VTB headquarters in Moscow.- Photo AFP

The new service enables customers to use their bank accounts to make dong-denominated transfers. It is available to individuals and legal entities, according to the bank's press release.

Customers can use VTB Online to send their money abroad, but no more than 20 million rubles (US$330,715) per transaction and $1 million per month. The commission fee is set at 1 per cent of the transferred amounts.

The money transferred is credited to its recipient's accounts in Viet Nam on the same day. Cross-border transfers are available for both individuals and legal entities.

Earlier, VTB enabled money transfers to Russia's neighbouring countries, which comprise Azerbaijan, Armenia, Belarus and Kazakhstan.