VTB assists Chinese companies in expanding their reach into new markets

The trade and economic partnership between Russia and China present a promising outlook with significant growth potential. This year, there is a high likelihood that trade turnover may surpass $200 billion. Russia is keen on expanding its export portfolio to China, particularly by boosting the supply of chemical and agro-industrial products. The two nations also have considerable potential for co-investing in infrastructure projects, and the tourism sector is emerging as a highly lucrative area. Russia is currently creating new opportunities for Chinese companies for the import of industrial equipment, investment goods, cars, and consumer goods.

In recent years, there has been a significant increase in demand for national currency transactions, particularly in RMB, for cross-border trade. This has been accompanied by a crucial requirement for reliable settlement channels, which have become a top priority for businesses that have been affected by external limitations and pressures.

In light of this, VTB Bank's distinctive position, with its presence in Russia, China, India, and CIS countries, empowers it to offer Chinese companies a bespoke solution that utilizes its own infrastructure, integrated with national interbank payment systems. VTB is the only Russian bank on the Chinese market to hold a full banking license. The bank has been present in China since 2008 and has played a significant role in strengthening trade and economic relations between our nations. In 2022, VTB's Shanghai Branch experienced a substantial surge in demand from new clients.

VTB Bank Shanghai executive says, "Our principal objective is to offer reliable financial assistance for bilateral trade and economic connections. This entails a proactive shift towards autonomous channels for national currency payments and the closer integration of other national financial infrastructure elements. The bank is fully prepared to actively participate in such collaborative efforts. We are keen on broadening our multifaceted cooperation with Chinese companies and developing sustainable and secure solutions for their business expansion into new markets."

To learn more about the services we offer and how to open an account, please visit our website:https://vtbbank.cn/