CICC Singapore gains approval for representative office in Vietnam

In a significant development that underscores the increasing collaboration between China and Vietnam in the realm of cross-border finance, the State Securities Commission of Vietnam (SSCV) has granted approval to China International Capital Corporation Singapore branch PTE. Limited (CICC Singapore) to set up a representative office in Vietnam.

CICC Singapore is a member of the Beijing-headquartered financial group CICC.

This latest move signifies a major stride in fostering financial cooperation in the region.

The green light from SSCV paves the way for CICC Singapore to establish its presence at the Saigon Centre Tower 1, Ben Nghe ward, District 1, Ho Chi Minh City.

Tran Tuan Vinh has been appointed as the chief representative of this newly sanctioned office.

The scope of activities approved for this representative office is comprehensive. They include facilitating communication and conducting market research, promoting collaborative endeavours in the Vietnamese securities and stock market sector, and overseeing the execution of agreements between foreign fund management companies and Vietnamese economic entities. Moreover, it will play a pivotal role in supervising projects funded by foreign securities and fund management companies within Vietnam.

This milestone follows an announcement made during a meeting on December 5, 2022, between the State Capital Investment Corporation (SCIC) and CICC. During this meeting, CICC expressed its intentions to establish a representative office in Vietnam and explored the possibility of jointly establishing a bilateral investment fund. This fund aims to support large-scale projects in sectors of mutual interest.

Nguyen Chi Thanh, chairman of the SCIC Board of Directors, introduced SCIC's current activities and outlined its future developmental direction during the meeting.

Regarding investment activities, Thanh shared insights into potential investment areas within Vietnam and expressed “a desire to collaborate with foreign investors, particularly financial institutions like CICC, in efficiently executing investment projects in Vietnam.”

Headquartered in Beijing, CICC has over 200 branches in China and offices in Hong Kong SAR, New York, Singapore, London, San Francisco, Frankfurt and Tokyo.

“As an investment bank with Chinese roots and an international reach, we are committed to providing first-rate financial services to both our Chinese and global clients to help them achieve their goals,” the company said.

This strategic move signifies a deepening of financial ties between China and Vietnam, highlighting the growing interest in cross-border investment opportunities and collaboration within the Southeast Asian region.

Vietnam eyes renewable energy exports to Singapore Vietnam has expressed keen interest in tapping into the potential of exporting renewable energy to Singapore, underscoring the growing cooperation between the two nations.

Chinese activity a strong part of enhancing investment China has surpassed South Korea and Japan to become the second-largest foreign investor in Vietnam this year. Seck Yee Chung, partner at Baker McKenzie Vietnam, discussed with VIR’s Thanh Van about the Chinese funding that is ramping up in Vietnam.