Bank of America eyes Vietnam return

By Quynh Trang July 22, 2022 | 05:31 am PT

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Photo by Reuters/Carlo Allegri

Bank of America is seeking permission to set up a $50 million branch in Ho Chi Minh City, its executive vice chair of global corporate and investment banking Madhu Kannan has said.

In a meeting with HCMC Chairman Phan Van Mai who is visiting the U.S., Kannan sought support for the bank’s return to Vietnam after closing its Hanoi office in 2002 when the parent company initiated systemic reforms.

In response, Mai said that inviting Bank of America to HCMC was one of his goals during this trip. He said he was committed to helping the bank establish a branch in the city. He noted that HCMC planned to become an international financial hub, Mai said.

The city also welcomes U.S businesses to invest in the financial, technology, education and healthcare sectors, he added.

Kannan said that his bank’s activities would align with the city’s development path.

Founded in 1904, Bank of America is the second largest U.S. lender.