Maybank aims to double Vietnam assets by 2027

Malaysia’s biggest lender also aims for its securities unit to be the leading foreign broker in Vietnam.

Petaling Jaya: Malayan Banking Bhd (Maybank) plans to double assets in Vietnam to US$2bil by 2027 and become the country’s top foreign bank for syndicated loans, to capitalise on a booming economy.

Malaysia’s biggest lender also aims for its securities unit to be the leading foreign broker, Maybank Vietnam country chief executive officer Michael Foong said in an emailed response to questions.

Vietnam is attracting increasing foreign investor interest, especially as companies diversify supply chains away from China. The country topped South-East Asia’s factory gains in June, according to S&P Global data, and its economy expanded a faster-than-expected 6.93% in the second quarter.

The International Monetary Fund expects Vietnam to lead regional growth along with India in 2025.

“The country’s robust economic trajectory and burgeoning financial sector present significant opportunities for growth,” Foong said.

Vietnam is a “key market where we will continue to intensify investment in the coming years.”

The bank also aims to strengthen its role in foreign direct investment in Vietnam and will target new mid-tier corporate clients with annual revenues ranging from US$50mil to US$100mil, Foong said.

Its brokerage and investment banking unit will expand its margin businesses and also in wealth management, and aims to boost its capital from 2.2 trillion dong or about US$86mil at present.

Maybank also has a 16.39% stake in An Binh Bank, which Foong said is taking steps to improve service and product offerings for retail and small and medium enterprise customers. — Bloomberg