Vietcombank becomes first Vietnamese bank to open rep office in US

November 03, 2019 - 17:00

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inaugurated its representative office in the US, on Friday.

Vietcombank representatives cut the ribbon to launch its office in the US. — VNA/VNS Photo Nguyễn Hữu Thanh

New York — The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inaugurated its representative office in the US, on Friday.

Located in Manhattan, New York, the office is the first of its kind opened by a Vietnamese commercial bank in the US. The office received a licence from the New York State Department of Financial Services on June 17 this year. Earlier on October 26, 2018, Vietcombank received approval for its application from the US Federal Reserve System.

Chairman of the Vietcombank Board of Directors Nghiêm Xuân Thành said the office will connect with existing and promising clients in the US, make market analysis reports, and attend business seminars to support partners in the country.

Since the launch of its restructuring project in 2015, Vietcombank’s total assets have surpassed VND1 quadrillion (US$43 billion), nearly double that of early 2015. Its profit has tripled to top the Vietnamese banking sector and its rate of bad debts dropped below 1 per cent. The bank now has more than 550 branches, transaction offices and member units.

In October 2019, Vietcombank was also allowed by the State Bank to open a branch in Australia. — VNS

Tags Vietcombank

Market declines for the third consecutive session

Economy

HortEx Vietnam 2025 to double in size

Economy

NA Standing Committee gives nod to the foundation of an investment support fund

Economy

Đà Nẵng to establish 58 hectare industrial cluster

Economy

Standard Chartered forecasts US dollar trends and highlights Việt Nam’s positive but cautious outlook in 2025

Economy

MoIT sets export growth at 6% in 2025

More on this story

Economy

NA deputies okay to erase US$705 million worth of uncollectible tax liabilities

Tax agencies should also be held accountable for letting taxpayers delay their payments.

Economy

EVFTA must bring benefits to people: INTA chief

The European Parliament is expected to vote for the agreement on January 31, 2020 and the agreement could be ratified in February 2020.

Economy

Vietnamese telcos target 5G chipsets and devices

Vietnamese tech firms are planning to produce chips for 5G core networks and IoT devices, while researching and developing mobile phones and 5G telecommunications devices.

Economy

US forecasts bright outlook for trade with Việt Nam

Việt Nam has become central to the US policy in the Asia-Pacific region as ties between the two countries have strengthened in recent years, Marie Damour, the US consul general in HCM City, said at a conference on Thursday.

Economy

Shares surge, VN-index hits one-year peak

Vietnamese shares surged on Friday with the VN-Index hitting a one-year high, propped up by positive sentiment and flourishing “Vin” stocks.

Economy

Đồng Nai plans more industrial parks

The southern province of Đồng Nai plans to add more industrial parks for the 2021-30 period, according to the Đồng Nai Industrial Zones Authority (DIZA).

Economy

New policy needed for young start-ups

Building the correct legal framework is one of the major challenges holding back start-up businesses and now the government is looking at easing red-tape and giving an easier ride to both young companies and the private sector.

Economy

Fitch Ratings affirms Việt Nam’s sovereign rating at 'BB' with positive outlook

Fitch’s latest rating has helped soothe concerns caused by last month's statement made by Moody's Investors Service.

Economy

HDBank pre-tax profit up record 51 per cent in third quarter

The HCM City Development Joint Stock Commercial Bank (HDBank, HOSE: HDB) has reported impressive results in the third quarter of the year, with pre-tax profits increasing by a record 51 per cent year-on-year to over VNĐ1.23 trillion (US$53.4 million).