Bank of Investment and Development of Vietnam (BIDV) is setting up a branch in Taipei, which makes it the first Vietnamese bank in Taiwan.
Financial Supervisory Council (FSC) Chairman William Tseng spoke at the bank’s opening ceremony about the good economic ties between Taiwan and Vietnam. He thinks this bank will start a trend of Southeast Asian banks setting branches in Taiwan.
“According to Asian Development Bank estimates, Asia’s overall GDP will increase by more than 50 percent by 2050," said Tseng.
"This new establishment of the BIDV branch office will spur on many other Southeast Asian banks to set up, merge with, or acquire branches in Taiwan.”
Tseng also said that Taiwan is Vietnam’s fourth largest investor and fifth largest trade partner. Taiwan invested over US$500 million in Vietnam and exported nearly US$10 billion worth of products last year.