darock0116
05-17-2007, 06:02 PM
HSBC: Vietnam on right track09:30' 17/05/2007 (GMT+7)
VietNamNet Bridge - Vietnam is following the right track where its financial infrastructure development is concerned, said HSBC's new Vietnam General Director Thomas Tobin.
Speaking at a press conference in Hanoi, on May 16, Tobin singled out Vietnam’s open-door policy and abidance of its WTO’s commitments in giving permission for the establishment of wholly owned foreign invested subsidiary bank, as a catalyst for the country's continued development.
“This move will create the same playing field for both domestic and foreign banks,” he said, stressing “we would like to consider any opportunity to open our subsidiary bank in Vietnam as soon as there is a circular handed out by the State Bank of Vietnam.”
Tobin went on to say that the presence of foreign banks would in fact provide domestic banks the opportunity to enhance their competitiveness. “I think that foreign banks should not be considered as a threat to local banks. Foreign banks, like HSBC, are willing to share experiences and international expertise with their domestic partners in advanced technology, product development, risk management and business administration. Through strategic partnership with foreign banks, Vietnam’s banks will be able to develop faster,” he said.
According to Tobin, the new decree that permits foreign partners to increase their shareholdings at Vietnam’s banks from 10 percent to 15 percent and up to 20 percent with the Prime Minister’s approval proves the Vietnamese Government’s determination to implement market reforms.
With two branches in Hanoi and HCM City, HSBC is now the biggest operating foreign bank in Vietnam in the areas of investment capital, transaction networks staff and clients
VietNamNet Bridge - Vietnam is following the right track where its financial infrastructure development is concerned, said HSBC's new Vietnam General Director Thomas Tobin.
Speaking at a press conference in Hanoi, on May 16, Tobin singled out Vietnam’s open-door policy and abidance of its WTO’s commitments in giving permission for the establishment of wholly owned foreign invested subsidiary bank, as a catalyst for the country's continued development.
“This move will create the same playing field for both domestic and foreign banks,” he said, stressing “we would like to consider any opportunity to open our subsidiary bank in Vietnam as soon as there is a circular handed out by the State Bank of Vietnam.”
Tobin went on to say that the presence of foreign banks would in fact provide domestic banks the opportunity to enhance their competitiveness. “I think that foreign banks should not be considered as a threat to local banks. Foreign banks, like HSBC, are willing to share experiences and international expertise with their domestic partners in advanced technology, product development, risk management and business administration. Through strategic partnership with foreign banks, Vietnam’s banks will be able to develop faster,” he said.
According to Tobin, the new decree that permits foreign partners to increase their shareholdings at Vietnam’s banks from 10 percent to 15 percent and up to 20 percent with the Prime Minister’s approval proves the Vietnamese Government’s determination to implement market reforms.
With two branches in Hanoi and HCM City, HSBC is now the biggest operating foreign bank in Vietnam in the areas of investment capital, transaction networks staff and clients