Vietcombank Officially Opens Representative Office in New York City

1:56:42 PM | 2/11/2019

On November 1, 2019, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) officially opens its Representative Office in New York City, located at Suite 14P, One Rockefeller Plaza in Midtown Manhattan. 

The Representative Office was licensed by the New York State Department of Financial Services on June 17th, 2019 and received official approval from the Federal Reserve Board earlier on October 26th, 2018.

This is the first presence of a Vietnamese commercial bank in the United States, which affirms its stature as well as position and marks another strategic step of Vietcombank to expand its network overseas. 

Vietcombank’s successful venture into the US market by meeting regulators’ strict licensing requirements is evidence for the Vietnam banking system’s integration and compliance with international best practices. It is also testament to Vietcombank’s relentless efforts towards its 2025 strategic plan and vision to 2030 to become the best bank in Vietnam, one of 100 largest Asian banks, top 300 global banking groups and top 1000 listed companies worldwide – with considerable contribution to the economic development of Vietnam.

The United States is one of Vietnam’s most valued trading partners with steadily growing volumes (US$ 50.8B at the end of 2017, US$ 58.8B by 2018 and reaching US$ 35.4B just within the first 6 months of 2019). Vietnam currently comes in at 9th place among top exporters into the US and is the 27th biggest import market for US goods – making it the United States’ 16th largest trading partner. As US investors turn their attention to Vietnam, the Representative Office is expected to act as the representative of Vietcombank in the United States of America and North America to capture business opportunities in this substantial market.

The Representative Office would act as a liaison with U.S. clients and prospective Vietcombank clients by providing analysis of the banking sector and financial services market, supporting correspondent banking network in the United States, 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 project), Vietcombank has claimed remarkable results: total assets surpassed VND 1 quadrillion, nearly doubled 2015 numbers; profits tripled achieving an industry record; high assets quality with NPL ratio <1%; operational transformation coupled with a broadened network of 550 branches/transaction offices/representative offices and member companies both in Vietnam and overseas; highest market capitalization; voted as one of the best workplaces in Vietnam, recognized as the largest taxpaying bank and among 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 100%-owned subsidiary in Laos. Furthermore, in October 2019, the State Bank of Vietnam just granted approval for Vietcombank to open a branch in Australia.