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Posts Tagged ‘presence’

Domestic banks increase their presence overseas

In Uncategorized on July 2, 2010 at 6:19 pm

Domestic banks increase their presence overseas

QĐND – Friday, July 02, 2010, 21:55 (GMT+7)

Many local banks have been seeking opportunities to expand their businesses abroad, particularly in similar markets or with major trading partners.

After it started to operate in Laos and Cambodia in 2008 and 2009, the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) drew up plans to penetrate China and expand its network in Cambodia ’s key economic provinces later this year or early next year.

In addition to Sacombank, in Cambodia , two other Vietnamese banks, the Bank for Agriculture and Rural Development (Agribank) opened its first branch on June 28 this year while the Bank for Investment and Development of Vietnam (VIDV) opened its first branch in the middle of last year.

This trend is continuing as the Military Commercial Joint Stock Bank has recently announced a plan to set up a branch in Laos in 2010.

Domestic banks are also seeking ways of expanding their business in Europe. For example, the BIDV-owned Vietnam-Russia Joint Venture Bank (VBR) officially opened in Russia late last year. This is also the first fully Vietnamese bank in Europe.

Earlier, the State Bank of Vietnam allowed the BIDV, the Vietnam Bank for Foreign Trade (Vietnambank) and the Asian Commercial Joint Stock Bank (ACB) to set up representative offices in the United States.

This is being applauded by Vietnamese businesses overseas because the banks can provide them with consultancies and information on investment opportunities, services on capital arrangement, guarantees and the appraisals of partners and projects.

However, entering major markets also means facing fiercer competition, and domestic banks need to prioritise urgent issues, such as risk and the use of modern technologies if they choose to venture overseas, say experts.

Source: VNA

Source: QDND

Vietnam’s biggest presence yet at Moscow’s Worldfood

In Uncategorized on September 24, 2008 at 12:28 pm

Moscow (VNA) – Seafood exporters from Vietnam have spent over 21,400 Euro to rent an area of 68 sq.m to showcase their products at the Worldfood exhibition in Moscow , Russia , from September 23-26.

This represents the Vietnam Association of Seafood Exporters and Processors’s (VASEP) largest ever presence at an international food exhibitions or fair, according to an association representative.

Ho Thi Thu Trang from VASEP said that Moscow is one of the two international food exhibitions that VASEP attends every year – the other taking place in Dubai .

This year, the Moscow exhibition attracted nine members of VASEP, despite the cost of attendance being four times higher than that of Dubai .

“This is because Russia is the biggest consumer of Vietnamese catfish, accounting for 15 percent of the gross export turnover”, said Trang.

This year’s event, the 17th Worldfood exhibition covers over 60,000 sq.m of space and draws 1,300 companies from 61 countries, including traditional members such as Argentina, Belgium, the US, Italy and Germany.

Vietnam ’s representatives made their debut at the event in 2005.–