Standard Chartered Bank has identified the nation as one of the priority destinations among emerging economies due to its development potential and open-door policy.
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These remarks were made by Jose Vinals, group chairman of the bank, during the course of a dialogue with Vietnamese Minister of Industry and Trade Nguyen Hong Dien held within the framework of Prime Minister Pham Minh Chinh’s recent trip to COP26 in Glasgow, the UK.
Minister Dien stated that the country will devise necessary institutions in a bid to reinforce the internal strength of the national economy and raise the competitiveness of Vietnamese enterprises. These institutions will thereby help businesses to take full advantage of various free trade agreements (FTAs), particularly in export activities whilst meeting the needs of the domestic market.
Furthermore, the Vietnam Ministry of Industry and Trade will move to speed up digital transformation in all production fields and trade, whilst also pursuing a sustainable development model. Vietnamese industrial policy orientations include seeking cleaner, greener production and using energy in a more economical and efficient manner. This is in addition to the development of basic and supporting industries based on achievements of Industry 4.0.
Minister Dien incentivised investors to build projects in line with the nation’s overall industrial development strategy.
In response, Vinals highlighted Standard Chartered’s investment ability to promote technology transfer whilst simultaneously contributing economic benefits to the country.
Moreover, there remains an opportunity for the nation to become one of the world’s important factories, with the country able to participate intensively in the global value chain.
He went on to express his confidence that his bank’s investment strategy is compatible with Vietnamese priority development areas.
Standard Chartered is one of the first five international banks to be present in the nation, officially operating a local branch back in 2009.
Standard Chartered Bank was voted the best priority bank in Vietnam by International Finance Magazine in 2017 and 2018, the best e-retail bank in Vietnam in 2018 and 2019, and the best foreign retail bank in Vietnam in 2021.