Vietcombank first Vietnamese bank to open US rep office

By Tam Anh   June 26, 2019 | 07:01 pm PT
Vietcombank first Vietnamese bank to open US rep office
Vietcombank is the first Vietnamese bank to open a representative office in the U.S. Photo by Reuters.
Vietcombank, one of Vietnam’s leading banks, has received permission for its US rep office to start functioning in the third quarter.

The final permit for the office in New York City has come from the New York State Department of Financial Services (NYDFS), the bank said. It had previously obtained approval from the U.S. Federal Reserve.

Located in the One Rockefeller Plaza in the heart of New York, the office will be Vietcombank’s extended arm in North America, adding to its 500 branches and offices worldwide.

Vietcombank currently has a financial company in Hong Kong, a money transfer company in the U.S., a representative office in Singapore and a subsidiary in Laos.

Last year, its consolidated profit rose 61 percent from 2017 to VND18.27 trillion ($784 million).

The lender is one of three Vietnamese banks among the world’s most valuable brands, according to Brand Finance, a global branded business valuation and strategy consultancy.

Vietcombank, BIDV and Vietinbank are Vietnam's three biggest banks in Forbes’s list of 2,000 largest listed firms in the world. Forbes' latest Global 2000, which ranks businesses based on their revenue, profits, assets and market value, also includes the country's largest private company Vingroup.

In the Forbes ranking released in May, Vietcombank jumped 198 spots to 1,096th with revenues of $3.1 billion and a market value of $10.9 billion. 

Japan's Mizuho Bank is Vietcombank's largest foreign shareholder while the Vietnamese state holds the majority stake.

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