UK’s Financial Times optimistic about Vietnam’s banking sector

The Vietnamese banking sector has every reason to remain optimistic despite the global economic crisis, the UK’s Financial Times supplement - “The Banker” magazine - reported on March 1.

The majority of the nation’s domestic banks announced significant profits last year although they have had to cope with numerous difficulties throughout the year, said the magazine.

The State Bank of Vietnam has decided to transform the branches of five international banks into wholly foreign-invested banks in Vietnam in recent months, according to the publication.

This decision came in compliance with Vietnam’s WTO commitments to strengthening the competitiveness of its financial and banking sectors.

The establishment of these subsidiary banks is expected to help them expand their operations in Vietnam.

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