OREANDA-NEWS. December 19, 2012. Hanoi Representative Office of Agricultural Bank of China Limited (ABC) grandly opened for business, which marked a new step in ABC’s overseas development. Over 170 honored guests attended the opening ceremony, including Mr. Kong Xuanyou, China’s ambassador to Vietnam, and Mr. Wu Youshui, Deputy Director of the Banking Supervision Agency of the State Bank of Vietnam. Mr. Che Yingxin, Chairman of the Board of Supervisors of ABC, was present at the ceremony and delivered a speech.

Following Singapore Branch, Hanoi Representative Office is the second institution of ABC in Southeastern Asia, and is expected to provide great support for ABC to build financial service network in Asia.

In recent years, the closer bilateral economic and trade tie and increasing investments between China and Vietnam have created favorable conditions for cooperative development of the two countries’ financial industry. ABC has been making full use of its platform to actively provide quality, efficient and comprehensive financial services for China-Vietnam economic and trade cooperation. By far, ABC has established correspondent bank relations with 17 banks in Vietnam and conducted in-depth cooperation in such areas as international settlement, border trade business and treasury operation. The large customer base and correspondent bank network in Vietnam have laid a solid foundation for the establishment of Hanoi Representative Office.

According to Mr. Jiang Chaoliang, Chairman of ABC, overseas business expansion of ABC would be based on domestic business and make steady progress in line with the general requirement of “international integration, reasonable deployment, prudent operation and controllable risk”, in a bid to gradually enhance coordinated development of domestic and overseas business. After establishment, Hanoi Representative Office will strengthen cooperation with local financial institutions, constantly improve its comprehensive service capacity for customers of China and Vietnam, propel the development of China-Vietnam trade, and accumulate customer resources and business experience for ABC’s establishing operating institutions in Vietnam.

By far, ABC has established 12 overseas branches in 10 countries and regions, and has established correspondent bank relations with 1,384 banks in 116 countries and regions. A financial service network that covers major international financial centers and economic and trade regions has initially taken shape, and ABC’s capacity in cross-border comprehensive operations and services has been steadily improved.