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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Italian Business Expand Investment in Binh Duong

Ambassador of Italy in Vietnam and Binh Duong provincial leaders have attend the opening of the investment support office of Emilia Romagna (Italy) in Binh Duong.

This is the first representative office of the business community, investors of Emilia Romagna in Vietnam, which functions to create a bridge of cooperation between the two countries and promote Italian businesses to invest in Binh Duong.

On the same day in Binh Duong province, the ceremony to sign a memorandum of cooperation between Becamex IDC Corporation (under Binh Duong Provincial People’s Committee) with the Emilia Romagna region, Bonfiglioli Group and Unimore University (Italy). Content of the memorandum is to cooperate in economy, science, technology and education between the parties.

The Italian Embassy inVietnam said Emilia Romagna is a dynamic economic region with many Italian famous enterprises in the field of manufacturing industry.

Through the opening of a representative office for the business community in the Binh Duong and signed a cooperation will open more opportunities, create the wave of investments by Italian enterprises to Vietnam in general and Binh Duong in particular.

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