The State Bank of Vietnam has recently officially allowed Taipei based Cathay United Bank to open a representative office in Hanoi.
This office is tasked to work as a liaison and to study markets, to promote development of projects of Cathay United in Vietnam, and also to promote and supervise agreements contracts signed with banks and businesses in Vietnam, projects funded by Cathay United in Vietnam.
Presently, there are 43 representative offices and 27 branches of foreign banks operating in Vietnam of which Taiwan ranks first with seven banks such as Chinfon, International Commercial
Bank of China (ICBC), Chinatrust, First Bank, Hua Nan Commercial Bank Ltd, Cathay United Bank Co., and United World Chinese.
The key clients of Cathay United are Taiwanese businesses having investment projects and running business in Vietnam.