While western banks are having limited presence in Vietnam, their Asian peers have greater interests in the country.
Growing risk from bad debts and high capital mobilization rates are major reasons why some foreign banks, mainly those from the US and Europe, are scaling back their operation in Vietnam.
Last year, despite the severe Covid-19 pandemic, Shinhan Vietnam posted pre-tax profit of VND3.07 trillion (US$133.7 million), an increase of 8.4% year-on-year.
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