Qatar National Bank (QNB) Group has officially started operating its Ho Chi Min Representative Office" in Vietnam after receiving all the necessary and required regulatory approvals, the group said in a press release today.
A prestigious Official Office opening event took place at The Sheraton Saigon Hotel & Towers in Ho Chi Minh City on the evening of Monday 30th March 2015 in the presence of leading finance sector dignitaries and business officials to commemorate this important development within QNB’s International Expansion Strategy. Approximately 90 guests were in attendance and speakers on the night included: HE The Qatari Ambassador to Vietnam – Abdulla bin Ibrahim Al Hamar, QNB Regional GM (Asia) – M. Chidambaram and a Senior Representative from The State Bank of Vietnam.
At the heart of the QNB Vietnam Office business proposition is the promotion of and stimulation of developing "East-West" flows of trade between Qatar and Vietnam. QNB’s Representative Office will now take on the role of extending intermediary services in the field of investment and trade with Middle East companies that are looking to establish their business in Vietnam or looking to invest money in the country. In addition, QNB will also act as a liaison with Vietnamese companies that are looking to expand into the growing Middle East market and facilitate investments.
The opening of the QNB Vietnam Office is another addition to the Group’s growing network of locations in key markets around the world. As part of its Asian expansion plans, the Vietnamese economy enjoys one of the fastest growth rates amongst emerging markets. In 2014, the Vietnam economy grew by 6% and it is projected to sustain the same growth rate in 2015. Supported by its strong economic growth, rapid banking penetration, solid current account surplus due to robust growth in export, tourism and private remittances, the Vietnamese banking sector has been one of the fastest growing performers in the region.
QNB currently operates in more than 27 countries and across 3 continents. It was recently ranked "The Best Bank Brand by Value in The Middle East and Africa" by Brand Finance and "One of the World’s Top 50 Safest Banks" by Global Finance in 2014.