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| Customers do transaction at Vietcombank counters. |
Vietcombank to open subsidiaries in Laos, Cambodia
The
Bank for Foreign Trade of Vietnam, one of the country’s four largest
State-owned commercial banks, plans to open subsidiaries in Laos and
Cambodia this year, a bank official has said.
Vietnam Net Bridge | 21 February 2017
The information was released by Nghiem Xuan Thanh, chairman of the
bank, on the sidelines of the meeting between officials of the State
Bank of Viet Nam (SBV) and their Lao and Cambodian counterparts late
lask week.
He said that in accordance with the Government’s
direction, the bank had worked on a strategy and roadmap to expand its
presence in the region and integrate globally.
Currently, the
bank, commonly known as Vietcombank, accounts for 20 per cent of the
shares of import-export payment market between Laos and Viet Nam and is
technically cooperating with leading Laos and Cambodian banks.
Through
market research, the bank recognised there was great potential for
banking operations in the two markets, therefore it proposed to the SBV a
plan to set up subsidiaries.
During the conference between SBV
and its counterparts, SBV Governor Le Minh Hung signed memoranda of
understanding on bilateral collaboration with his Lao counterpart
Somphao Phaysith and Cambodian counterpart Chea Chanto.
The
bankers vowed to encourage and facilitate partnerships between
Vietnamese and Lao and Cambodian commercial banks, contributing to
stimulating investment and trade ties between Viet Nam and the
neighbouring countries.
The State banks agreed to continue
implementing joint projects in cross-border trade payment, banking
inspection, anti-money laundering and personnel training.
They also committed to boosting partnership among the four countries – Viet Nam, Laos, Myanmar and Cambodia.
VNS
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