Vietnam has grown relatively rapidly in recent years, becoming one of the brighter stars in the emerging/frontier markets space.

Bank of China (Hong Kong) has won clearance to create a representative office in Hanoi, Vietnam and will prepare to open operations there.
Approval was granted by the State Bank of Vietnam.

The Southeast Asia nation is attracting attention from non-domestic banks, including those in the private banking and wealth space. A recent example is that of Switzerland’s Bordier & Cie.

BOCHK’s branches and subsidiaries have been extended to Thailand, Malaysia, Vietnam, the Philippines, Indonesia, Cambodia, Laos and Brunei. 

The Hanoi office will join the bank’s current Ho Chi Minh City branch to serve local customers.

Elsewhere in the Asia-Pacific region, examples of expansion, including moves such as partnerships and JVs, are the Schroders JV with Bank of Communications in China; the Julius Baer JV and Thailand’s Siam Commercial Bank; DBS Bank and DBS Vickers Securities (Thailand). Liechtenstein’s VP Bank formed a joint wealth management platform in Hong Kong with Hywin Wealth Management (China). 

The development reflects how Vietnam has grown relatively rapidly in recent years, becoming one of the brighter stars in the emerging/frontier markets space. See a recent overview of investment firms' opinions on the country's economy.