BIDV to Invest US$50M in Finance & Banking Sector in Cambodia
The Bank for Investment and Development of Vietnam (BIDV) plans to invest US$50 million into its financial and banking activities in Cambodia, according to a BIDV senior official.
The Hanoi-based bank is now negotiating the purchase of a Cambodian bank, Tran Bac Ha, BIDV’s chairman of the Board of Directors, said at a meeting with Cambodian Deputy Prime Minister, Mrs. Men Sam An, on July 9.
If successful, BIDV will begin operations July 27, Ha said.
Early on July 7, the BIDV chairman also held talks with Deputy Prime Minister and Minister of Economy and Finance, Keat Chhon, during which he expressed his willing to invest in insurance, civil aviation, real estate, and agriculture in Cambodia besides banking.
BIDV, Vietnam’s second largest state-owned bank by assets, has so far invested US$15 million in establishing branches in Laos and Singapore. (VNA)
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