Taiwanese Banks Continue Deploying in Vietnam Market
Taiwan’s leading commercial banks are expanding their operations in Vietnam in order to accelerate manufacturing investments in the market, the Taipei-based Taiwan Business News reported.
As at the end of March, Taiwanese banks had set up about 23 outlets in Vietnam and the number is increasing as the leading banks will speed up their Vietnam market investments.
The Hua Nan Commercial Bank plans to extend to northern Vietnam by moving its existing Ho Chi Minh City representative office to Hanoi and turning its current office into a branch in the middle of November.
Some other banks have been flocking to Vietnam to tap the country’s stable and high economic growth rate in recent years.
The First Commercial Bank is the fastest runner, owning now one Ho Chi Minh City branch and a Hanoi representative office.
Chang Hwa Commercial Bank also plans to apply for representative offices set-up in Vietnam soon, probably in both Ho Chi Minh City and Hanoi in view of the development of Hua Nan Bank.
Cathay United Bank, meanwhile, pointed out its subsidiary in Vietnam will increase branches up to five this year, bringing its total outlets up to 14 units, occupying around 60 per cent among all of the outlets set up by Taiwan banks in the market.
Data provided by the Taiwan’s Financial Supervisory Commission showed that Taiwanese banks posted profits in investments in Vietnam at NTUS$700 million last year.
Taiwan Business News
Vietnamese
