Both foreign and domestic banks are racing to develop retail sale strategies in Vietnam, the 93-million-people country-a fertile land for banking retail business.

HSBC leads foreign banks in retail sales revenue. Foreign and domestic banks are developing retail sale strategies.

Vietnam’s two largest foreign banks, HSBC and Standard Chartered Bank, have seen robust retail sales. Standard Chartered Bank officials said that the bank plans to recruit more in the retail sale cluster. Meanwhile, with a profound understanding of the domestic market, HSBC leads foreign banks in retail sales revenue.

Shinhan Bank, from the Republic of Korea (RoK), also wants a slice of Vietnam’s retail sector. Recently, the bank purchased the retail business of the Australia and New Zealand Banking Group (ANZ). Last year, the bank outstripped domestic banks by earning more 1 trillion VND (43.9 million USD) from retail services.

Two other foreign banks have been on the lookout for retail businesses from other banks in the country.

Another bank from the RoK, Woorie, is making a beeline to branch out retail products in the country this year.

Meanwhile, retail is a core strategy of domestic banks. Large names like BIDV, VietinBank and Vietcombank are also developing in the retail sale sector.

VIB has announced the completion of its acquirement of a foreign bank’s branch in Ho Chi Minh City.

The VIB leader declined to reveal the name of the branch, but added the bank pursues its plan of purchasing the retail business of other banks in 2017. 

VNA