Bank of Taiwan Opens Ho Chi Minh City Representative Office
Extra! The Bank of Taiwan formally inaugurated its new Ho Chi Minh City Representative Office on Aug. 14 as part of its ongoing effort to develop the ASEAN market in compliance with the government’s New Southbound Policy. This follows the opening of the BOT’s Manila Representative Office on Jan. 31 this year. Chairman Joseph Lyu led a group of ranking officials to preside over the opening ceremony at the Hotel Nikko Saigon, which was attended by Chung Wen Cheng, director general of the Taipei Economic and Cultural Office in Ho Chi Minh City; Dr. Nguyen Toan Thang, former deputy governor of the State Bank of Vietnam and current secretary general of the Vietnam Banks Association; Ms. Le Thi Thanh Hang, representative of the State Bank of Vietnam; Vo Tan Thanh, vice president of the Vietnam Chamber of Commerce and Industry; and To Ngoc Son, deputy department head of the Ministry of Industry and Trade of Vietnam, among other economic dignitaries, who together cut the inaugural ribbon. The event was enlivened by the presence of more than 150 local bankers and Taiwanese business people.
This year marks the 120th anniversary of the establishment of the Bank of Taiwan, which under Chairman Lyu’s leadership is dedicated to developing its business internationally. From last year the BOT has set up a branch in Sydney and representative offices in Bangkok, Frankfort, and Manila; the new Ho Chi Minh office brings the Bank’s overseas network to 19 locations in 14 countries, and more representative offices are planned for such ASEAN cities as Jakarta and Kuala Lumpur. The network is becoming ever more comprehensive; the BOT is the only Taiwan bank with bases on five continents—Asia, the Americas, Europe, Africa, and Oceania—allowing it to better realize the business synergies of its overseas network.
Vietnam receives more investment from Taiwan than any other country in the ASEAN area, and its ongoing opening will create continued economic growth. Vietnam plays an irreplaceable role among ASEAN economies; and its growth potential and inexpensive labor offer lucrative business opportunities. The BOT has set up its representative office in Ho Chi Minh City to help Taiwanese businesses take advantage of those opportunities through integrated marketing by the Bank’s overseas offices and its OBU and, through the customer sources brought in by its New Southbound Financial Committee, to advance into the ASEAN region. In addition, the Bank has adopted a “standing on the shoulders of giants” strategy of cooperation with other banks to make its business development model even more effective. It will also cooperate with landmark financial institutions and multinational banks to create complementary advantages and a winning situation for all.
Kevin W.C.Chen has been appointed to head up the BOT’s Ho Chi Minh City Representative Office, which is located in the Royal Centre (Rm. 503-1, 5F, Royal Tower B, Royal Centre Building, 235 Nguyen Van Cu Street, Nguyen Cu Trinh Ward, District 1, Ho Chi Minh City, Vietnam). Its telephone number is +84-28-3925-3096. All are welcome to contact the Representative Offices and make use of the services it offers.
Contact person: Thomas K.C.Wu, Executive Vice President and General Manager, Department of International BankingContact number: (02) 2349-3814