Vietcombank has obtained the US Federal Reserve’s approval to open a representative office in New York City, it said on October 31.
The move aims to affirm the bank’s prestige and position in the international community, while paving the way for the bank to gain a place among the world’s top 300 banking and financial groups.
According to a report from the Ministry of Industry and Trade in 2017, the US was among the largest trade partners of Vietnam with two-way trade hitting US$50.8 billion last year. Meanwhile, Vietnam was the 16th biggest trade partner of the US. The country enjoyed a trade surplus of more than US$32.4 billion with the US in the year.
As Vietnam has become more alluring to US investors, the representative office will be an extended arm for Vietcombank in the US to support business development in the market.
The representative office will liaise with potential clients and banks in the US, report on the banking and financial service market and support its partners in investing in the American market.
Vietcombank opened its first overseas subsidiary in Vientiane, Laos on October 19.
According to Deputy General Director of Vietcombank and President of Vietcombank Laos Pham Manh Thang, as the Lao financial market is in a new development phase, it will be a golden opportunity for the bank to offer financial service packages to both Vietnamese investors in Laos and other firms in the nation.
Initially, Vietcombank will capitalise on its network of 40 business customers who are registering US$1 billion in 46 projects in Laos, then it will expand services to 200 Vietnamese companies in Laos, and Lao businesses and individuals.
Vietcombank is completing procedures to open a branch in Australia. Currently, it has more than 500 branches, representative offices, and member companies in Vietnam and overseas; with more than 2,100 agencies established across 131 countries and territories.