Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home>>Daily News>>Vietnam>>Economy>>Vietnamese banks have eye on foreign markets

NEWS UPDATES Asean Affairs   October 29, 2018  







Vietnamese banks have eye on foreign markets

Several Vietnamese banks were gearing up expansions to foreign markets to tap increasing overseas investment by Vietnamese businesses.

Most recently, the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) opened its wholly-owned Vietcombank Laos in Vientiane early this week.

Six Vietnamese banks have established a presence in Laos, including Military Bank (MB), Vietcombank, Saigon-Hanoi Bank (SHB), Bank for Investment and Development of Viet Nam (BIDV), Vietnam Bank for Industry and Trade (Vietinbank) and Saigon Thương Tín Bank (Sacombank).

According to Phạm Mạnh Thang, deputy director of Vietcombank, Vietcombank Laos will provide services for Vietnamese businesses looking to invest in Laos, those already operating in the country, as well as others.

Vietcombank also has offices and branches in Paris (France), Moscow (Russia) and Singapore, as well as the Vietnam Finance Company Limited (Vinafico) in Hong Kong. Vietcombank plans to open a branch in Australia and representative office in the US by the end of the year.

BIDV is also pioneering the expansion to foreign markets, with branches and offices in Cambodia, Myanmar, Laos, the Czech Republic, Taiwan and Russia.

Vietinbank has branches in Germany, one representative office in Myanmar and one wholly-owned bank in Laos.

Laos and Cambodia were two top markets for Vietnamese banks, due to significant overseas investment by Vietnamese firms.

Statistics from the Viet Nam Foreign Investment Agency under the Ministry of Planning and Investment showed that in the first eight months of this year, the finance and banking sector saw the highest overseas investment by Vietnamese firms with total registered capital of US$105.8 million, accounting for 33.7 per cent of the country’s total overseas investment.

Laos was the top destination for Việt Nam’s overseas investment, with registered capital of $95.2 million. Cambodia was also in the top three destinations for Việt Nam’s overseas investment.

Experts said with a number of free trade agreements (FTAs) signed such as the European Union – Viet Nam FTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Việt Nam’s overseas investment was anticipated to rise significantly, creating opportunities for Vietnamese banks.

Experts also said that besides Vietnamese firms, other companies were also potential customers for Vietnamese banks to increase shares in foreign markets.

Financial and banking expert Can Van Luc said that Vietnamese banks had increased overseas investment for several reasons.

FTAs were opening significant opportunities for businesses investing abroad and this created demand for banks in foreign countries to provide banking services.

In addition, the formation of the ASEAN Economic Community created favourable conditions for Vietnamese banks to invest within the bloc.

Under the banking development strategy to 2025 with a vision to 2030 recently approved by the Prime Minister, Việt Nam aims to have at least 2-3 banks in Asia’s top 100 banks by assets and 3-5 banks listed on foreign exchanges.



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



  Today's  Stories                      October 29, 2018 
• Myanmar-Singapore joint venture increases capital in aviation fuel import
• Adaro posts higher coal production and sales in Q3 Subcribe: Asean Affairs Global Magazine
• Tourism to get a boost from Boracay’s reopening Subsribe Now !
• Workers' Party MPs close fundraising appeal after raising more than S$1m for legal fees
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Vietnamese banks have eye on foreign markets 
Asean Stock Watch   October 22,  2018

• Asean Stock Watch-October 22, 2018
Asean Analysis                June 15,  2018
• Asean Analysis June  11, 2018
Inflation may yet peak —Diokno
Advertise Your Brand

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2019 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com