Vietnam central bank commends Chinatrust

By Joyce Huang  /  STAFF REPORTER

Sat, Aug 08, 2009 - Page 12

The State Bank of Vietnam recognized Chinatrust Commercial Bank’s (中國信託商銀) branch in Ho Chi Minh City, Vietnam, as providing “an outstanding contribution” to the banking industry in the 2007 to 2008 financial year after its net profits nearly tripled.

“Despite the global economic slowdown, the bank’s Ho Chi Minh City branch has outperformed other banks, seeing a robust growth in sales last year,” its press statement said late on Thursday.

The bank’s Ho Chi Minh City branch reported US$5.3 million in after-tax net profits for last year, or a 295 percent growth year-on-year, the statement said.

Chinatrust Commercial Bank is a subsidiary of Chinatrust Financial Holding Co (中信金控). As of the end of June, the bank’s Ho Chi Minh City branch, established in 2002, has served more than 3,000 Taiwanese businesses there and granted a total of US$250 million in corporate loans.

Meanwhile, Hanoi-headquartered Standard Chartered (Vietnam) Ltd on Thursday launched a Taiwan Desk at its Ho Chi Minh branch to serve Taiwanese businesses there.

Two executives that speak Mandarin, Helen Hui (許穗華) and Jerry Ngo, former executives from Standard Chartered Bank (Taiwan), will staff the desk, the UK lender said in a press release.

“The establishment of the Taiwan Desk demonstrates our commitment to the markets and the clients,” Hui told a launch ceremony there, the statement said.

We serve the needs of our clients by offering our deep local knowledge, the strengths of our international capabilities and global network,” Hui said at the ceremony.

Citing official statistics, the bank said that Vietnam has been one of the top investment destinations for Taiwanese companies and was the biggest investment destination by approved amounts in June, or the third-biggest in the first half of the year excluding China.