Singapore branch of Chinese investment firm opens Vietnam rep office
China International Capital Corporation (CICC) Singapore has received approval from Vietnam's State Securities Commission to establish a representative office in Ho Chi Minh City.
The office, with Tran Tuan Vinh as chief representative, will be located at the Saigon Center Tower 1, 65 Le Loi street, Ben Nghe ward, District 1.
The China International Capital Corporation Singapore has received approval to open a representative office in Ho Chi Minh City. Photo courtesy of Caixin Global.
The new office's scope of activities includes communication and market research; promotion of cooperation projects in the field of securities and the stock market in Vietnam; monitoring implementation of contracts and agreements signed between foreign securities companies, fund management companies, and Vietnamese economic organizations; and supervision of projects sponsored by foreign securities companies and fund management companies in Vietnam.
The opening of a representative office in Vietnam was first discussed on December 5, 2022 during a meeting between Vietnam's State Capital Investment Corporation (SCIC) and CICC. The Vietnam representative office would cooperate in establishing a bilateral investment fund with SCIC to jointly invest in projects with large capital needs in areas of mutual interest.
SCIC chairman Nguyen Chi Thanh had outlined its activities and development orientations, areas with potential for investment cooperation and interest in cooperating with foreign investors like the CICC in implementing projects in Vietnam.
The two sides also discuss the possibility of contributing capital to buy shares or jointly establishing an investment fund to invest in infrastructure, digital transformation, green development and other areas.
According to CICC, China's first joint venture investment bank, it carries out “precedent-setting transactions and is deeply involved in China's economic reform and development.”
Headquartered in Beijing, the corporation has more than 200 branches in mainland China and branch offices in Hong Kong Special Administrative Region, New York, Singapore, London, San Francisco, Frankfurt, and Tokyo. CICC is listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange.
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