Thailand's Kasikornbank signs deal with Vietnam's state investment firm

Thailand's Kasikornbank Pcl and Vietnam's State Capital Investment Corporation Investment (SIC) have signed an agreement to collaborate on investment in Vietnam.

The Memorandum of Understanding signed in Hanoi aims to enhance cooperation in knowledge sharing, technical training and information exchange as well as other projects to explore investment opportunities in Vietnam, they said in a joint statement.

The deal could help to attract foreign investors, improve the investment climate and support Vietnam’s investment development, said Pham Duc Hoan, SIC's director.

The cerenomy in Hanoi where the Memorandum of Understanding was signed.

Vietnam has become one of the most important investment destinations in the region, and the collaboration between SIC and Kasikornbank will help Thai enterprises unlock the investment potential in Vietnam, said the bank's World Business Group Executive, Chat Luangarpa.

SIC, a subsidiary of Vietnam's State Capital Investment Corporation, was established in 2013 to deliver sustainable investment returns and contribute to the country's economic development.

Kasikornbank, Thailand’s fourth-largest lender by assets, has an extensive network in the ASEAN Economic Community region, covering Cambodia, Indonesia, Laos, Myanmar and Vietnam.

Vietnam's foreign direct investment disbursement in the first quarter of 2017 edged up 3.4 percent from a year ago to $3.62 billion, extending from a record inflow of $15.8 billion last year, based on government data. 

In the January-March period, Vietnam also recorded $2.92 billion in new FDI pledges, up 6.5 percent from a year ago, with the manufacturing and processing sectors drawing most of the funds, the Ministry of Planning and Investment said.