Taiwan bank opens second Vietnam branch

Taiwan's First Commercial Bank opened its second branch in Vietnam to further expand into the emerging market.

The expansion came after the state-run lender opened a branch in Shanghai in December, in line with the group’s duel-base overseas expansion plan, the statement said.

Bank chairman Joseph Tsai personally opened the branch in Hanoi, Vietnam’s second--largest city, to serve Taiwanese businesspeople operating in the country, the statement said.

“First Commerical Bank now operates two branches in Vietnam in light of the market’s growing importance,” Tsai said. “The country is the second-largest overseas investment destination for Taiwanese investors after China.”

Taiwanese investments in Vietnam have exceeded US$20 billion, making Taiwan the largest foreign presence in the Southeast Asian country, Tsai said.

The new branch, coupled with the existing one in Ho Chi Minh City, will make corporate financing easier for Taiwanese customers, the statement said. The bank opened its first branch in Vietnam in 2003.

Cathay United Bank has one branch and two representative offices in Vietnam, in addition to a joint venture with VietinBank that has 35 offices.