Southeast Asia Information Harbor (www.dnyxxg.com) – Maybank of Malaysia plans to double its assets in Vietnam to US$2 billion by 2027, aiming to become a leading foreign bank in syndicated loans and capitalize on the booming economy.
Maybank Vietnam CEO, Phong Mak, stated, “Vietnam’s strong economic trajectory and thriving financial sector offer tremendous growth opportunities, and we will continue to increase our investment there in the coming years.”
Vietnam is attracting increasing interest from foreign investors, especially against the backdrop of businesses diversifying their supply chains.
Data from S&P Global shows that Vietnam’s manufacturing sector grew faster than any other in Southeast Asia in June. In the second quarter of 2024, Vietnam’s economy grew faster than expected, reaching 6.93%.
The International Monetary Fund predicts that Vietnam, along with India, will lead regional economic growth in 2025.
Mr. Phong Mak stated that Maybank also aims to strengthen its role in foreign direct investment (FDI) in Vietnam and will target new mid-range corporate clients with annual revenues between US$50 million and US$100 million. Its brokerage and investment banking division will expand its margin trading and wealth management businesses and plans to increase its capital, currently at VND 2.2 trillion (USD 930 million).
Mr. Phung Mac said that Maybank also holds a 16.39% stake in An Binh Bank, which is taking steps to improve its services and products for retail and SME clients. (End)
