Taiwanese banks were among the first to arrive in Viet Nam, along with the wave of Taiwanese investment in the country in the 1990s. — Photo thoibaokinhdoanh.vn

The Megabank of Taiwan has applied for permission to open a branch in the northern port city of Hai Phong, according to the Dau Tu (Investment Review) newspaper.

If licensed, Megabank will be the first Taiwanese bank to have a branch in Hai Phong. Explaining why they chose the city, the bank said Hai Phong is the second largest industrial hub in northern Viet Nam, and it houses the largest sea port in the region as well as an international airport.

A number of big Taiwanese corporation have invested there, such as Pegatron, USI and Lite-ON.

The newspaper said apart from Megabank, other banks seeking to establish a presence in northern Viet Nam include Taishin, Cathay and CTBC, citing sources from the Financial Supervisory Commission of Taiwan.

Taiwanese banks were among the first to arrive in Viet Nam, along with the wave of Taiwanese investment in the country in the 1990s. At that time, they mostly operated in HCM City to serve thousands of Taiwanese-invested enterprises in southern localities.

China's Taiwan has the largest number of banking branches and representative offices in Viet Nam, with the presence of over 10 banks. Taiwanese investors are running 2,764 FDI projects in Viet Nam.

Banking experts said Taiwanese banks are expanding their presence abroad, focusing on the four ASEAN countries of Viet Nam, Indonesia, Myanmar and Cambodia, to meet the needs of an investment shift by Taiwanese technology and electronics enterprises. — VNS