The Industrial and Commercial Bank of China Ltd. (ICBC) Tuesday opened its first Vietnam-based branch in Hanoi, becoming the first Chinese bank to operate in the country since 1995.
ICBC, China’s largest commercial bank, was one of the two Chinese financial institutions licensed by the State Bank of Vietnam late last year to open branches in the Southeast Asia country.
The US$50 million branch will be in operation for 99 years under the form of a commercial bank, Vietnam News Agency reported.
The facility made it debut on the occasion of the two nations celebrating 60 years of diplomatic ties on January 18, Chinese Ambassador to Vietnam Sun Gouxiang said at the branch’s opening ceremony on Tuesday.
“Bilateral trade turnover skyrocketed from $32.2 million in 1991 to about $21 billion last year,” he said. “China has become Vietnam’s biggest trader over the past six years.”
About 700 Chinese enterprises have so far injected a total investment capital of $3 billion into Vietnam and more than 2,000 Chinese companies are doing business in the Southeast Asia country.
Founded in 1984, ICBC currently has business offices in more than 20 countries with 162 branches. The bank has also established agency relationships with 1,393 banks in 125 countries and regions.
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