Standard Chartered Bank Vietnam has launched the Taiwan desk as part of its origination and client coverage offering for wholesale banking clients.
The launch of the desk is supported by the growing trade flows between Vietnam and Taiwan and the large presence of Taiwanese corporates in Vietnam.
In 2008, Vietnamese exports to Taiwan were in excess of US$1.4bn while imports from Taiwan were over US$8.3bn. The investment in Vietnam by Taiwanese companies was over US$8.6bn in 2008, with Taiwan ranking second in terms of foreign direct investment (FDI). There are presently 2,000 Taiwanese corporates in Vietnam.
In addition to dedicated relationship management and mandarin-speaking staff, the desk will also offer the full suite of wholesale banking products – which includes trade financing – and services of the bank. Standard Chartered believes the desk will be a catalyst to draw Taiwanese investment to Vietnam and will also deepen relationships with existing and new Taiwanese clients operating in Vietnam.
Jerry Ngo, managing director and head of the bank’s origination and client coverage in Vietnam, Laos and Cambodia, comments: “This new initiative is in line with our aim to be the right partner for Taiwanese corporates in Vietnam and Taiwan. With Standard Chartered Bank’s deep local knowledge, global expertise and capabilities, we are well positioned to serve the growing and diverse financial needs of clients in both countries.”