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.
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.
Source: NDO
In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.
Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.
In a move to expedite the execution and disbursement of the 2024 capital plan for ODA projects, aiming for a disbursement rate of over 90% of the allocated funding, the Hoa Binh People's Committee issued Document No. 483/UBND-KTN on April 3, 2024, regarding such efforts.
Nguyen Van Thap from Kim Duc hamlet, Vinh Tien commune, Kim Boi district, has built the brand of Hoa Qua Son for local fruits. His efforts have brought about income for his family and generated job opportunities for locals, helping hundreds of households escape from poverty.
The Hoa Binh administration was entrusted by the Prime Minister with a budget of 3.43 trillion VND (142.91 million USD) for investment in 2024. The provincial People's Council approved nearly 3.76 trillion VND, which has been meticulously allocated to projects, achieving 100% of the assigned capital plan.
Hoa Binh province has mobilised all resources to propel local agricultural products to make inroads into foreign markets, towards lifting the export turnover of key agricultural products to 137.8 million USD by 2030, accounting for 3.4% of the locality’s total export value of goods.
The locality aims to export farm produce to the US, the European Union, the UK, China, Japan, and the Republic of Korea.