China Construction Bank opens Vietnam office

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China Construction Bank (CCB), the world's second largest listed bank by market capitalization, set up its first Vietnam branch in Ho Chi Minh City last Friday.

The branch will offer a wide range of services including deposits, granting loans, project financing and trade financing, and international settlement service.

Vietnam's fast economic growth and its increasing trade and investment exchanges with China bring CCB to this market, Xinhua news agency quoted Guo Shuqing, chairman of the bank, as saying.

Guo said Vietnam boast high potential in development and it impressed the world with high growth and financial stability last year despite the global financial crisis and economic downturn.

Vietnam registered 5.32 percent economic growth last year, highest in Southeast Asia, statistics showed.

Guo said economic exchanges between Vietnam and China are developing fast, demanding more financial service.

Last year, Vietnam's export to and import from China both went up despite global trade contraction. Two-way trade exceeded US$20 billion, according to Chinese statistics.

CCB has already signed pacts with 23 local Vietnamese banks to act as its agent.

In addition, CCB has opened 14 cross-border trade settlement accounts with the Vietnam Bank for Agriculture and Rural Development and the Bank for Investment and Development of Vietnam.

 

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