Many of the country's formerly state owned banks have been working hard to diversify their financial products and services range after completing their equitisation process.
Two in particular, the Bank for Foreign Trade of Viet Nam (Vietcombank) and the Bank for Investment and Development of Viet Nam (BIDV) have been aggressive in seeking out local strategic partnerships and investments in a multitude of areas, including large-scale infrastructure projects.
As a first step into infrastructure investment, Vietcombank - one of the largest commercial banks in the country - has followed suit by announcing that it would invest in the multi-billion USD Ha Noi-Hai Phong expressway project.
The bank has publicly stated that along with partners more cooperative agreements worth billions of USD are on the way.
BIDV has also found itself to be a major player by coming onboard with the Dak Drinh Hydro-electric Power Company, Sai Gon-Long Thanh-Dau Giay highway and Viet Nam-Laos hydroelectric plant projects.
Scheduled to be equitised by August 2008, the Bank for Agriculture and Rural Development (Agribank) has now completed all needed procedures to turn itself into a multi-ownership financial group.
Agribank is planning to become a holding firm with at least 11 subordinate joint stock companies that will operate in the fields of insurance, securities, finance leasing, trade services, financial investment, real estate and jewellery trading.
However, experts from the State Bank of Viet Nam have warned that it is imperative that the banks rapid expansion be met by increased managerial professionalism.
Source: VNA
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