VietNamNet Bridge - Many US financial institutions, from banks, auditing firms to investment funds and real estate firms, are present in Vietnam. However, insurance companies are the best-known names.

Since 1994, when Vietnam and the US announced normalization of diplomatic relations, US financial institutions, together with manufacturing enterprises, have been coming to Vietnam.

1.Citi Group set foot in Vietnam for the first time in 1975 and opened its representative office in Hanoi in 1993. One year later, Citi became the first US financial institution to receive a license to set up a branch in Hanoi.

Many US financial institutions, from banks, auditing firms to investment funds and real estate firms, are present in Vietnam. However, insurance companies are the best-known names.

Citi Group now has two big branches in Hanoi and HCM City. Citi Bank Hanoi and Citi Bank HCM City were reported as having total assets of VND60 trillion by the end of 2014.

2.Ernst & Young Vietnam is the first 100 percent foreign owned auditing & finance consultancy firm in Vietnam, licensed in 1992. Meanwhile, KPMG Vietnam was established in 1994. These are two of the Big Four – the best known audit, tax and advisory service firms.

3. Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services.

In Vietnam, Goldman Sachs invested in Diana (diaper and napkin producer), Masan (consumer goods), CII (the HCM City Infrastructure Investment JSC) and Momo (e-wallet). 

After injecting $5.75 million into Momo in 2013, the institution has poured another $3 million into it recently.

A representative of Goldman Sachs has said the institution is looking for new investment opportunities in the fields of energy, telecom, infrastructure and agriculture under the PPP (private public partnership) mode.

4. IDG Ventures Vietnam is known as the first venture fund in Vietnam which specializes in pouring capital into Vietnamese technology firms.

IDG Ventures Vietnam now manages $100 million worth of investment in 40 companies in technology, telecom, media and consumer goods manufacturing.

5.CBRE Group Inc is the world’s largest real estate service firm if considering its revenue in 2014.

It provides a wide range of services to real estate owners, investors and users, including advisory service, real estate leasing, project and asset management, assessment, project development and investment management.

6.MetLife Inc, established in 1868, is one of the world’s biggest life insurers. It joined the Vietnamese market through a joint venture with charter capital of VND1 trillion ($48 million) with Vietnamese BIDV Bank, in which it holds 60 percent of charter capital.

7. Established in Vietnam in 2005, ACE Life Vietnam now has a large network with 20 branches. 

In January 2016, ACE wrapped up the deal to purchase Chubb to become the world’s leading insurance group, while ACE Life Vietnam will be renamed ‘Chub Life Vietnam’.


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