Thailand’s 2nd largest bank set for Vietnam entry
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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.
Questions & Answers
Q.When will Kasikornbank open its branch in Ho Chi Minh City?
When will Kasikornbank open its branch in Ho Chi Minh City?
Kasikornbank plans to open its new branch in Ho Chi Minh City during the third quarter of this year. Regulatory approval for the branch was secured in January.
Q.What is Kasikornbank's lending target for its first year of operation in Vietnam?
What is Kasikornbank's lending target for its first year of operation in Vietnam?
The bank plans to lend THB10 billion, equivalent to $333 million, during its first year of operation. This lending will target specific business types in Vietnam.
Q.Which types of businesses will Kasikornbank focus on in Vietnam?
Which types of businesses will Kasikornbank focus on in Vietnam?
Kasikornbank will focus on Thai and other foreign businesses that are investing in Vietnam. The bank also intends to support startups operating in digital technologies.
Q.Why is Kasikornbank choosing to enter the Vietnamese market?
Why is Kasikornbank choosing to enter the Vietnamese market?
The bank views Vietnam as a regional investment hub that has attracted leading global companies. Its executive vice-president noted Vietnam's strong economy and successful containment of Covid-19.
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