The Land Bank of Taiwan has closed its representative office in Ho Chi Minh City.
An application for the closure has been forwarded to Taiwan’s Financial Supervisory Commission.
It becomes the first Taiwanese bank to withdraw from Vietnam.
According to a senior manager at LBT, the bank established a representative office in HCM City in 2006 without upgrading to a branch for about six years, so it decided to shut down the office.
Other Taiwanese banks have to closed overseas offices.
Hua Nan Bank earlier shuttered its offices in Tokyo, Japan; Frankfurt, Germany; and Indonesia; while Mega International Commercial Bank, Bank SinoPac and Bank of Taiwan have also withdrawn applications for establishing branches in Macao.
Nevertheless, many Taiwanese banks have established footholds in Southeast Asia, including Cambodia, Vietnam, Singapore, Indonesia, Malaysia, Thailand, and the Philippines.
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