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10 July 2009

Vietnamese banks plan to set up overseas branches

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Many Vietnamese banks have revealed plans to expand their operations into foreign markets by establishing representative offices and working on joint projects with foreign banks, reported the US state radio broadcaster the Voice of America on its website.  

They include the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), the Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Bank for Industry and Trade (Vietinbank), the Asia Commercial Bank (ACB), and the Vietnamese-Russian joint venture bank.

Sacombank has already opened branches in Cambodia and Laos to serve Vietnamese residents, including those working in small and medium-sized enterprises as well as Cambodian and Laotian customers.

The Bank for Investment and Development of Vietnam (BIDV) has also worked with the Ministry of Planning and Investment to hold a meeting to promote investment in five northern Laos provinces. This bank will help Vietnamese enterprises to boost their trade and investment activities in northern Laos. 


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