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Viet Nam one of most promising regional markets'
Citi is looking at emerging markets for continued growth after witnessing a resurgence that began last year and resulted in a net income of US$7.1 billion globally for the first six months of this year, bank officials said.
"In Citi's 15 years of doing business in the country, Viet Nam has become one of the most promising markets in an exceptionally important region for Citi," said Citi CEO Vikram Pandit.
Building on the strong presence in Viet Nam as a leading bank among the multinationals, large domestic corporations and financial institutions, Citi was expediting plans to introduce a wider range of consumer products, the bank said.
Citi planned to launch a ubiquity banking branch in Ha Noi later this year. It already has a retail branch in HCM City.
In addition to the flagship Citigold products, Citi was expanding its overall consumer proposition in Viet Nam. Plans were in place to launch credit cards, personal loans, mortgage loans, and other investment and finance products aimed at retail customers.
The move would alter the retail banking landscape in Viet Nam by expanding the range of products in the marketplace, it said.
Beyond focusing on retail customers, Citi had also made its presence felt in the corporate and institutional space. This year alone, it had advised on a number of marquee transactions including Viet Nam's $1 billion sovereign bond. Citi expected to grow its client base by offering innovative solutions similar to its recent $470 million financing deal with PetroVietnam for the construction of the Nhon Trach 2 power plant project. It had also signed a comprehensive partnership with the Viet Nam Development Bank and was appointed trade finance bank for Techcombank.
The financing deal with PetroVietnam was a particular coup, Citi said. The landmark transaction represented the largest Export Agency Finance-backed financing deal ever arranged in Viet Nam. It also pointed to Citi's specific expertise in financing and markets.
Viet Nam remained an attractive foreign investment destination, it said. The country's economic growth accelerated to 6.4 per cent in the second quarter from a year earlier, and the Government was targeting 6.5 per cent GDP expansion in 2010.
According to Citi's recent economic update, Viet Nam's economic recovery had kept solid momentum with GDP growth of the second quarter ending at 6.4 per cent year-on-year, both on strong domestic demand and export rebound. Inflation had moderated further on food prices but the company expected to head higher later in the third quarter.
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