On November 12, Vietnam local time, Industrial and Commercial Bank of China Limited (ICBC) Ho Chi Minh City Representative Office officially opened. The establishment of the new organization will further improve ICBC’s business layout in Vietnam, and enhance its cross-border financial service capability for countries along the Belt and Road and in ASEAN. Present at the opening ceremony were Mr. Nguyen Dong Tien, Deputy Governor of the State Bank of Vietnam (SBV), Mr. Gu Shu, President of ICBC, Mr. Wu Jun, Consul General of the Consulate General of the People’s Republic of China in Ho Chi Minh City, and Mr. Weng Mingzhao, Chairman of China Business Association Ho Chi Minh City Branch. Prior to the opening, ICBC Ho Chi Minh City Representative Office obtained the license issued by SBV.

Mr. Nguyen Dong Tien, Deputy Governor of the State Bank of Vietnam, addressed in his speech that in recent years, Vietnam and China have maintained close economic and trade cooperation, so setting up Ho Chi Minh City Representative Office at this moment is a timely choice for ICBC. He hoped that ICBC can offer qualified financial services to Vietnamese enterprises and people, facilitate Vietnam-China financial cooperation, and promote bilateral economic and trade relationship.

Mr. Wu Jun, Consul General of the Consulate General of the People’s Republic of China in Ho Chi Minh City, said that Vietnam is an important neighbor for China. The two countries have entered a period of fast development of comprehensive strategic partnership, with communication in all fields steadily promoted and economic and trade cooperation fruitful. He believed that ICBC can play an active role as a bridge to contribute to bilateral economic and trade investment as well as financial cooperation.

Mr. Weng Mingzhao, Chairman of China Business Association Ho Chi Minh City Branch, said that in recent years, an increasing number of Chinese enterprises have come to Vietnam to make investments. The establishment of ICBC Ho Chi Minh City Representative Office will further facilitate economic and trade communication and cooperation of both countries’ enterprises.

Mr. Gu Shu, President of ICBC, expressed at the opening ceremony that ICBC pays high attention to the Vietnamese market. ICBC established Hanoi City Branch in December 2009. Since then, ICBC Hanoi City Branch has taken deep roots in the local market. It has been committed to providing excellent services to facilitate China-Vietnam economic and trade cooperation, as well as taking up its social responsibility. It has thus gradually grown up to be the biggest Chinese bank in terms of assets in Vietnam. The establishment of Ho Chi Minh City Representative Office will effectively extend ICBC’s service scope in Vietnam in order to provide more efficient and convenient financial service for clients of the two countries. The organizations of ICBC in Vietnam will strictly conform to local laws and regulations, enhance risk management, improve internal control and strive to become a respectable Chinese bank that is well recognized by regulators, clients and the public.

ICBC is a world-leading commercial bank. With its prudent operation, solid IT foundation and sound corporate governance, ICBC has been ranked No.1 of the Top 1000 World Banks by The Banker for six consecutive years. ICBC is currently the world’s largest bank by total assets. Up to now, ICBC has 425 overseas institutions in 46 countries and regions all over the world, and indirectly extends its presence in 20 African countries by holding shares of the Standard Bank of South Africa. As a result, a financial service platform with a global network has taken shape, covering all international financial centers and regions with close economic and trade ties with China and featuring a layered structure, sound positioning, diversified channels and efficient operation.