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Int’l Banker: Viet Nam Needs to Approach Int’l Financial Market
06/08/2010 - 137 Lượt xem
Sai Gon Giai Phong: Your bank opened the second branch in Viet Nam in June 2006 when Viet Nam is about to join WTO. What advantages do you see in this moment?
Mr. Nargolwala
: Our bank wishes to contribute to Viet Nam’s efforts to develop its finance and banking. We have a long history operating in Viet Nam and have accumulated lots of experience and understanding. Quite a few foreign banks have imposed their countries’ cultural values to operational countries. Meanwhile, the Standard Chartered Bank in a country is run by local people.How is Viet Nam important to the Standard Chartered Bank’s development strategy?
With a population of more than 80 million people and high GDP growth, 8%-9% per year, Viet Nam is an attractive market with many chances. Our experience is that retail activities serving individuals will grow five times higher than the GDP growth, which means this field may see a 40% growth per year over the next 5-6 years. We want take a share of the market.
In Viet Nam, the Standard Chartered Bank is focusing on products like lending, issuing bonds, and financing Vietnamese and international customers. We will apply modern technology to rapidly develop our banking services in Viet Nam.
With its experience, how can your bank help businesses?
We have trade-related products, mainly for exporters and companies supplying goods for multinationals. With 1,200 branches in 56 countries, our bank has set up partnerships in many places and is willing to support in banking. We are now supporting the State Bank of Viet Nam in corporate banking and helping businesses approach international financial services.
Do you have any advice for Vietnamese businesses when Viet Nam is about to join the WTO?
They must be aware that the price must be competitive and the business management system must be improved. When developing, businesses need more capital. Capital is adequate in Viet Nam but the point here is that international investors have not understood Viet Nam fully.
Therefore, Vietnamese enterprises need to prove that they are managing business professionally with an established business plan clear about revenue and spending. When doing these, Vietnamese enterprises will certainly get access to many capital sources, both domestic and foreign.
Notably, Vietnamese enterprises must pay attention to competition both in Viet Nam and abroad. As for big companies, it is necessary for them access the international financial market rather than only domestic sources.
Reported by Mai Thao – Translated by Tuong Thuy
Source:
Sai Gon Giai Phong Times
