Ha Noi (VNA) – Banking operation has made positive progress since Viet Nam joined the World Trade Organisation (WTO) one year ago, according to Vu Viet Ngoan, Vice Chairman of the National Assembly’s Economic Committee.
The sector’s upward trend will continue in the next few years, he added.
The entry of foreign banks in the domestic market in line with the country’s WTO commitments has positive impact on Viet Nam ’s financial institutions, Ngoan, who used to be General Director of the Viet Nam Foreign Trade Bank, affirmed while responding to a Viet Nam News Agency reporter on the sidelines of the second session of the 12 th NA.
With a population of 85 million and 6 million of them are account holders, Viet Nam is a potential market for card service, prompting its annual development rate of 50-70 percent, Ngoan said.
Though imposing a hard competitive pressure on local peers, foreign banks have prompted them to change their way of thinking and increase their self-motivation.
To increase competitive edge, local banks are in a fierce race to raise their market shares by joining hands with other domestic or foreign partners.
Such banks as the Bank for Investment and Development of Viet Nam and the
Bank for Foreign Trade of Viet Nam are expected to become dynamic financial groups.
During the last year, most commercial joint stock banks have had doubled their chartered capital along with operation scale and network expanded.
Modern technology has enabled these banks to take part in an inter-banking e-payment system.-Enditem
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