Foreign Banks in Vietnam Likely Make Profit of US$84.8 Mln This Year
Foreign banks and financial firms are expected to make total pre-tax profits of VND1.4 trillion (US$84.85 million) in Vietnam this year, down 42 per cent from VND2.4 trillion last year, a central bank statement said Thursday.
Central Bank Governor Nguyen Van Giau who met with the representatives of foreign banks and financial firms on December 10, said the foreign banking sector has been profitable this year, though some of foreign banks were reporting losses.
By the end of November, the central bank of Vietnam has signed 16 agreements valued at US$1.7 billion with the World Bank and the Asian Development Bank, and it plans to sign two other agreements valued at US$165 million with the WB and ADB before the end of this year.
So far Vietnam has received 157 assistant programs valued at US$13.4 billion from the WB and ADB, it said.
Currently, Vietnam has 36 foreign bank branches, five joint venture banks, nine financial companies, three wholly foreign-owned banks and 54 representative offices of foreign banks. (SBV)
Vietnamese
