22:16 (GMT +7) - Friday 22/11/2019

Banking & Finance

Vietcombank opens rep office in New York

Released at: 10:07, 04/11/2019

Vietcombank opens rep office in New York

Photo: Vietcombank

Office the first of a Vietnamese bank in the US.

by Hong Nhung

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) officially opened its representative office in New York City on November 1, located at One Rockefeller Plaza in Manhattan.

The office was licensed by the New York State Department of Financial Services on June 17 and received official approval from the Federal Reserve Board in October.

This is the first office of a Vietnamese commercial bank in the US, affirming its stature and position and marking another strategic step in Vietcombank expanding its overseas network.

Vietcombank’s successful venture into the US by meeting regulators’ strict licensing requirements is evidence of Vietnam’s 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 of becoming the best bank in Vietnam, one of 100 largest Asian banks, in the top 300 global banking groups, and in the top 1,000 listed companies worldwide, with considerable contributions made to Vietnam’s economic development.

The US is one of Vietnam’s most valued trading partners, with steadily growing volumes - $50.8 billion in 2017, $58.8 billion in 2018, and $35.4 billion in the first half of this year. Vietnam is the US’s ninth-largest exporter to the US and the country’s 27th-largest import market, making the US Vietnam’s 16th-largest trading partner.

As US investors turn their attention to Vietnam, the representative office will represent Vietcombank in the US and North America to capture business opportunities in the sizeable market.

The office will act as a liaison with US clients and prospective Vietcombank clients by providing analysis of the banking sector and financial services market, supporting correspondent banking networks in the US, as well as connecting Vietnamese corporates doing business or weighing an investment in the US with potential US partners.

Vietcombank is currently the most profitable Vietnamese bank. Its representative office in New York City will join its existing international network that consists of a finance company in Hong Kong, a remittance company in the US, a representative office in Singapore, and a 100-per-cent-owned subsidiary in Laos. Furthermore, in October, the State Bank of Vietnam granted approval for Vietcombank to open a branch in Australia.

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