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Vietcombank becomes first Vietnamese bank to open rep office in US

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inaugurated its representative office in the US, on November 1.

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.

Ambassador Dang Dinh Quy, head of the Vietnam Permanent Mission to the United Nations, joined representatives from banks, domestic and foreign partners at the opening ceremony.

Chairman of the Vietcombank Board of Directors Nghiem Xuan Thanh said the event proves Vietcombank’s effort towards the goal of becoming the top bank in Vietnam, one of the top 100 in Asia, one of the world’s top 300 financial-banking groups, and one of the world’s 1,000 biggest listed firms globally, as set in its development strategy to 2025 with a vision to 2030.

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 asset has so far surpassed one quadrillion VND (43 billion USD), nearly doubling that in early 2015. Its profit has tripled to top the banking sector and its rate of bad debts dropped below 1 percent. The bank now has over 550 branches, transaction offices and member units.

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

The US is among the biggest trade partners of Vietnam with two-way trade growing through the years to hit 35.4 billion USD in the first six months of 2019, compared to 58.8 billion USD in 2018 and 50.8 billion USD in late 2017.