Vietnam welcomes foreign investors for banking restructuring

The sector is preparing for the next phase of drastic changes, the central bank's governor has said.

Vietnam will continue to push for legal reforms, improve its business environment and restructure the banking system, an official said Friday, calling for the participation of foreign investors in the process.

“In the coming period of drastic changes, I would like to invite foreign investors to participate more actively in the restructuring of local banks,” the central bank's governor Le Minh Hung was quoted by local media as saying at an Asian Bankers Association conference in the northern province of Quang Ninh.

Hung said Vietnam's banking system has recently completed a five-year restructuring program and is planning for another phase of overhaul.

At the event, Daniel Wu, the association's chairman, said that many global investors would want to be involved in Vietnam’s bankingsystem.

Vietnam now has seven wholly-owned foreign banks, as well as 50 branches and more than 50 representative offices of foreign banks and joint-venture banks. Their total assets have topped $35.8 billion.

In the first nine months, loans in the whole banking system expanded 10.64 percent, according to the central bank.

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Hong Kong Investment Funds Investing in Real Estate, Banking of Vietnam

In the talks with Vietnam Prime Minister Nguyen Xuan Phuc on September 14^th 2016, representatives of corporations and large investment funds from Hong Kong have expressed their interest in investment opportunities in Vietnam.

Talking to Hong Kong enterprises, Government leaders said that Vietnam has amended the Law on Investment towards more open and transparent, creating stable investment environment, ensuring maximum property rights of investors and enterprises; conducting strong reform of administrative procedures in areas such as taxes, electronic customs clearance...

In the process of development, Vietnam hopes that foreign investors will invest in areas such as road transport, railway, waterway and other infrastructure. The Vietnam Prime Minister also noted that investors in the process of production and business should pay attention to ensure the livelihood and skills training of employees; compliance with laws and regulations regarding environment protection in Vietnam.

Highly appreciated the solutions and policies of Vietnam Government, Dr. Jonathan Choi - Sunwah Group Chairman, who is also a permanent Honorary President of China Chamber of Commerce in Hong Kong said that investors in Hong Kong are very interested in the stable investment environment and respecting the development of private sector in Vietnam. The investment sectors that are interested by Hong Kong’s large enterprises and investment funds are energy, healthcare, realestate, finance and banking.

Speaking in front of 300 investors attending the Hong Kong - Vietnam Business & Investment Forum, Prime Minister Nguyen Xuan Phuc said that Vietnam will become one of the largest trading partners of China in ASEAN. In 2016, the bilateral trade turnover between the two countries could reach 100 billion USD.

Also at the forum, Head of Hong Kong Special Administrative Region stated that the Government here will continue to open the door and strongly supporting Vietnam enterprises to penetrate the Hong Kong and Chinese domestic markets.

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