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|Vietcombank cuts the ribbon on its representative office in New York City|
This is the first time a Vietnamese commercial bank has set a foothold in the United States, which affirms its stature as well as position and marks another strategic step in Vietcombank's strategy to expand its network overseas.
Vietcombank’s successful venture into the US by meeting regulators’ strict licensing requirements is evidence for the Vietnamese banking system’s compliance with international best practices. It is also a testament to Vietcombank’s relentless efforts towards its 2025 strategy plan to become the best bank in Vietnam, one of the 100 largest banks in Asia, and one of the top 300 global banking group and top 1,000 listed companies worldwide – while making considerable contributions to the economic development of Vietnam.
The US is one of Vietnam’s most valued trading partners with steadily growing trade turnover ($50.8 billion at the end of 2017, $58.8 billion by 2018, and reaching $35.4 billion within the first six months of 2019 alone). Vietnam currently comes in at ninth place among the top exporters to the US and is the 27th biggest import market for US goods – making it the US' 16th largest trade partner.
As US investors turn their attention to Vietnam, the new office is expected to represent Vietcombank in the US and North America to capture business opportunities in this substantial market.
The representative office would act as a liaison with the US clients and prospective Vietcombank clients by providing analysis of the banking sector and financial services market, supporting correspondent banking network in the US, as well as connecting Vietnamese corporates doing business or weighing an investment in the US with potential US partners.
Vietcombank is currently the most profitable Vietnamese bank. Since 2015 (which marked the start of the bank’s restructuring), Vietcombank has claimed remarkable results. The bank's total assets surpassed VND1 quadrillion ($43.47 billion), nearly doubled against 2015 numbers. Its profits tripled, achieving an industry record.
The bank also has high asset quality with the NPL ratio under 1 per cent and operational transformation coupled with a broadened network of 550 branches/transaction offices/representative offices and member companies both in Vietnam and overseas. It also has the highest market capitalisation. Vietcombank is voted as one of the best workplaces in Vietnam and was as recognised as the largest taxpaying bank and one of the top contributors to social welfare in Vietnam.
Vietcombank’s representative office in New York City will join the bank’s existing international network which consists of a finance company in Hong Kong, a remittance company in the US, a representative office in Singapore, and a wholly-owned subsidiary in Laos. Furthermore, in October, the State Bank of Vietnam approved Vietcombank to open a branch in Australia.