Business

Vietcombank approved to set up representative office in US

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has become the first commercial bank of Vietnam to set up a representative office in the US.
Vietcombank approved to set up representative office in US ảnh 1Vietcombank has become the first commercial bank of Vietnam to set up a representative office in the US.
(Photo: vneconomy.vn)

Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade ofVietnam (Vietcombank) has become the first commercial bank of Vietnam to set upa representative office in the US.

Vietcombank has obtained the US Federal Reserve’sapproval to open a representative office in New York City, it said on October31.

The move aims to affirm the bank’s prestige and position in the internationalcommunity, while paving the way for the bank to gain a place among the world’stop 300 banking and financial groups.

According to a report from the Ministry of Industry and Trade in 2017, the USwas among the largest trade partners of Vietnam with two-way trade hitting 50.8billion USD last year. Meanwhile, Vietnam was the 16th biggest tradepartner of the US. The country enjoyed a trade surplus of more than 32.4billion USD with the US in the year.

As Vietnam has become more alluring to US investors, the representative officewill be an extended arm for Vietcombank in the US to support businessdevelopment in the market.

Therepresentative office will liaise with potential clients and banks in the US,report on the banking and financial service market and support its partners in investingin the American market.

Vietcombank openedits first overseas subsidiary in Vientiane, Laos on October 19.

According to Deputy General Director of Vietcombank and President ofVietcombank Laos Pham Manh Thang, as the Lao financial market is in a newdevelopment phase, it will be a golden opportunity for the bank to offerfinancial service packages to both Vietnamese investors in Laos and other firmsin the nation.

Initially, Vietcombank will capitalise on its network of 40 business customerswho are registering 1 billion USD in 46 projects in Laos, then it will expandservices to 200 Vietnamese companies in Laos, and Lao businesses andindividuals.

Vietcombank is completing procedures to open a branch in Australia. Currently,it has more than 500 branches, representative offices, and member companies inVietnam and overseas; with more than 2,100 agencies established across 131countries and territories.-VNA
VNA
#Vietcombank #first commercial bank of Vietnam #a representative office #the US #US Federal Reserve’s approval #top 300 banking and financial groups #business development #Vietnam News Agency #Vietnamplus United States
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