Prime Minister proposes leading Chinese bank to join international financial center in Vietnam

Bank of China is the most globalized and integrated bank in the Chinese banking system, with a relatively complete global service network, present in mainland China and 64 countries and regions around the world . By the end of 2023, the Bank had 12,000 branches in China and abroad and more than 300,000 employees.

In Vietnam, the Bank of China officially opened a branch in Ho Chi Minh City in 1995 and now operates under the name Bank of China (Hong Kong) – Ho Chi Minh City Branch.

This is the first licensed branch of a Chinese bank in Vietnam, specializing in providing comprehensive financial services such as credit, international payments, trade finance and foreign exchange.

With its global network and rich experience, Bank of China plays the role of a financial bridge between enterprises of the two countries, contributing to promoting bilateral economic cooperation.

At the meeting, BOC leaders expressed their satisfaction with the Prime Minister's statements on promoting economic and business cooperation between the two countries; highly appreciated and believed in Vietnam's development.

The Bank wishes to increase its presence and invest resources in the Vietnamese market; is ready to provide comprehensive financial services for large-scale infrastructure projects; promote financial and monetary cooperation between the two countries, cross-border payments, and contribute to the process of building an international financial center in Vietnam.

Prime Minister Pham Minh Chinh highly appreciated and acknowledged BOC's activities in Vietnam over the past 30 years and its positive contributions to Vietnam's socio-economic development; he hoped that BOC would continue to promote its business results and continue to expand its operations in Vietnam in the coming time, as well as participate in restructuring weak banks in Vietnam.

Vietnam is urgently completing the legal framework for financial centers in a breakthrough and outstanding direction, ensuring transparency, safety and efficiency, towards international standards and practices, including the draft Resolution of the National Assembly with preferential mechanisms and policies.

Stating that the policy on the international financial center in Vietnam will be very open, the Prime Minister asked BOC to share experiences and support connecting partners, investors, and experts in the financial sector to participate in building, operating, and developing a financial center in Vietnam.

Source: vietnam.vn