Vietnam is attractive to the foreign financing circle after the UK banks, HSBC and Standard Chartered, have become the first overseas banks to incorporate local operations in the fast-growing economy, a UK newspaper said.
“Vietnam remains attractive for overseas banks because it represents one of the least penetrated markets in Asia, with just one in 10 of its 87 million population holding a bank account,” the Financial Times reported on September 10.
According to the paper, the government’s liberalization of the banking sector makes the market more attractive.
Both UK-listed banks boast long histories in the Southeast Asian country. The HSBC opened its first branch in Vietnam in 1870, followed by the Standard Chartered in 1904.
The banks serve the wholesale banking requirements by Asia-based companies that are opening factories in Vietnam.
The newspaper added that the HSBC aims to set up at least 10 more branches in the next two years, while the Standard Chartered plans to open up to 30 branches in the next four years.
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