[Demographic Vietnamization: Banking, Indochina] Vietcombank to open branch

A file photo of a Vietcombank branch. 

Vietcombank to open branch

Khmer Times | 31 July 2017

Vietcombank is keen to open a branch in Cambodia this year, according to local Vietnam news reports.

A senior executive of Vietcombank was quoted in the Vietnamese media as saying that administrative procedures are currently being worked upon to set up the branch.

Vietcombank, according to the reports, also has plans to set up a branch in Laos.

Other Vietnamese banks that have set up branches in Laos, Cambodia and Myanmar are BIDV – the Bank for Investment and Development of Vietnam – VietinBank and Sacombank.

In addition to banks in Laos and Cambodia, BIDV also has a joint venture bank in Russia.

Sacombank Cambodia reported total assets of $172.3 million at the end of 2016.

Vietnam was Cambodia’s third largest trade partner last year, while bilateral trade between the countries hit $3 billion.

Vietnam was also among Cambodia’s top five investors in 2016, with $2.85 billion registered capital invested in 183 projects.