Vietcombank receives permit to open representative office in the US

The Federal Reserve System of the United States has approved a dossier from the Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank) asking for permits to establish its representative office in New York, according to the leaders of Vietcombank.

Vietcombank is the first bank of Vietnam to be licensed to open a representative office in New York.
Vietcombank is the first bank of Vietnam to be licensed to open a representative office in New York.

Earlier on October 24, the New York State Department of Taxation and Finance also issued an approval in principle with regards to Vietcombank’s application for licence.

Marking a significant strategic step for Vietcombank, it will be the first time a Vietnamese commercial bank has ever been licensed to set up a representative office in the US, one of the world’s leading countries regarding its transparent and complete legal framework, and close management and supervision mechanism.

The event has highlighted the position, brand and influence of the Vietnamese bank to the international community, while also affirming Vietcombank’s goal of reaching out to the “great ocean” in its development orientations on becoming one of the world’s 300 largest financial banking groups, administrated in accordance with the best international practices, by 2020.

Vietcombank’s representative office in New York will perform the functions of connecting with existing and potential customers in the US market; carrying out analysis reports on the market and finance-banking sector; supporting the maintenance of relations with US financial institutions; and attending business conferences and seminars to establish relationships, with the aim to effectively support the business operations of Vietcombank as well as to support partner businesses in their investment and business activities in the US market.

Based on the US side’s approval of its permit application, Vietcombank will continue to perform the necessary formalities in the time ahead, looking to officially obtain the licence and launch its representative office in New York as soon as possible.