Bangkok Bank hopes rising FDI, higher incomes will help Vietnam operations
Posted: September 28, 2014 at 10:43 pm
The rising numbers of middle-income people and the Trans-Pacific Partnership (TPP) agreement, a hoped-for magnet for foreign direct investment and export driver, will provide opportunities for Bangkok Bank's operations in Vietnam, the bank believes.
Tharabodee Serng-Adichaiwit, senior vice president and general manager of Bangkok Bank's Vietnamese operations, expects its lending there to see double-digit growth from rising FDI, stabilisation of the local currency and higher incomes.
The bank has two branches in Vietnam, one in Hanoi and the other in Ho Chi Minh City.
Vietnam has spent the past year getting its economy moving, battling inflation and stabilising its currency. Gross domestic product is expected to expand by 5-6 per cent this year thanks to export growth of 20-30 per cent, he said.
Vietnamese exports are valued at US$13 billion (Bt420 billion) a month, compared with Thailand's $18 billion to $19 billion, and Vietnam could overtake Thailand in four or five years, he said.
Low wages and a large number of working-age people have attracted foreign investors to set up operational bases in Vietnam for export.
"We still see the [political] problems with China as a key risk to Vietnam's economic growth. However, Vietnam will be stronger, as its GDP next year is projected to grow by 6-7 per cent, up from the 5-6 per cent expected this year," he said.
In the first eight months of this year, new loans by Bangkok Bank in Vietnam expanded by 10 per cent, which almost of the growth have to book at BBL's offshore branches because Vietnam's central bank instructed banks to limit foreign currency loans as part of its efforts to control inflation.
The limited foreign currency caused the lending in banking system in Vietnam grew only 4 per cent far from the government target at of 12-13 per cent.
Tharabodee said the TPP, if agreed, would help strengthen the Vietnamese economy in the long run, especially exports of garments and textile products, as Vietnam benefits from trade with the other 11 countries participating in the TPP negotiations.
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Bangkok Bank hopes rising FDI, higher incomes will help Vietnam operations
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