Leaders of HCM City and representatives of Vietcombank at the meeting in HCM City on August 22. — Photo Vietcombank

HA NOI (Biz Hub) — Vietcombank expects to invest about VND2 trillion (US$89.5 million) to VND3 trillion in urban bonds issued by HCM City, the bank's chairman, Nghiem Xuan Thanh, said on August 22.

Thanh said at a meeting with Secretary of the HCM City Party Committee Dinh La Thang that Vietcombank also hoped to join the financial services for local enterprises such as payment and card.

He proposed to the local authorities that they support Vietcombank to push up its process on solving assets and bad debts, making capital flows run smoothly to serve the city's economic development.

With orientation of the government and the State Bank of Viet Nam, Thanh said Vietcombank had defined its vision and strategic target by 2020 to become the number 1 bank in Viet Nam and one of 300 largest banking and finance institutions in the world which would be managed by international rules.

Speaking at the meeting, Party Committee Secretary Thang said Vietcombank had become a big brand name, making an important contribution to the country's socio-economic development, especially HCM City.

With the target of making HCM City one of the leading cities in the region, Thang said the city had been implementing an action strategy with seven breakthrough programmes, including investment in infrastructure and restructuring of enterprises.

The leader said Vietcombank would continue to prove that it was leading bank in the southern region, as well as contributing to the city's development.

He expected that Vietcombank would study policies on expanding investment in order to increase revenue on banking services, regularly contributing to improving the city's growth quality.

As for proposals from Vietcombank, Thang assigned the municipal People's Committee and relevant units to work with Vietcombank about issues such as their banking services, borrowing capital and issuing bonds for the city's key works and supporting places for the bank's operations. — VNS