3:26:38 PM | 17/9/2008
Industrial Bank of Taiwan plans to invest US$17.5 million in a venture in Ho Chi Minh City, said a representative of the bank Sept 12.
The venture is still awaiting approval from the Vietnamese Government, according to the source.
Late last week, the Taipei-based lender won approval from the Financial Supervisory Commission to take a 23.68 per cent stake in the venture with a U.S. bank, said Daphne Wu, a spokeswoman at the bank, who declined to name the partner.
By the end of July, Taiwanese banks had set up eight branches, 12 representative offices and one subsidiary in Vietnam. (Young People)
Vietnamese
