In only the first two months of this year, the banking, financial services and insurance sector (BFSI) of Vietnam received up to US$1.45 billion worth of investment.
According to the latest report conducted by the Foreign Investment Agency (FIA), Vietnam's BFSI has attracted US$1.45 billion from foreign investors which is much higher compared with the figure of US$20.2 million in the same period last year due to recent mergers and acquisitions (M&A) deals.
The State Bank of Vietnam (SBV) has inked the decision on approving the transfer of the entire stake in TechcomFinance held by the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) to Korea-based Lotte Card, a subsidiary company of Lotte Group.
The investor (Korean) revealed that the deal price was estimated at 87.5 billion won, equivalent to VND1.73 trillion (US$76.3 million), 2.89 times higher than TechcomFinance's charter capital.
In last month, Mirae Asset Global Investments which is under South Korea's Mirae Asset Finance Corporation signed a joint venture agreement with Tin Phat Asset Management Company, a subsidiary of Vietnam Capital Investment Corporation (SCIC).
Shinhan Card, a subsidiary of South Korea's Shinhan Financial Group, has decided to spend US$151 million to buy Vietnam's Prudential Finance. This deal was finalized in January this year.
It is expected that the stock market will become the most attractive investment channel for investors in 2018.
As planned, Techcombank, TPBank and Maritime Bank are expected to list on the stock market. These moves will boost the banking sector as well as the stock market.
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The United Capital Management Joint Stock Company (Unicap) which manages investment funds will provide financial services to FLC and Faros in the near future.
Techcombank has announced that two separate legal entities managed by Warburg Pincus will invest over US$370 million into the Bank, subject to appropriate regulatory approvals.
It is feared that the escalating trend of trade protectionism will hinder global growth and make many businesses struggle for survival.
According to the World Bank, remittances to Vietnam in 2017 are estimated at a record high of US$13.81 billion, increasing by US$1.9 billion, equivalent to 16% over 2016.
Within less than five months leading the Southeast Asia Joint Stock Commercial Bank (SeABank), Nguyen Canh Vinh has resigned from this position since February 8, 2018, for personal reason.
Techcombank announced that its pretax profit in 2017 reached over VND8.03 trillion (US$354.4 million), doubling that in 2016 and naming Techcombank in Vietnam’s top five profitable banks.
