Vietcombank secures deal with Singapore Manufacturing Federation
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inked a cooperation agreement with the Singapore Manufacturing Federation (SMF) on October 17.
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Under the pact, the two will work together to capitalise on their respective potentials and bring benefits to their customers.
Vietcombank Deputy Director General Dinh Thi Thai said the deal will help elevate the sides’ partnership to new heights.
SMF President Douglas Foo said he believes with a strong partner like Vietcombank, SMF members will be facilitated in payments, cash management, and business finance.
As part of the signing ceremony, Vietcombank and SMF held a networking meeting for loyal Vietcombank customers and Singaporean businesses that plan to invest in Vietnam.
Founded in 1932, the SMF has more than 3,000 members in various fields, such as real estate, electricity, food and beverages, energy, and chemicals.
Vietcombank was the first Vietnamese bank to open a representative office in Singapore, supporting the operations of financial institutions and businesses in the country that wish to invest in Vietnam.
In 2016, the bank’s total assets reached VND787.9 trillion (US$34.7 billion), up 16.8% year-on-year, and reported pre-tax profits of VND8.52 trillion (US$375 million).
