Public Bank Vietnam (PBVN), a wholly-owned subsidiary of Malaysia’s Public Bank Bhd, secured approval from the State Bank of Vietnam (SBV) in early July to open three additional branches and two more transaction offices this year in Hanoi, Ho Chi Minh City, and Da Nang, bringing its branch numbers in the country to 19. The move is in line with its aim of expanding its network and customer reach in Vietnam, and a growing number of other foreign players are also looking to capture the wealth of opportunities in the country’s banking sector, with South Korean banks leading the charge. South Korean lenders have been eagerly expanding their foothold in the country. Woori Bank received licenses from the SBV in June to open five more branches in northern and southern cities together with a transaction office in Ho Chi Minh City’s District 7. Shinhan Bank, meanwhile, opened four branches and transaction offices in Ho Chi Minh City and Hanoi in May, beefing up its … [Read more...] about Local banking appeal broadens
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Saigon restaurant owner jailed for overcharging Australian diner $30,000
A court in Ho Chi Minh City sentenced a restaurant owner to seven years in prison for property appropriation on Friday as he made his staff swipe an Australian customer’s cards eight times and charge him $30,000 for a meal. Tran Tuan Minh, 23, the owner of Nightfall restaurant, was charged with “using computer networks, telecommunications, the internet or digital devices in order to appropriate property.” Tran Tuan Minh at the trial in Ho Chi Minh City on Friday. Photo by VnExpress/Hai Duyen The crime he committed was considered serious, but as he had returned all the money to the victim, who agreed to dropped his complaint, the court gave him a commuted sentence. Caracciolo had dinner at the restaurant on August 11 last year and received a bill of VND23 million ($1,000), according to a complaint filed by a Vietnamese woman on Caracciolo's behalf. The waiter in question claimed the credit card machine was experiencing "technical errors", so he eventually had to … [Read more...] about Saigon restaurant owner jailed for overcharging Australian diner $30,000
RoK firms increase investments in Vietnam’s financial market
Woori Bank - Illustrative image (Source: Internet) Hanoi (VNA) - Institutions from the Republic of Korea (RoK) have increased their investments in Vietnam’s financial market significantly, expecting to make big gains thanks to the economic growth outlook. The investments are poured through the acquisition, capital contribution or comprehensive co-operation agreements with local financial companies and banks. Besides the two fully foreign-owned Shinhan Bank and Woori Bank in Vietnam, many other major RoK banks have also set up branches and representative offices in the country, such as KEB Hana, Industrial Bank of Korea, Kookmin, Busan and Nonghyup. Early this month, the Hana Financial Group was the latest case of the RoK’s financial institutions to expand business in Vietnam by acquiring a stake in the Bank for Investment and Development of Vietnam (BIDV), according to Business Korea. The Korean business portal quoted a local financial official that KEB Hana Bank was … [Read more...] about RoK firms increase investments in Vietnam’s financial market