Vietcombank becomes first Vietnamese bank to open rep office in US

Sunday, Nov 03, 2019 17:00

Vietcombank representatives cut the ribbon to launch its office in the US. — VNA/VNS Photo Nguyen Huu Thanh

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inaugurated its representative office in the US, on Friday.

Located in Manhattan, New York, the office is the first of its kind opened by a Vietnamese commercial bank in the US. The office received a licence from the New York State Department of Financial Services on June 17 this year. Earlier on October 26, 2018, Vietcombank received approval for its application from the US Federal Reserve System.

Chairman of the Vietcombank Board of Directors Nghiem Xuan Thanh said the office will connect with existing and promising clients in the US, make market analysis reports, and attend business seminars to support partners in the country.

Since the launch of its restructuring project in 2015, Vietcombank’s total assets have surpassed VND1 quadrillion (US$43 billion), nearly double that of early 2015. Its profit has tripled to top the Vietnamese banking sector and its rate of bad debts dropped below 1 per cent. The bank now has more than 550 branches, transaction offices and member units.

In October 2019, Vietcombank was also allowed by the State Bank to open a branch in Australia. — VNS


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