Standard Chartered Helps Vietnam Lure Foreign Investors

The UK-based Standard Chartered Bank has recently conducted a survey trip for over 70 Taiwanese enterprises to explore investment potentials in Vietnam, state media said on September 18.

 

With good knowledge in the local market, Standard Chartered pledged to support foreign investors to discover Vietnam’s investment environment, policies and opportunities before entering the market, said Steven Chen, head of the bank’s wholesale banking section in Mekong region.

 

Early this year, the UK’s bank also held an investment conference for 70 Chinese businesses. Many valuable contracts between Vietnamese and Chinese companies were signed after the conference.

 

As of August, Taiwan has been operating 1,686 projects worth total US$9.1 billion in Vietnam, ranking third after South Korea and Singapore among 79 countries and territories investing in Vietnam, according to the Ministry of Planning and Investment (MPI).

 

Total foreign direct investment (FDI) into Vietnam is estimated to have reached more than US$8.3 billion since early this year, up 39.8 per cent on-year.

 

At present, Standard Chartered is seeking permission to establish a 100 per cent foreign-invested affiliate in early 2008 in Vietnam, Chen said, adding that his bank hopes to win the approval by the end of 2007.

 

The bank also plans to expand its network to 30 branches from the current two offices, and install around 500 ATMs by 2010 in Vietnam. (Securities Investment)