Chinese bank ICBC starts business in Vietnam

The Industrial and Commercial Bank of China (ICBC) started business in Vietnamese capital city of Hanoi on Tuesday.

It is the first foreign lender from China's mainland to receive a banking permit in Vietnam in 14 years.

Jiang Jianqing, chairman of ICBC, said at the inauguration ceremony here that the Hanoi branch is committed to providing strong financial support to serve two-way trade between China and Vietnam, as well as the social and economic development of Vietnam.

Dang Thanh Binh, vice governor of the State Bank of Vietnam, said at the ceremony that he is pleased to see the financial cooperation between Vietnam and China.

ICBC's Hanoi branch will play an important role in promoting trade and investment cooperation between the two countries, said Binh.

By the end of 2009, ICBC had established overseas business institutions and branches in 20 countries and regions, forging a global financial service network.