QNB has “officially started” operating its representative office in Ho Chi Min City, Vietnam, after receiving all the necessary and required regulatory approvals. An event in this connection took place at the Sheraton Saigon Hotel & Towers in Ho Chi Min City on Monday. Dignitaries attended the event held to commemorate this important development within QNB’s International Expansion Strategy. They included Qatar’s ambassador to Vietnam, Abdulla bin Ibrahim al-Hamar, QNB regional general manager (Asia), M Chidambaram and a senior representative from the State Bank of Vietnam. At the heart of the QNB Vietnam office business proposition is the promotion of and stimulation of developing “East-West” flows of trade between Qatar and Vietnam. QNB’s representative office will now take on the role of extending intermediary services in the field of investment and trade with Middle East companies that are looking to establish their business in Vietnam or looking to invest money in the country. In addition, QNB will also act as a liaison with Vietnamese companies that are looking to expand into the growing Middle East market and facilitate investments. The opening of the QNB Vietnam Office is another addition to the group’s growing network of locations in key markets around the world. As part of its Asian expansion plans, the Vietnamese economy enjoys one of the fastest growth rates amongst emerging markets. In 2014, the Vietnam economy grew by 6% and it is projected to sustain the same growth rate in 2015. Supported by its strong economic growth, rapid banking penetration, solid current account surplus due to robust growth in export, tourism and private remittances, the Vietnamese banking sector has been one of the fastest growing performers in the region. QNB currently operates in more than 27 countries.
