HSBC opens first provincial branch

HSBC opened a branch in southern Binh Duong Province Wednesday, its first Vietnam expansion beyond the country’s two largest cities.

The highly-industrialized province, adjacent to the commercial hub of Ho Chi Minh City, boasts the country’s highest density of foreign investment.

Thomas Tobin, Chief Executive Officer of HSBC Bank Vietnam, said Binh Duong is “characterized by a high rate of development in terms of working population, infrastructure and industry.”

Tobin said the branch is the first of many planned for economic centers around Vietnam.

The branch is the bank’s third in Vietnam after its HCMC and Hanoi locations.

HSBC became the first foreign bank in Vietnam to begin operations as a fully locally incorporated entity this year.

Minh Quang

thanhnien

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