Vietcombank approved to set up representative office in US

TIN LIÊN QUAN
	Vietcombank to establish subsidiary in Laos
	Vietcombank enters Asia’s Top 1000 list

Vietcombank has obtained the US Federal Reserve’s approval to open a representative office in New York City, it said on October 31.

Vietcombank has become the first commercial bank of Vietnam to set up a representative office in the US. (Photo: vneconomy.vn)

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

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

As Vietnam has become more alluring to US investors, the representative office will be an extended arm for Vietcombank in the US to support business development in the market.

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

Vietcombank opened its first overseas subsidiary in Vientiane, Laos on October 19. According to Deputy General Director of Vietcombank and President of Vietcombank Laos Pham Manh Thang, as the Lao financial market is in a new development phase, it will be a golden opportunity for the bank to offer financial service packages to both Vietnamese investors in Laos and other firms in the nation.

Initially, Vietcombank will capitalise on its network of 40 business customers who are registering 1 billion USD in 46 projects in Laos, then it will expand services to 200 Vietnamese companies in Laos, and Lao businesses and individuals.

Vietcombank is completing procedures to open a branch in Australia. Currently, it has more than 500 branches, representative offices, and member companies in Vietnam and overseas; with more than 2,100 agencies established across 131 countries and territories.

Vietnam carries out ASEAN Declaration on civil service’s role Prime Minister Nguyen Xuan Phuc has just approved a project to implement the “ASEAN Declaration on the Role of the Civil Service as A Catalyst ...

Close affection of Vietnam for Japan prominent in the world: Ambassador "The government of Japan wishes to continue to contribute to the sustainable development of Vietnam through such areas as promoting high-quality infrastructure, administrative reforms, industrial ...

Vietnam attends UN debate on water, peace, security Vietnam believes that close and effective cooperation among coastal countries is the only solution to dealing with challenges and preventing water resources conflicts, said Ambassador ...