Vietnam Finance Co. Ltd in Hong Kong marks 40th anniversary
The Vietnam Finance Company Limited (VFC) in China’s Hong Kong, the first overseas financial institution of Vietnam, marked its 40th founding anniversary on October 26.
Hong Kong accommodates many leading financial organisations of the world (Photo: telegraph.co.uk)
Hong Kong (VNA) – The Vietnam Finance CompanyLimited (VFC) in China’s Hong Kong, the first overseas financial institution ofVietnam, marked its 40th founding anniversary on October 26.
VFC Director Nguyen Ngoc Ban said the firm wasestablished in 1978, when Vietnam had just begun post-war reconstruction andeconomic development efforts. At that time, the payment in US dollar betweenVietnam and other countries was particularly difficult as Vietnam hadn’t hadmany relations with international banks and the US imposed embargos on thecountry.
Therefore, the VFC acted as a financialintermediary between Vietnam and the world when it supported the country’sexport, import and other external economic activities. It was also a channelfor mobilising capital in foreign currencies, transferring remittances, and providingcredit and funding activities serving reforms and economic development in thehomeland, he noted.
Nghiem Xuan Thanh, Chairman of the board ofdirector of the Joint Stock Commercial Bank for Foreign Trade of Vietnam(Vietcombank) – which wholly owns the VFC, lauded the company’s contributionsto the realisation of his bank’s vision and strategic targets.
He added Vietcombank aims to become the No.1bank in Vietnam, one of the 100 biggest banks in Asia, and one of the 300largest financial-banking groups in the world.
The VFC was granted with the establishmentcertificate in Hong Kong on February 10, 1978 with the registered initialcapital of 5 million HKD (637,000 USD).
Hong Kong accommodates many leading financialorganisations of the world. Vietcombank is currently the only financial-bankinginstitution of Vietnam in this Chinese territory.-VNA
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Hong Kong accommodates many leading financial organisations of the world (Photo: telegraph.co.uk) 
