Success of foreign banks in Vietnam has been fueling the volume of capital poured into the sector, while these banks are changing their operations to grow. Woori Bank launched a ceremony to officially set up its wholly foreign-owned bank in Vietnam. (Source: Woori Bank) A foreign direct investment (FDI) wave emerged in the banking sector in 2006 – 2007 when Vietnam became a member of the World Trade Organization. It turned into a boom in 2009, as the country began to allow the establishment of fully-foreign-funded banks. Between then and now, Vietnam has so far recorded the operation of 50 foreign credit institutions, including nine wholly foreign owned banks and hundreds of foreign banks’ branches and representative offices. In 2016 and 2017 alone, four foreign banks were licensed to operate in the country. ANZ, Hong Leong, HSBC, ShinHan, Standard Chartered, CIMB, Public Bank Berhad, Woori Bank and United Overseas Bank Limited have all opened wholly foreign-owned banks in Vietnam. As of May 2018, the total assets of foreign banks and joint ventures between Vietnamese and foreign banks surpassed 1 quadrillion VND (43 billion USD), with their capital adequacy ratio (CAR) being at 27.36 percent. It is noteworthy that the flow… Read full this story
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