Malaysia’s Maybank to double assets in Vietnam by 2027

Maybank plans to double its assets in Vietnam to $2 billion by 2027, becoming a leading foreign bank in terms of syndicated loans to capitalise on a booming economy, according to foreign media.

Maybank Vietnam country chief executive officer Michael Foong was quoted as saying in an e-mail that Vietnam’s robust economic trajectory and burgeoning financial sector present significant opportunities for growth, thus it is a key market where the lender will continue to intensify investment in the coming years.

Vietnam is attracting the interest of foreign investors, especially as companies diversify supply chains. The country topped Southeast Asia’s factory gains in June, and its economy expanded by a faster-than-expected 6.93% in the second quarter, according to S&P Global. The International Monetary Fund expects Vietnam to lead regional growth along with India in 2025.

Maybank 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 $50-100 million, Foong said.

According to him, the bank's brokerage and investment banking unit will expand its margin businesses and also in wealth management, and aims to boost its capital from VND2.2 trillion ($86 million) at present.

The bank has a 16.39% stake in An Binh Bank and is taking steps to improve service and product offerings for retail and small and medium enterprises customers, he added.