ASEAN KEY DESTINATIONS
Mekong delta farming rises
Adding to the presence of native banks like Kienlong Bank, MHB and LienViet Bank, other commercial banks have expressed interest in setting up operations in delta provinces.
They include the Ocean Joint Stock Commercial Bank (Oceanbank) and the Orient Joint Stock Commercial Bank (OCB) who have just received permission from the central bank governor to open branches in Can Tho City and Soc Trang Province, respectively.
A week ago, the Bao Viet Joint Stock Commercial Bank officially inaugurated its branch in the Can Tho City.
Earlier, a series of commercial banks from the northern region, namely Techcombank, VIB, VPBank, Maritime Bank and TienphongBank, also opened branches or representative offices in the delta. Not just domestic banks, many foreign credit institutions have also got their eye on this market with high potential.
The Hong Kong and Shanghai Banking Corporation (HSBC) has already opened a branch in Can Tho City.
The Cuu Long (Mekong) Delta region, with its population of about 17 million (21 per- cent of the country's total) and more than 4 million ha of arable land, is the country's biggest agricultural and fisheries producer. The region accounts for 50 per- cent of the country's total rice production and 52 percent of its total fisheries.
With such advantages, the delta now is considered a highly lucrative market for the development of banking services.
Explaining the presence of many northern banks in the delta, Dang Thi Tuyet Dung, deputy general director of Techcombank, said these banks had completed plans to build networks in northern provinces so they were seeking new markets.
Opening its branch in the Can Tho City was one of HSBC's strategic steps in its commitment to the government to operate for a long time in the country, said general director Thomas Tobin.
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