Thailand’s 2nd largest bank set for Vietnam entry

Thailand’s second-largest lender by assets, Kasikornbank, plans to open a branch in Ho Chi Minh City in the third quarter this year.

“Attention is now focused on Vietnam as a regional investment hub that has attracted the world’s leading companies, including from Thailand, thanks to its strong economy,” the bank’s executive vice-president, Pattarapong Kanhasuwan, said in a statement, adding its recovery should be helped by its success in containing Covid-19.

The new branch gained regulatory approval in January and plans to lend THB10 billion ($333 million) in its first year of operation.

The bank will focus on Thai and foreign businesses investing in Vietnam and startups in digital technologies.

Thailand was the seventh-largest foreign investor in Vietnam last year with $292 million, according to the Ministry of Planning and Investment.