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Vietnam: Foreign banks to give domestic firms a run for their money.
Section: General News - Dr Nguyen Minh Phong at the Hanoi Socio-Economic Development and Research Institute spoke to Thoi Bao Ngan Hang (Banking Times) about competition between local and foreign banks.
What do you think about increasing operations of wholly foreign-invested banks in Vietnam? Under the WTO commitments on banking, effective since April 1, 2007, foreign banks are allowed to operate in Vietnam. They can be representative offices, affiliates of foreign banks, joint-venture banks or wholly foreign-invested banks.
Wholly foreign-invested banks have many advantages, and it is therefore not unusual to see a wave of wholly foreign-invested banks stepping up …
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