Taiwanese Biggest Bank Opens Office in Vietnam

Taiwan’s largest bank, Hua Nam, officially opened a branch in Ho Chi Minh City November 28.

 

The branch, with the initial investment capital of $15 million, will work as a financial transaction channel for Taiwanese businesses in Vietnam.

 

The Hua Nam-Ho Chi Minh City operation has a duration of 20 years.

 

The Ho Chi Minh City branch is allowed to receive term deposits and demand deposits in Vietnamese dong, savings, deposits in foreign currencies; trade foreign currencies; lend, pay, and guarantee in Vietnamese dong and foreign currencies; pay for issuance and pay checks, credit cards in Vietnamese dong and receive overseas remittance.

 

Additionally, Hua Nam Commercial Bank, Ltd. can borrow foreign loans; open accounts at the central bank and borrow short-term loans from the central bank; attend the inter-bank forex market; open accounts to serve international payment at foreign banks; make swap transactions and borrow capital from foreign banks and supply investment consultation services.

 

Hua Nam is one of 11 Taiwanese banks that have entered Vietnam to date, following Cathay Bank, Taishin International Bank, Land Bank, First Commercial Bank, ChinFon Commercial Bank, International Commercial Bank of China (ICBC), Bank Sinopac, Shanghai Commercial & Savings Bank, Chinatrust Commercial Bank, and Union Bank of Taiwan.