Bank of India opened its representative office in Ho Chi Minh City in 2003 as a part of India’s “Look East” policy to develop close economic as well as strategic relations with countries in the region.
Last year, the bank received a foreign-branch licence to operate in Vietnam, giving support to small and medium-sized enterprises as well as encouraging ventures between Vietnamese and Indian companies.
It will provide core banking services, such as accepting deposits from customers and lending to borrowers in dong and foreign currencies in Vietnam.
Bank of India, which was established in 1906, is among the top five government-owned banks in India, with a global network of 5,016 branches in India and abroad.