Vietnamplus

The Korean credit issuer Hyundai Card has struck a deal that allows it to buy half of total shares at the consumer finance firm FCCOM for nearly 42 million USD.

The merger and acquisition (M&A) scene in Vietnam has become increasingly active with more domestic firms setting up ties with global partners so their brands can reach global customers and develop domestically.

Vietnam has become a favoured destination for merger and acquisition (M&A) deals for foreign investors, particularly those from the Republic of Korea (RoK), China’s Hong Kong, Singapore and Japan as the Asian multinationals see the benefits of having presence in one of the region’s fastest-growing economies.

The competition in the Vietnamese finance and banking market has become fiercer as existing foreign institutions are rushing to increase capital even as new entrants continually join the market.

Deputy Prime Minister Vuong Dinh Hue has urged the Shinhan Card Co., Ltd. of the Republic of Korea (RoK) to develop an ecosystem for financial technology (fintech) firms in Vietnam in training workforce and applying scientific-technological advances.

Several banks are keen to establish consumer finance arms to grab a bigger share of a market that is expected to reach 1,000 trillion VND (4.38 billion USD) by 2020 and grow at 29 percent annually.

Institutions from the Republic of Korea (RoK) have increased their investments in Vietnam’s financial market significantly, expecting to make big gains thanks to the economic growth outlook.

Prudential Plc announced that it had reached an agreement to sell 100 percent of its Prudential Vietnam Finance Company (PVFC) to Shinhan Card Co Ltd at a cost of 151 million USD.