ex. Game, Music, Video, Photography

South Korean banks eye major Vietnam expansion

South Korean banks are setting themselves up to score big in Vietnam as foreign ownership limits would be loosened.

Ngày đăng: 14 tháng 9, 2021
Cập nhật: 3 tháng 1, 2023
Lượt xem: 310786587
Nguồn: vnexpress

South Korea’s second-largest lender by assets, KEB Hana Bank, is interested in buying a 17.65 percent stake in the Bank for Investment and Development of Vietnam (BIDV), a source told the Nikkei Asian Review.

BIDV is currently the second-largest state-owned lender in Vietnam by assets. 95.28 percent of its equity belongs to the country’s central bank, the State Bank of Vietnam (SBV).

The SBV has "proposed to sell" the stake to KEB Hana for 30 billion won ($26.6 million), said the source, who requested anonymity.

Last year, Shinhan Bank, a commercial banking unit under Seoul-based Shinhan Financial Group, acquired ANZ Vietnam’s retail unit, bringing along the Australian bank’s 95,000 credit card customers.

Shinhan Bank has recently become the largest foreign bank in Vietnam with $3.3 billion in assets, surpassing HSBC.

Vietnam presented a draft securities law in Hanoi earlier this month that would remove the current 49 percent foreign ownership cap in many sectors, allowing majority or even 100 percent ownership of a company.

Although the limit for banks remains at 30 percent, government economic advisor Can Van Luc said at the draft presentation forum on November 7 that authorities would consider raising this limit for banks on a case-by-case basis, Reuters reported.

Analysts say Vietnam's growth potential and deregulation plans make it an attractive market for South Korean banks.

"Vietnam is the most desirable market among emerging countries," said Seo Young-soo, an analyst at Kiwoom Securities.

"It has more advanced urbanization, and its market is more concentrated compared to Indonesia. Its government-driven economic development model is also familiar to South Korean banks, which have grown under the same strategy," Seo told Nikkei.

Data from the Seoul-based regulator Financial Supervisory Service (FSS) show that total assets held by South Korean banks in Vietnam increased 18.9 percent last year to $5.7 billion.

This ratio is higher than that of foreign lenders overall, whose combined total assets increased 12.9 percent to $42 billion during the same period, FSS said. South Korean lenders' combined net profit in Vietnam also jumped 28.9 percent last year to $61 million.

Vietnam has nine wholly-owned foreign banks, four state-owned banks and 31 domestic joint-stock banks.

Từ vựng liên quan

Tin tức liên quan

Proptech startup Propzy to close up shop
business 18/09/2022

Proptech startup Propzy to close up shop

companies | 413216585

Vietnamese startup Propzy has commenced closure of its Vietnam business due to financial hardship and global economic instability.

  YouTube, Meta will expand policies, research to fight online extremism
world 17/09/2022

YouTube, Meta will expand policies, research to fight online extremism

world | 412876593

Major tech companies on Thursday committed to taking fresh steps to combat online extremism by removing more violent content and promoting media literacy with young users.

  Le Pho
life 01/09/2022

Le Pho's 'Vietnamese Lady' fetches $550,000 at Singapore painting auction

culture | 409326587

"Vietnamese Lady," an ink and gouache painting on silk by late artist Le Pho sold for S$781,200 (US$558,200) at an auction at Sotheby's in Singapore last weekend.

 Ha Long Bay nominated as Asia
travel 18/08/2021

Ha Long Bay nominated as Asia's leading tourist attraction

places | 233576612

UNESCO heritage site Ha Long Bay in northern Vietnam is one of 12 nominees for Asia's leading tourist attraction category at 2021 World Travel Awards.

  Bank of America eyes Vietnam return
business 24/07/2022

Bank of America eyes Vietnam return

companies | 400586588

Bank of America is seeking permission to set up a $50 million branch in Ho Chi Minh City, its executive vice chair of global corporate and investment banking Madhu Kannan has said.

 Russian ice princess
world 29/03/2021

Russian ice princess 'can't believe' fairytale Olympic gold

world | 152246641

Teenage sensation Alina Zagitova beat two-time world champion Evgenia Medvedeva to claim Russia's first gold at Pyeongchang.

Pokemon Go banned by Vietnamese companies
news 09/09/2021

Pokemon Go banned by Vietnamese companies

news | 261736610

A teacher has abandoned her students as Pokemon fever takes hold.

  VN-Index inches up
business 01/09/2022

VN-Index inches up

economy | 409246587

Vietnam’s benchmark VN-Index rose 0.09 percent to 1280.51 points Wednesday.

  Gas stations run out of fuel in southern Vietnam
business 01/09/2022

Gas stations run out of fuel in southern Vietnam

economy | 409296585

Gas stations in several southern localities have run out of supplies of petrol, diesel and other fuels and have stopped doing business.

  China to hold 20th Communist Party congress from Oct. 16
world 01/09/2022

China to hold 20th Communist Party congress from Oct. 16

world | 409386587

China's ruling Communist Party will hold its five-yearly congress beginning on Oct. 16, with Xi Jinping poised to secure an historic third leadership term and cement his place as the country's most powerful leader since Mao Zedong.

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý