Vietcombank receives permit to open representative office in the U.S.
16:51 | 02/11/2018

VGP – The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) has become the first commercial bank of Viet Nam to set up a representative office in the US.

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.

Vietcombank’s representative office in New York will perform the functions of connecting with existing and potential customers in the U.S. market; carrying out analysis reports on the market and finance-banking sector; supporting the maintenance of relations with U.S. financial institutions; and attending business conferences and seminars to establish relationships.

The event marks a significant strategic step for Vietcombank, and it will be the first time a Vietnamese commercial bank has ever been licensed to set up a representative office in the US, one of the world’s leading countries regarding its transparent and complete legal framework, and close management and supervision mechanism.

The event highlights the position, brand and influence of the Vietnamese bank to the international community, while also affirming Vietcombank’s goal of reaching out to the “great ocean” in its development orientations on becoming one of the world’s 300 largest financial banking groups, administrated in accordance with the best international practices, by 2020.

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

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

Earlier on October 24, the New York State Department of Taxation and Finance also issued an approval in principle with regards to Vietcombank’s application for licence.

                                                                                                                                By Vien Nhu

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