Bank of America is completing procedures to open its second Vietnam branch in Ho Chi Minh City after the first in Hanoi 27 years ago.
The San Francisco-based bank debuted its Hanoi branch in February 1995, one month after New York-headquartered Citibank launched its Hanoi branch. Citibank opened its HCMC branch in 1998.
Meeting with HCMC Chairman Phan Van Mai in the U.S. Monday, Madhu Kannan, executive vice chair of Bank of America, said it would investment $50 million in the new branch.
Kannan said many world-leading companies were banking with Bank of America and the new branch would further assist them in doing business in Vietnam.
The HCMC mayor said his administration would facilitate the smooth establishment of the branch. He asked Bank of America executives to visit HCMC to explore further business opportunities.
In another meeting with leading American private equity firm KKR during his working visit to the U.S., the mayor said HCMC invited the company to invest in three major traffic projects: the HCMC metro network, the railway system for Greater HCMC, and the HCMC-Can Tho City railway. Mai said these traffic infrastructure projects would play very a significant role in the development of southern Vietnam.
KKR executives said they would visit HCMC for further discussions on potential investments.
As part of the HCMC working mission, the municipal Department of Planning and Architecture signed a letter of intent with U.S. design firm Sasaki Associates Inc. to exchange design experiences, update new trends, methods and technologies in urban development and design, including the designing of public works.