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29 Nov 2016, Gemma Gacho, EMIS Editor

Vietnam’s domestic banks feel the heat with the entry of more foreign banks

More and more foreign banks are setting up operations in Vietnam due to increased demand in capital and bank services. The past few months, the State Bank of Vietnam has granted license to Woori Vietnam, a South Korean-invested bank, and to Malaysia’s CIMB Bank. Other foreign banks such as ANZ, Standard Chartered and HSBC are already established in the country.

Local Vietnamese banks still have majority of the market share, particularly in lending, but still feel the competitive pressure due to the “prestige, experience, operation scale, and financial health” of these foreign banks.

Original source: VietNam Net Business News