Foreign banks have decided to boost consumer finance loans as the business segment is forecast to maintain double digit growth this year.
Rising foreign investment flow in Vietnam has prompted overseas banks to expand operation in the country.
The State Bank of Vietnam (SBV) has given the go-ahead approving the eligibility of the Republic of Korea’s Woori Bank to establish five branches in Vietnam.
VOV.VN - The Vietnam Government’s commitment to broad-based economic reforms bodes well for the country’s longer term prospects and look to have it on the path to upper middle-income status, said Khoon Goh, head of Asia Research at ANZ.
Since early 2018, domestic banks have mulled over charter capital hike plans and sought shareholders’ approval for mergers and acquisitions in a bid to improve their competitiveness and expand their growth scale.
ANZ and Saigon Children’s Charity CIO (saigonchildren) has completed the Project 3E (Educate, Enrich and Employ) with the opening of Thuan Hoa 2 Primary School and Thuan Hoa Kindergarten in Long My Town, Hau Giang Province.
The number of 100% foreign owned banks in Vietnam has increased by twofold in the last two years to nine.
Commercial banks are expecting the revenue from fees and retail banking services to become their main income sources this year, as a result of rising market demands.
Surfing the first wave of FDI inflows in the early 1990s never seemed enough for ANZ Vietnam. The lender has now chosen to focus all its resources on institutional banking, to continue catering to its clients and leveraging the opportunities arising from the current FDI growth in the country.
While some analysts note that a number of foreign banks have withdrawn capital from Vietnam banks, others see signs of a third investment wave from foreign investors.
Vietnam’s foreign currency reserves hit approximate US$48 billion thanks to the country’s stable macroeconomic conditions and strong influx of exports, foreign direct investment (FDI) and remittance, according to State Bank of Vietnam (SBV)’s Governor Le Minh Hung.
Robust credit growth will help the Vietnamese economy achieve its growth target this year, while export is likely to remain strong and more foreign capital will flow into utilities, says Australia & New Zealand Bank Group.
Vietnam’s globalisation process has been spearheaded by trade, and financial integration has lagged. Time to catch up.
Unions between Korean financial institutions and Vietnamese securities or asset management firms are on trend, with visible upsides for both parties.
The economy expanded 7.46 percent in third quarter of 2017 from the same period last year, the strongest third quarter growth since 2010.
Foreign banks have exited Vietnam or narrowed operations in the Southeast Asian country, against early expectations that they would soon eat into the market shares of local lenders.
Following Shinhan Vietnam’s successful acquisition of ANZ Vietnam’s retail business, fellow Korean banks have also expanded their sizes and market share in Vietnam, seizing the lead in the foreign bank race on the Vietnamese market.
Last month, United Overseas Bank became the first Singaporean bank to receive an approval to open a wholly-owned subsidiary in Vietnam.
Low cost carrier Vietjet Air has announced the launching of its promotional incentive for cardholders of the Australia and New Zealand Banking Group (ANZ).
Vietnam is likely to have something to crow about during the Year of the Rooster as several factors will facilitate socio-economic growth, ANZ Vietnam said on February 24.