Vietcombank becomes first Vietnamese bank to open rep office in US

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inaugurated its representative office in the US, on November 1.

Vietcombank becomes first Vietnamese bank to open rep office in US
At the event


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

Ambassador Dang Dinh Quy,head of the Vietnam Permanent Mission to the United Nations, joined representativesfrom banks, domestic and foreign partners at the opening ceremony.

Chairman of the VietcombankBoard of Directors Nghiem Xuan Thanh said the event proves Vietcombank’s efforttowards the goal of becoming the top bank in Vietnam, one of the top 100 inAsia, one of the world’s top 300 financial-banking groups, and one of the world’s1,000 biggest listed firms globally, as set in its development strategy to 2025with a vision to 2030.

 

Thanh said the office willconnect with existing and promising clients in the US, make market analysisreports, and attend business seminars to support partners in the country.

Since the launch of its restructuringproject in 2015, Vietcombank’s total asset has so far surpassed one quadrillionVND (43 billion USD), nearly doubling that in early 2015. Its profit hastripled to top the banking sector and its rate of bad debts dropped below 1percent. The bank now has over 550 branches, transaction offices and memberunits.

In October 2019, Vietcombankwas also allowed by the State Bank to open a branch in Australia.

The US is among the biggesttrade partners of Vietnam with two-way trade growing through the years to hit35.4 billion USD in the first six months of 2019, compared to 58.8 billion USDin 2018 and 50.8 billion USD in late 2017./.VNA

 
 

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