2009: A profitable year for foreign banks in VN
VGP – Although the global financial and banking sector faced with numerous challenges this year, foreign credit institutions and banks have still operated fruitfully in Viêt Nam and served to bridge foreign investors with the domestic market and business community.
Since
Việt
So
far, 45 branches of foreign banks were licensed in the Southeast Asian country,
including five foreign wholly owned banks, namely HSBC, Standard Chartered,
ANZ, Shinhan và Hong Leong. In addition, over 50 representative offices of
credit institutions are doing business here.
As
of late October 2009, compared to the same period last year, foreign credit institutions
mobilized a capital source 17.8% higher than 2008. The surges in the outstanding
credit and the total property were 14% and 14.9% respectively. Their bad debts
accounted for only 1% of the outstanding credit.
Meanwhile,
pre-tax revenues of foreign bank branches were VND 2,612 billion, with higher
capital mobilization and outstanding credit, up 17.8% and 10.8% respectively
against late 2008. These banks dominate the domestic banking system in the
areas of payment services and non-credit activities.
Over
the past time, the representative offices of foreign banks have functioned as
an important channel for foreign investment activities in Việt
They
have significantly supported the State Bank of Việt
In
conclusion, foreign banks and credit institutions are enjoying favorable business
climate and having wide opportunities to penetrate into Việt
Indicators for the
performance of foreign banking organizations in Việt |
|||||
|
Capital mobilization |
Outstanding credit |
Total property |
Pre-tax revenues |
Bad debts |
Credit institutions |
17.8% |
14% |
14.9% |
VND 2,947.5 bil. |
1% |
Bank branches |
17.8% |
10.8% |
14% |
VND 2,612 bil. |
0,6% |
Representative offices |
18,2% |
34,3% |
18,3% |
VND 477 bil. |
1,8% |