Vietnam's BIDV opens branch in Cambodia

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The Bank for Investment and Development of Vietnam (BIDV) on Saturday officially opened its first overseas branch in Cambodia, eight months after it entered the market.

Vietnamese Deputy Prime Minister Truong Vinh Trong and his Cambodian counterpart Men Sam On attended the opening ceremony of the branch in Phnom Penh.

BIDV, Vietnam's second-largest lender by assets after Agribank, began operating the branch in September last year with a chartered capital of US$70 million, the second highest for a bank in Cambodia.

Since then, total assets of the branch, called the Bank for Investment and Development of Cambodia Plc, have increased to $150 million. 

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