Vietnam has excellent prospects for developing its consumer credit market, said the General Director of the Standard Chartered Bank (SCB) in Vietnam, Ashok Sud.

In his talks with the Thoi Bao Ngan Hang (Banking Times) following SCB Vietnam’s official debut in late August, Sud noted that the consumer credit market accounts for only between 5-7 percent of the country’s total compared to the 30-40 percent rate in other countries.

The bank also sees good opportunities in the wholesale credit because Vietnam is in need of major infrastructure projects and foreign investment. SCB Vietnam is confident that it can provide products that bring the most benefit to its customers be they are based in China and other Southeast Asian Nations (ASEAN) or anywhere, he added.

SCB Vietnam not only facilitates direct foreign investment capital flows but also connects businesses in Vietnam with trading partners in other countries, said Sud.

The bank offers package products in most fields, ranging from cash management to commercial sponsorships and also issues bonds.

SCB Vietnam Ltd, the third of five banks licensed to set up wholly foreign-owned banks in Vietnam, officially began operating on Aug. 28, 2009, although it received its licence almost a year ago.

According to Sud, most of the market share still belongs to local banks despite the presence of some 40 foreign banks, which account for less than 10 percent of the market and this figure will remain stable over the next 10-15 years./.