Nhan Dan Online – DBS, the biggest bank in Singapore, has opened its first branch in Ho Chi Minh City.
According to Piyush Gupta, Chief Executive Officer of DBS Group Holdings Ltd the branch will initially support companies with business interests in Vietnam by connecting them to its extensive regional network and providing services such as trade financing, cash management and access to capital markets. In the future the branch will extend its products and services to cater to small and medium-sized enterprises and individuals.
He said: “Vietnam is increasingly seen as a land of opportunities with its economic reforms and growth. Indeed, many companies, including DBS, view Vietnam as an emerging market with excellent prospects. Just recently, Singaporean and Vietnamese companies signed some US$ 300 million worth of agreements to develop real estate projects here. With the rise of the middle class in Vietnam and Asia powering global economic growth, the future looks bright.”
“The opening of this new branch in Vietnam demonstrates DBS’s commitment to helping businesses expand within Vietnam and across the region,” he added.
DBS opened its representative office in Hanoi in 2008. In 2009, Singapore was Vietnam’s fifth-largest foreign investor and, as of September 2010, Singapore’s private sector had invested in more than 800 projects in many fields in Vietnam worth nearly US$18 billion.