The Vietnamese financial market has expanded rapidly in recent years, following Vietnam's accession to the WTO in 2007.
Financial Services Sector in Vietnam
The Vietnamese financial market has expanded rapidly in recent years, following Vietnam?s
accession to the WTO in 2007. That brought rapid liberalisation, privatisation and globalisation
of the market, which has generated exciting opportunities for an increasing number of
international financial investors.
Vietnam?s banking sector presents some of Asia?s biggest opportunities and challenges. Vietnam
is largely undeveloped territory for banking services. Out of a total population of 87 million
(2010), less than 20% of Vietnamese have a bank account, around 17 million ATM cards are in
use. Only 2% have ever taken out a bank loan, leaving enormous potential for growth.
Vietnam is also undertaking extensive reforms to make its banking system stronger and more
resilient. The State Bank of Vietnam (SBV) is now seriously looking into restructuring weak
banks to ensure the liquidity in the Vietnam banking system.
? The Vietnamese government encourages the participation of foreign and private capital in
small and medium sized commercial banks. UK banks can consider the option of equity
investment in local small and medium sized commercial joint stock banks. Investment in
ICT infrastructure could be another opportunity for UK banks to look at.
? Mergers and acquisitions are a new trend in Vietnam. The need for experienced
professional brokers, lawyers and consultants in the M&A field represents as opportunities
for British companies.
? The insurance sector has expanded rapidly in recent years with a number of new foreign
companies. Non-Life Insurance: there are areas of the market that remain under-
developed, for example, agriculture, business loss and employer liability. Life Insurance:
With 60% of the population under age 30, and GDP per capita growing fast, the
Vietnamese people can increasingly afford to buy a full range of insurance products and
services. The statistics show that only around 7 million people in Vietnam are insured (just
7% of the population). Such low penetration suggests a great potential for the industry.
Latest export opportunities ? Financial and Professional Services
Latest export opportunities - Vietnam
Getting into the market
Be prepared to invest in the medium term without expecting an immediate return.
Strong local partnerships are an important way of understanding the market, as well as accessing
established networks and customer bases.
More about doing business in Vietnam
Market intelligence is critical when doing business overseas, and UKTI can provide bespoke
market research and support during overseas visits though our chargeable Overseas Market
Introduction Service (OMIS).
To commission research or for general advice about the market, get in touch with our specialists
in country - or contact your local international trade team.
? Nguyen Phuong Nam, British Embassy Hanoi. Tel: +84 (4)3936 0529 or email:
? Le Hanh Le, British Consulate General HCMC. Tel: +84 (8)3825 1380 or email:
Contact your local international trade team
Banking Vietnam 2012, Hanoi
Date: 22-24 May 2012
UKTI runs a range of events for exporters, including seminars in the UK, trade missions to
overseas markets and support for attendance at overseas trade shows.
Latest events ? Financial & Professional Services
Latest events ? Vietnam
More about OMIS and other UKTI services for exporters