To Huy Vu, Director of the International Cooperation Department at the State Bank of Vietnam, emphasized that foreign banks and foreign direct investment (FDI) enterprises have played a crucial role in the success of Vietnam’s Doi moi (Renewal) process.
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Mr.Dirk Kipp, member of LBBW's Board of Managing Directors, speaking at the ceremony |
He expressed his hope that LBBW will continue to leverage its strengths, acting as a bridge between Vietnamese businesses and those in Germany and Europe, while continuing to offer banking products and services tailored to the needs of both Vietnamese and European companies operating in Vietnam.
The official said he is confident that with the over-200-years tradition of the bank and the excellent achievements Vietnam and Germany have gained over the past 50 years, LBBW will continue to grow strongly and make a positive contributions to the strategic partnership between the two countries.
Dirk Kipp, member of LBBW's Board of Managing Directors, said that when the bank opened its representative office in Hanoi three decades ago, Vietnam had just begun its transformation and was opening up to the world, embracing reforms, investment, and growth, particularly after joining the ASEAN Free Trade Area.
LBBW is also proud of its contribution to Vietnam’s green energy transition, Kipp said, elaborating that the bank was involved in financing Vietnam's first LNG power project, marking a significant step forward in diversifying energy sources and promoting sustainable development. Additionally, LBBW supports around 10% of the wind power projects currently operational in Vietnam, helping to harness natural energy for a sustainable future, he noted.
The bank has placed a strong emphasis on cooperation and knowledge sharing by working closely with partners in Vietnam such as banks, corporations, and non-bank financial institutions, and offering expertise and advisory services to meet the needs of the growing economy. Together, they are paving the way for sustainable development, driving innovation, and empowering communities, said Kipp.
In recent years, he went on, LBBW has also expanded into mergers and acquisitions (M&A) advisory services in Vietnam. Successful M&A transactions, particularly in the renewable energy sector, have marked a major milestone in the face of global economic challenges. This success highlights the long-term commitment of FDI in Vietnam.
As part of its 30th anniversary celebrations, LBBW has signed a memorandum of understanding (MoU) with Vietnam’s Techcombank and Techcom Securities to further expand its services in the country. The MoU focuses on supporting German companies in Vietnam and enhancing cooperation in financial solutions and the capital market.
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A signing ceremony for the MOU between LBBW and Techcombank |
Kipp said that LBBW’s partnership with Techcombank and Techcom Securities is a significant step in this direction and reflects the bank’s desire to further grow in the region.
LBBW is one of the three largest banks in Germany, with over 200 years of history. It offers a wide range of products and services, including retail banking, corporate banking, and financial institutions, and operates as a central bank for savings banks in the Baden-Wurttemberg region.
Source: VNA