Bank of America eyes Vietnam return
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Bank of America is seeking permission to set up a $50 million branch in Ho Chi Minh City, its executive vice chair of global corporate and investment banking Madhu Kannan has said.
In a meeting with HCMC Chairman Phan Van Mai who is visiting the U.S., Kannan sought support for the bank’s return to Vietnam after closing its Hanoi office in 2002 when the parent company initiated systemic reforms.
In response, Mai said that inviting Bank of America to HCMC was one of his goals during this trip. He said he was committed to helping the bank establish a branch in the city. He noted that HCMC planned to become an international financial hub, Mai said.
The city also welcomes U.S businesses to invest in the financial, technology, education and healthcare sectors, he added.
Kannan said that his bank’s activities would align with the city’s development path.
Founded in 1904, Bank of America is the second largest U.S. lender.
Questions & Answers
Q.What is Bank of America's proposed investment in Ho Chi Minh City?
What is Bank of America's proposed investment in Ho Chi Minh City?
Bank of America is seeking permission to establish a branch in Ho Chi Minh City with an investment of $50 million. This was stated by its executive vice chair of global corporate and investment banking, Madhu Kannan.
Q.When did Bank of America last have an office in Vietnam?
When did Bank of America last have an office in Vietnam?
Bank of America previously had an office in Hanoi, which it closed in 2002. This closure was part of systemic reforms initiated by the parent company at the time.
Q.What is Ho Chi Minh City's ambition regarding its financial future?
What is Ho Chi Minh City's ambition regarding its financial future?
Ho Chi Minh City plans to develop into an international financial hub. The city is actively encouraging U.S. Businesses to invest in sectors including finance, technology, education, and healthcare to support this goal.
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