[Vnbiz] Vietnam Operations Fetch Foreign Banks Profit Over US$150 Mln

[Tai Phan]

Vietnam Operations Fetch Foreign Banks Profit Over US$150 Mln

(RTTNews) - The total pre-tax profits of foreign-invested banks and credit
organizations in Vietnam rose over 2.4 trillion Vietnamese dong or US$150
million in 2007. This compared to 1.7 trillion Vietnamese dong or US$106.2
million in 2006, the Vietnam Economic Times said Wednesday. The newspaper
said the branches of foreign banks alone gained pre-tax profits of
1.9trillion VND or US$118.7 million.

The U.S. and other foreign banks could establish 100% foreign-invested
subsidiaries in Vietnam since April last year, under World Trade
Organization commitments.

Foreign banks and foreign-invested credit institutions hold assets worth
more than 215 trillion VND in 2007, up 7.5% over a year ago. This accounted
for 18.0% of the total assets of all commercial banks and credit
organizations in Vietnam.

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