Malaysia’s Maybank to double assets in Vietnam by 2027

Malayan Banking Bhd (Maybank) plans to double its assets in Vietnam to 2 billion USD by 2027, becoming the leading foreign bank in terms of syndicated loans to capitalise on a booming economy, according to foreign media.

Malayan Banking Bhd (Maybank) plans to double its assets in Vietnam to 2 billion USD by 2027 (Photo: Tribune)
Malayan Banking Bhd (Maybank) plans to double its assets in Vietnam to 2 billion USD by 2027 (Photo: Tribune)

Hanoi (VNA) - Malayan Banking Bhd (Maybank) plans to double its assets in Vietnam to 2 billion USD by 2027, becoming the leading foreign bank in terms of syndicated loans to capitalise on a booming economy, according to foreign media.

Maybank Vietnam Country Chief Executive Officer Michael Foong was quoted as saying in an e-mail that Vietnam’s robust economic trajectory and burgeoning financial sector present significant opportunities for growth, thus it is a key market where the lender will continue to intensify investment in the coming years.

Vietnam is attracting the interest of foreign investors, especially as companies diversify supply chains. The country topped Southeast Asia’s factory gains in June, and its economy expanded by a faster-than-expected 6.93% in the second quarter, according to S&P Global. The International Monetary Fund expects Vietnam to lead regional growth along with India in 2025.

Maybank also aims to strengthen its role in foreign direct investment in Vietnam and will target new mid-tier corporate clients with annual revenues ranging from 50-100 million USD, Foong said.

According to him, the bank's brokerage and investment banking unit will expand its margin businesses and also in wealth management, and aims to boost its capital from 2.2 trillion VND (86 million USD) at present.

The bank has a 16.39% stake in An Binh Bank and is taking steps to improve service and product offerings for retail and small and medium enterprises customers, he added./.

VNA

See more

The DITP predicts the Chinese market for dried and preserved fruits will reach 335.3 billion CNY (46 billion USD) by 2028. (Photo: The Nation)

Thailand leads dried fruit exports to China

The DITP predicts the Chinese market for dried and preserved fruits will reach 335.3 billion CNY (46 billion USD) by 2028 and is urging Thai businesses to capitalise by developing innovative, high-quality products.

Singaporean Minister for National Development Desmond Lee (Photo: straitstimes.com)

Singapore makes efforts to upgrade social housing

Singaporean Minister of National Development Desmond Lee said on February 17 that 29,000 flats built in 1997 or earlier have been chosen for the Housing Board’s Home Improvement Programme (HIP) and will get structural improvements and upgrades to bathrooms and entrances, among other things.

Indonesia's Ministry of Marine Affairs and Fisheries is encouraging the utilization of marine biopharmaceuticals. (Photo: Antara)

Indonesia promotes Marine Biopharma in healthcare

The ministry's Director General of Marine and Ocean Space Management Victor Gustaaf Manoppo stated that this initiative aims to enhance national pharmaceutical resilience while empowering coastal communities involved in the supply chain of natural medicinal ingredients.

Myanmar cracks down on online scam centres

Myanmar cracks down on online scam centres

An estimated 220,000 people were estimated to have been tricked into working for romance-investment schemes, crypto fraud, money laundering and illegal gambling in Myanmar and Cambodia in 2023.

People get vaccinated against influenza in Thailand. (Photo: Xinhua/VNA)

Thailand sees surge in influenza cases

Thai Public Health Minister Somsak Thepsutin said there has been a big jump in infections in February, calling on people showing symptoms that could be flu to stay home, to prevent spreading the virus.

Thai PM Paetongtarn says AI technology needs to be adopted and regulated to help drive the Thai economy. (Photo: bangkokpost.com)

Thailand touts draft AI regulation

AI is expected to become a key tool in driving businesses and developing industries in Thailand, said Prime Minister Paetongtarn Shinawatra.

At the Korea-Malaysia Trade Ministers' Meeting in 2023 (Photo: Koreaherald.com)

Malaysia, RoK resume FTA talks

The latest round of talks will take place in Kuala Lumpur from February 17 to 20, with discussions covering 11 key sectors, including goods, services, investment, and economic cooperation.