Vietnam Banking Services May Grow 40-50% by 2010: Standard Chartered

Banking services in Vietnam may record annual growth of 40-50% within the next five years, the British Standard Chartered Bank (SCB)’s general director forecast.

 

Vietnam, SCB’s general director Kai Nargolwala said, is a very young market with the most active economic growth in the South East Asia. “Keenness during the international integration will help the Vietnamese financial market to quickly take off like the Vietnamese current economy,” he added.

 

“If foreign banks have not yet eyed Vietnam at this moment, they will lose big opportunities,” the general director emphasized.

 

This British bank started its business in Vietnam 100 years ago with the first branch in Ho Chi Minh City. In 1994, the bank returned to Vietnam to open a representative office in Hanoi. Recently, the Standard Chartered Bank has inaugurated its second branch in Ho Chi Minh City.

 

In June 2005, the Standard Chartered Bank acquired an 8.56% stake in the Asia Commercial Bank (ACB).

 

Currently, the bank is cooperating with Canada to invest $230 million to develop a project on exploiting minerals in Thai Nguyen northern province.