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Home  >>  Daily News  >>  Vietnam News  >>   Capital Markets   >> China Construction Bank sets up branch in Vietnam
NEWS UPDATES 18 April 2010

China Construction Bank sets up branch in Vietnam

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China Construction Bank opened its first Viet Nam branch in HCM City on Friday, its second operating institution in an Asean-member country, Vietnam’s VNS news agency reported.

Guo Shuqing, CCB's chairman, said the branch would provide Chinese and Vietnamese customers with safe, convenient, efficient and quality financial services, and contribute positively towards the economic development of China, Vietnam and other Asean-member countries.

The branch's business scope includes deposits, loans, project finance, trade finance, international settlement, treasury transactions and agency services.

There has been robust growth in economic cooperation between China and Vietnam, with China being the largest trading partner of Vietnam for five consecutive years.

In 2009, the total import and export value between the two countries was more than $21 billion, representing a year-on-year growth of 8.2 percent. In 2010, their bilateral trade value is expected to exceed $25 billion.

Currently, the CCB has already established correspondence agreements with 23 local Vietnamese banks.

In addition, a total of 14 cross-border trade settlement accounts have been opened between CCB and the Vietnam Bank for Agriculture and Rural Development and between CCB and the Bank for Investment and Development of Viet Nam.

The CCB is a large-scale commercial bank with strong roots in China. It ranks second among the world's listed banks in terms of total market capitalisation.


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