HSBC Bank

Founded in 1965, the Hong Kong Shanghai Banking Corporation (HSBC) established its first representative office in Saigon (now known as Ho Chi Minh City) just five years later. By August 1995, HSBC officially launched a full-service branch in Ho Chi Minh City, and within the next decade, it opened its second branch in Hanoi and established a representative office in Can Tho. In alignment with commitments to the World Trade Organization (WTO), Vietnam granted HSBC the license to establish wholly-owned subsidiaries, making it one of the first foreign banks in the country to create a commercial single-member liability-limited bank, known as HSBC Bank (Vietnam) Ltd.  
Photo: shinhanonline.com.vn 

Since its operation as a subsidiary bank, HSBC has significantly engaged in the financial markets, offering a wide range of international banking services that cater to the Vietnamese economy as a whole. Today, benefiting from its long-standing history and in-depth understanding of Vietnamese culture and business practices, HSBC has established itself as the largest foreign bank in Vietnam in terms of investment capital, extensive network, diverse product offerings, experienced staff, and robust customer base. HSBC holds a 20% capital share in Techcombank and 18% in Bao Viet Holdings, illustrating its strategic approach to penetrate the local banking market in Vietnam. 

Banking experts recognize that HSBC's strengths lie in its extensive experience, strong governance, and substantial resources. However, these attributes are also shared among other foreign banks competing in the market. The increasing demand for foreign currency and the rising interest among foreign investors to open trade accounts are key factors driving HSBC's growth and that of its competitors. What sets HSBC apart is its unique strategy in engaging local customers, a market segment with considerable potential. The bank places a significant emphasis on its personal banking services, tailoring its offerings to meet the diverse needs of individual clients.