Vietcombank opens first Representative Office in U.S.
18:13 | 02/11/2019
VGP - The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) officially opens its Representative Office in New York City, the U.S. on November 1.

At the opening ceremony of Vietcombank's Representative Office in New York on November 1, 2019
The Office, located at Suite 14P, One Rockefeller Plaza in Midtown Manhattan, was licensed by the New York State Department of Financial Services on June 17th, 2019 and received official approval from the Federal Reserve Board earlier on October 26th, 2018.

This is the first presence of a Vietnamese commercial bank in the U.S., which affirms its stature as well as position and marks another strategic step of Vietcombank to expand its network overseas.

Vietcombank’s successful venture into the U.S. market by meeting regulators’ strict licensing requirements is evidence for the Vietnamese banking system’s integration and compliance with international best practices.

It is also testament to Vietcombank’s relentless efforts towards its 2025 strategic plan and vision to 2030 to become the best bank in Viet Nam, one of 100 largest Asian banks, top 300 global banking groups and top 1000 listed companies worldwide – with considerable contribution to the economic development of Viet Nam.

As US investors turn their attention to Viet Nam, the Representative Office is expected to act as the representative of Vietcombank in the US and North America to capture business opportunities in this substantial market.

The Representative Office would act as a liaison with U.S. clients and prospective Vietcombank clients by providing analysis of the banking sector and financial services market, supporting correspondent banking network in the U.S., as well as connecting Vietnamese corporates doing business or weighing an investment in the U.S. with potential U.S. partners.

Vietcombank’s Representative Office in New York City will join the Bank’s existing international network which consists of a finance company in Hong Kong, a remittance company in the U.S., a representative office in Singapore and a 100%-owned subsidiary in Laos.

Furthermore, in October 2019, the State Bank of Viet Nam just granted approval for Vietcombank to open a branch in Australia.

The U.S. is one of Viet Nam’s major trading partners with steadily growing volumes to US$50.8 billion at the end of 2017, US$ 58.8 billion by 2018 and reaching US$ 35.4B just within the first half this year.

Viet Nam currently comes in at 9th place among top exporters into the US and is the 27th biggest import market for US goods – making it the United States’ 16th largest trading partner./.

By Quang Minh

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