DBS Bank, Southeast Asia's largest bank, on Wednesday set up a branch in Ho Chi Minh City to meet the financial needs of Singapore and Asia-based corporations with business interests in Vietnam.
The Singapore-headquartered bank's HCMC branch has a legal capital of US$15 million and an operation term of 19 years.
The branch said it would support companies with business interests in Vietnam by connecting them to the bank's extensive regional network and providing them with customized solutions.
These include credit facilities, trade finance, cash management and treasury advisory.
In the future, the branch will also extend its product and service offerings to cater to SMEs and affluent individuals.
Piyush Gupta, CEO of DBS Group Holdings, said, "Vietnam is increasingly seen as a land of opportunities amid economic reforms and growth. Indeed, many companies, including DBS, view Vietnam as an emerging market with excellent prospects.
"Just recently, Singapore and Vietnam companies signed some US$300 million worth of agreements to develop real estate projects here. With the rise of the middle class in Vietnam and Asia powering global economic growth, the future looks bright."
In 2009, Singapore was Vietnam's fifth-largest foreign investor. As of September 2010, Singapore's private sector has invested in a total of more than 800 projects worth nearly US$18 billion in a wide range of sectors in Vietnam.
The DBS branch in Ho Chi Minh City is located on the 11th floor of Saigon Centre on Le Loi Boulevard in District 1.
DBS also has a representative office in Hanoi, which was established in 2008.