5% per annum for 1, 6, and 12 month terms.
• Auto Loans (Vay mua ô tô) Auto loan financing for individual customers to purchase vehicles, available through VRB's personal credit offerings at competitive interest rates.

Quantifiable outcome

• Lending rates as low as 4.4%/year for qualified SME customers
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Four partnerships are on record, tiered major and standard.

• NAPAS (National Payment Services Corporation)majorTechnology or IntegrationPartnership for domestic payment card processing. VRB issues NAPAS-branded debit cards enabling customers to make payments at merchants across Vietnam and access ATM network.
• Bách Việt GroupmajorStrategic or Co-development PartnerStrategic partnership for social housing financing. VRB provides credit programs for homebuyers at Bách Việt Group's Parc Ville Bac Giang project.
• Areca Việt NammajorStrategic or Co-development PartnerCo-development partner for social housing project Parc Ville Bac Giang. Joint financing program for affordable housing purchases.
• Bảo Việt InsurancestandardChannel Partner/ Reseller/ DistributorPartnership for insurance product distribution, offering bancassurance services to VRB customers.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• BIDV (Bank for Investment and Development of Vietnam): VRB's 49.5% Vietnamese parent and Vietnam's largest state-owned commercial bank; directly comparable as a full-service commercial bank serving retail, SME, and corporate customers with a national branch network in Vietnam.
• VPBank (Vietnam Prosperity Bank): Major Vietnamese commercial bank with significant retail, SME, and consumer finance operations; comparable on digital banking rollout, SME lending, and deposit product breadth.
• Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank): One of Vietnam's largest commercial banks with extensive retail and corporate banking, trade finance, and FX services; directly comparable on the SME lending, deposit-taking, and digital banking dimensions where VRB competes.
• HDBank (Ho Chi Minh City Development Commercial Joint Stock Bank): Vietnamese commercial bank with retail, SME, and trade finance offerings; comparable on deposit and lending products, card issuance, and digital banking investment.
• Military Commercial Joint Stock Bank (MB Bank): Large Vietnamese commercial bank with diversified retail, corporate, and digital banking services; comparable on deposit product variety, lending rates, and digital platform competition.
• Vietnam Technological and Commercial Joint Stock Bank (Techcombank): Large Vietnamese private commercial bank with strong retail and SME franchise and rapidly growing digital banking platform; comparable on digital-led growth, SME credit programs, and consumer deposit competition.
• VTB Bank (Public Joint-Stock Company): VRB's 49.5% Russian parent and one of Russia's largest banks; comparable as the foreign parent providing cross-border trade finance, FX, and corporate banking services between Vietnam and Russia/Eurasian markets.
• Sacombank (Saigon Thuong Tin Commercial Joint Stock Bank): Vietnamese commercial bank with retail and SME focus and broad branch network; comparable on deposit and lending products, card services via NAPAS, and digital banking adoption.
• TPBank (Tien Phong Commercial Joint Stock Bank): Mid-sized Vietnamese commercial bank with strong digital banking focus; comparable on retail digital channels (iPlus vs TPBank Live), SME lending programs, and product-led growth tactics like cashback promotions.
• Asia Commercial Bank (ACB): Mid-to-large Vietnamese commercial bank serving retail and SME customers across multiple cities; comparable on branch-and-digital distribution, SME lending, and consumer deposit gathering.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/VRB2006
• LinkedInlinkedin.com/company/vietnam-russia-joint-venture-bank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vietnam - Russia Joint Venture Bank