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Ten foreign banks seek to start operations in Vietnam: report (18/01)
06/08/2010 - 272 Lượt xem
GE Money, a financial services unit of General Electric Co., and the Commonwealth Bank of Australia are among the applicants seeking to open their own banks in the country, the State Bank of Vietnam official, who didn't want to be named, said.
"So far we have received ten applications for setting up new banks or branches from foreign institutions, and we will consider them," the official told MarketWatch.
"In total, there are three applications for setting up new banks and seven applications for forming branches," he said.
The foreign banks are keen to take advantage of new rules, after Vietnam officially joined the World Trade Organization earlier this month, that open up a fast-expanding banking market to them.
Under commitments to the WTO, Vietnam will allow the establishment of banks that were wholly-owned by foreigners from April, said the official.
Vietnam law stipulates that foreign banks must have assets of at least US$10 billion if they want to establish units in the country.
"We want to make sure that they are financially capable to enter this market, because competition is very strong here," the official said.
Currently, Vietnam has 43 banks, plus 31 branches of foreign banks and five foreign joint venture banks, central bank figures showed.
By the end of 2006, Hanoi capital reported total bank deposits of VND231.8 trillion ($14.5 billion), up 32 opercent on year, and in Ho Chi Minh City, bank deposits rose 37.5 percent on year to VND259.7 trillion.
Source: MarketWatch
