Vietnamese banks take steps to foreign markets
15:16 | 18/12/2008
VGP – The National Bank of Cambodia just officially announced that after Sacombank, the State-run Việt Nam Bank for Agriculture and Rural Development (Agribank) becomes the second Vietnamese bank which has its branch in Cambodia.

Agribank is the second Vietnamese bank opening its branch in Cambodia 

So far, these two Vietnamese banks are completing necessary procedures to put their Cambodia-based branches into operation in order to serve investment and trade activities between the two nations.

NBC Governor Chea Chanto underscored that the involvement of Vietnamese banks in the Cambodian financial and banking markets will help to boost the bilateral economic and commercial ties between the two neighboring countries.

Especially, the signing of an MoU between the central banks of the two countries on sharing information of banking supervision will lay the legal foundation for commercial banks to run effectively and safely in the context of severe competition and global integration.

Not only setting up its branch in Cambodia, Sacombank had also opened its branch in Laos and a representative office in China’s Guangxi Province, becoming the first bank of Việt Nam to successfully penetrate into foreign markets.   

Meanwhile, another State-owned bank, BIDV (Bank for Investment and Development of Việt Nam) inaugurated its branch in Laos.

By Hương Giang

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