The visit and working session will last until July 25 with many activities, including meetings with economic and financial organizations, businesses and young intellectuals.
Bank of America will open its branch in Ho Chi Minh City
The delegation worked with the Bank of America (Bank of America-BofA), the second largest bank in the United States and one of the world's top wealth management firms founded in 1904.
At the working session, chairman Phan Van Mai expressed his impression of the development of BofA, and he shared that the establishment invitation of BofA in HCMC is one of the delegation’s major missions on this trip.
Mr. Phan Van Mai informed some advantages of Ho Chi Minh City for investors such as political and macroeconomic stability, adding that HCMC which accounts for a quarter of the country's GDP is the country’s economic locomotive, set to become an international financial center.
Therefore, Ho Chi Minh City desires to learn from BofA's experience to have reasonable steps in the realization of the international financial center. Besides, HCMC also wants to invite investment funds and US investors in the fields of finance, high-tech industry and projects related to digital transformation, infrastructure, education, health and so on in Ho Chi Minh City.
Currently, BofA is doing procedures to open its branch in Vietnam, located in Ho Chi Minh City, with estimated investment capital of US$150 million.
Chairman of the Ho Chi Minh City People's Committee Phan Van Mai affirmed to continue to promote the establishment of BofA branch in Ho Chi Minh City and wished that BofA leaders would visit Ho Chi Minh City soon so that the two sides could exchange more contents related to the cooperation and development of both sides.
HCMC calling for investment in many large projects
On the same day, Chairman of the HCMC People’s Committee Phan Van Mai had working sessions with relevant units related to building the financial center and an innovative urban area of Ho Chi Minh City, notably a meeting with McKinsey & Company, a global management consulting firm and Sasaki Associates Inc., a provider of architecture and designing solutions.
On the same day, the delegation had a meeting with the KKR Investment Fund having current capital of US$500 billion. Vietnam has received investment from the fund for over a decade with a total investment capital of more than US$1 billion.
At the meeting with representatives of KKR Investment Fund, chairman Phan Van Mai introduced three projects and desired to receive an investment from the fund in the field of transport such as the metro and railway projects in Ho Chi Minh City and the railway project connecting HCMC and Can Tho.
The KKR Investment Fund also hoped to soon come to Ho Chi Minh City and have discussions about these cooperation contents.
