Hanoi (VNA) – HSBC will continue to boostsustained investment in Vietnam, which has become an important market for thebank, Chief Executive Officer of HSBC Vietnam Pham Hong Hai told the VietnamNews Agency (VNA). In a talk with a VNA reporter revolving around the withdrawal of several foreignbanks from Vietnam, Hai said the country has many advantages that attractforeign investors, such as stable economic growth and socio-political situationand a young and dynamic population. In particular, the country has an open government supportiveof international economic integration, as seen through its signing of a seriesof bilateral and multilateral free trade agreements, with the latest being theCPTPP. Those agreements, with their standards and principles on trade,investment, intellectual property, the environment and labour, are expected toopen up many business opportunities and promote Vietnam as an investmentdestination. The bank chief further cited figures that demonstratedVietnam’s potential, including a retail market worth 158 billion USD in 2016with an average growth of 20 percent (statistics of the Vietnam GeneralStatistics Office), and a huge market with the third largest population in the Association of Southeast Asian Nations (ASEAN), along with an expanding middle class expected to reach 35 million before2020. He also took note of the Government’s moves to improve thebusiness and investment environment, which helped improve Vietnam’s ranking inthe Getting Credit category of the World Bank’s Doing Business Report 2018 tothe 29th place among 190 surveyed nations with 75 out of 100 points,up 5 points from 2017 and higher than the average 57 points in the EastAsia-Pacific region. The country is also catching up with the global trend ofnon-cash payment and fintech. All those factors have helped Vietnam maintain itsattractiveness towards foreign investors, Hai said. Regarding recent moves of foreign banks in Vietnam, hecalled attention to the current trend among those banks when they shift focuson markets where they have advantages and those of large scale in order toachieve growth in line with the goals set by the parent banks. According to Hai, many foreign banks are reviewing theirlong-term operation strategies in Vietnam with a view to making suitableadjustments and investment decisions. They are focusing efforts on self-drivendevelopment and their own internal strength, according to Hai. Meanwhile,foreign investment funds are likely to invest in domestic banks with potentialfor development and healthy business administration.  Therefore, it can be said that the change in forms ofinvestment such as becoming strategic partners, re-purchasing or investing inself-driven development is normal in foreign banks’ operation, he said. About HSBC Vietnam’s targets, the director general said itwill push forwards with the goal to become the bank of choice of foreigninvestors who want to do business in Vietnam, and also of domestic firms whichwant to expand to the world market. He added that retail financial services and corporatefinance will continue to be the two key development priorities for his bank. “Our goal is to become the best international bank inVietnam,” Hai said.-VNA