Russia–Vietnam: Department of Finance Open Lecture on Raising Capital

We extend our sincere thanks to VNU University of Economics and Business (UEB) and the Faculty of Finance and Banking for the invitation and warm reception. It was an honor for the Department of Finance, HSE University – St Petersburg, to deliver an open lecture to your students and colleagues. We deeply value this partnership and look forward to further strengthening our collaboration in teaching and research.

Boris Lodiagin and Olga Alekseeva delivered an open lecture for students and faculty of UEB’s Faculty of Finance and Banking titled “Capital Raising for Businesses in Russia: Lessons for Vietnam.” The session was highly practice-oriented: the speakers walked through real cases from Russian companies and demonstrated how to choose an optimal capital structure for different growth objectives.

The lecture covered the full spectrum of financing tools—from bank loans and syndicated facilities to bonds, private placements, venture capital and private-equity deals, as well as government support mechanisms. Special attention was paid to cost of capital, covenants, and risk management for both borrowers and investors, including how the “rules of the game” shift during periods of turbulence.

UEB students were actively engaged, asking about investor relations practices, bond issue preparation, and the metrics lenders truly focus on. Colleagues at UEB highlighted the clarity of the explanations and the practical value of the examples; we received warm feedback and invitations to continue the dialogue.

Key topics discussed

• Debt vs. equity: calculating WACC and understanding the “cost of mistakes” in capital structure.
• Bonds vs. bank credit: when the market is superior to the bank—and when it isn’t.
• Private placements and PE/VC deals: speed, flexibility, and control.
• Government support instruments: guarantees, subsidies, and project finance.
• Investor communications: what matters at each stage of growth.

We would be delighted to welcome UEB lecturers in St Petersburg—on campus or online—and are already exploring joint formats. The Department of Finance is committed to expanding cooperation with UEB in both academic and research tracks: guest lectures, joint case classes, student projects, and co-authored publications.

These are the first steps following UEB’s official visit to St Petersburg and a meeting between representatives of UEB and HSE at the Kanatny Tsekh venue, attended by Varvara V. Nazarova (Head of the Department of Finance) and Boris Lodiagin (Department of Finance).