Ministry of Planning and Investment data showed that in the first four months of this year, the finance and banking sector saw the highest overseas investment by Vietnamese firms with total registered and additional capital of US$105 million, accounting for 68.3 percent of the country’s total overseas investment. According to financial experts, overseas investment helps domestic banks diversify operations, reduce risks, increase service charges, improve operational efficiency, and enhance their experience, image and position in the international market. It also contributes to boosting foreign trade payments between the host countries and Vietnam, and providing financial support for overseas Vietnamese businesses. Most big names in the Vietnamese financial market such as Vietcombank, VietinBank, BIDV, Sacombank, SHB, and Agribank have opened branches and offices in foreign markets like Laos, Cambodia, Germany, Russia and the Czech Republic. Nguyen Thi Hien, deputy director of the Banking Strategy Institute, said that in recent years, many commercial banks have opened branches, representative offices and subsidiaries in foreign countries, especially in the Indochina market. They have also found to strengthen presence in countries that match their standards and resources. However, commercial banks’ overseas investment activities face many challenges, such as high competition in the international market, limited… Read full this story
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