On July 18, US time, the delegation from Ho Chi Minh City, led by Mr. Phan Van Mai, Member of the Party Central Committee, Permanent Deputy Secretary of the City Party Committee, and Chairman of the People’s Committee of Ho Chi Minh City, started activities during the delegation’s business trip to the United States.
The delegation works with Bank of America (BofA). The bank was founded in 1904 and is currently the 2nd largest banking institution in the United States and one of the world’s leading wealth management firms.
At the meeting, Mr. Phan Van Mai, the Chairman of the People’s Committee of Ho Chi Minh City, expresses his impression of the development of BofA and states that one of the tasks of the delegation during this business trip is to invite BofA to join and contribute to the development of Ho Chi Minh City.
The chairman of Ho Chi Minh City People’s Committee also mentions some advantages of Ho Chi Minh City, such as political stability and macroeconomic stability. Ho Chi Minh City accounts for a quarter of the country’s GDP and is the country’s economic engine. Currently, Ho Chi Minh City is being oriented and deployed to become an international financial center. Ho Chi Minh City wishes to learn from BofA’s experiences to make logical moves in building an international financial center. At the same time, Ho Chi Minh City wants to call on investment funds and US investors to invest in fields such as finance, high-tech industry, projects related to digital transformation, infrastructure, education, health, etc. in the city.
Mr. Madhu Kannan, BofA representative and Executive Vice Chair of Global Corporate & Investment Banking, says that BofA currently has areas of operation compatible with the wishes of Ho Chi Minh City’s leaders. Mr. Madhu Kannan also expresses his desire to have more in-depth working sessions to focus on issues that the leaders of Ho Chi Minh City are concerned about.
Mr. Madhu Kannan says that BofA is currently applying to open a branch in Vietnam. It is expected that the branch will be located in Ho Chi Minh City with an investment capital of 50 million USD. Due to the recent COVID-19 situation, the implementation of this plan is still slow. BofA hopes that the leaders of Ho Chi Minh City will create favorable conditions for BofA in Ho Chi Minh City to be deployed and put into operation soon.
According to Mr. Madhu Kannan, as BofA currently has 450 leading investors in the world, setting up a branch in Ho Chi Minh City will bring many advantages to investors coming to Ho Chi Minh City. Regarding a number of issues that members of the delegation are interested in, such as experience in Fintech implementation, policies to attract talents in finance, information technology, etc., Mr. Madhu Kannan shares that infrastructure and policy synchronization are important factors to attract talents and investors to Ho Chi Minh City as well as the financial center in the future.
At the meeting, Mr. Phan Van Mai, the Chairman of the People’s Committee of Ho Chi Minh City, affirms that he will continue to promote the establishment of a BofA branch in Ho Chi Minh City. At the same time, he hopes that BofA leaders will visit Ho Chi Minh City so that they can discuss more issues related to the development of the two sides.
Source : TPHCM.chinhphu
