The New York State Department of Financial Services has granted operating license to the Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to open a representative office in New York.
|Vietcombank headquarters (Photo: Vietcombank)|
Accordingly, the office will be based at One Rockefeller Plaza in Manhattan centre. It is due to be open in the third quarter this year
Earlier in October 2018, the bank obtained the US Federal Reserve’s approval to open the office.
Last year, the lender took the lead nationwide with a net profit of over 18.2 trillion VND (791 million USD), up 61.1 percent from 2017.
Targets in total asset and equity grew strongly while credit quality was under control.
As of May, Vietcombank still topped others in profit term with upwards 9 trillion VND.
Chairman of Vietcombank’s Board of Directors Nghiem Xuan Thanh said the bank strives to earn 21 trillion VND in profit this year and is likely to hit 1 billion USD by 2020.-VNA
The Export-Import Bank of Korea (Korea Eximbank) has said that it has agreed to open a 2 billion USD credit line to Vietnam’s PetroVietnam in a bid to help more Korean companies venture into the fast-growing economy.
As capital demands of Vietnamese firms are rising sharply, local banks are increasingly cooperating with foreign financial institutions to provide offshore loans, making the business become lucrative.