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Thursday, May 13, 2021

VietinBank: Local bank for foreign enterprises

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With the advantage of being one of the largest local banks in Vietnam, well-equipped with in-depth knowledge of the country’s business and regulations, VietinBank is determined to become a major local bank for international business. The Bank is also amongst the licensed banks that provides investment capital account service for international investors.

Over the past few years, Vietnam has proven to be a rising star, being not only an attractive investment destination, but also an active partner in international treaties.

The Ministry of Planning and Investment’s statistics highlighted 2019’s total inflow of foreign direct investment (FDI) (including newly registered capital, additional capital to existing projects and share purchasing) amounted to nearly US$38.02 billion, representing a year-on-year growth of 7.2%. In the first seven months of 2020, amid the pandemic, a total sum of US$18.82 billion was poured into over 2,000 projects in Vietnam.

Throughout the years, with the increase in total investment value, the role of foreign direct investment (FDI) and foreign indirect investment (FII) in Vietnam’s socio-economic development are also strengthened. The investment has driven economic growth and restructuring, stimulated trade activities, as well as introduced and transferred new technologies, labour and management skills.

To make Vietnam even more attractive to foreign investors, the Vietnamese government has been improving its legal framework and regulations. Circular No. 06 issued on June 26th, 2019 carries significant regulation and guideline in governing foreign exchange of foreign investment activities in Vietnam. In particular, any transaction related to direct or indirect investment transactions by a foreign investor must be implemented via an investment capital account opened by a licensed bank which is permitted to trade in and supply foreign exchange.

As one of the largest local banks in Vietnam, VietinBank pioneers in supporting foreign investors from various industries. With the motto of being the strong partner to support foreign investors’ business in Vietnam, the Bank has broadened its nationwide network, deepened its understanding of regulations, strengthened its relationship with the local authorities and businesses, which in turn will massively benefit foreign investors during their business journey in Vietnam. By end of July 2020, VietinBank was proud to be the trusted partner of over 3,000 foreign investors.

VietinBank is amongst the licensed banks that provide the investment capital account service for international investors.

Quickly adapting to the new regulations, VietinBank provides a full package of services for international investors. Apart from investment account services (including but not limited to direct investment account, indirect investment account, escrow account), the package also includes other services such as deal structure advisory, domestic and international remittance, FX SPOT and structered FX services at competitive fees and rates.

Under the mission of being “The Local Bank for International Business”, VietinBank is committed to becoming foreign investors’ trusted companion throughout every step of their journey in Vietnam, and bringing them satisfaction by providing the most professional banking experiences.

Should you have any queries, please do contact VietinBank via email: fdi@vietinbank.vn for further assistance.

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