JP Morgan Chase on Thursday announced a capital injection of US$123 million into its branch entity in HCM City, bringing the firm’s total capital investment into Viet Nam from $77 million to $200 million, or VND4.6 trillion.

The capital will be used over the next few years to fund the expansion of the bank’s onshore services and capabilities and support its fast-growing suite of product offerings and increase the hiring of local talent.

JP Morgan has greatly expanded its operations in Viet Nam since setting up its local office in 1995, with the firm now providing a wide array of banking solutions across corporate banking, investment banking advisory, payments and capital markets.

“With more than 25 years of history and as a leading international investment bank with an on-the-ground presence, JP Morgan has built a robust franchise in Viet Nam committed to serving the needs of both local corporations and multinational firms operating here. We are proud to be part of the country’s growth and development and will continue to invest to cater to our clients and support the economy’s rapid expansion,” said Phan Bich Van, senior country officer for Viet Nam and general director of JPMorgan Chase's HCM City Branch.

The capital injection was approved by the State Bank of Viet Nam last week. — VNS