Vietnam opens door to foreign investors in banking and telecom sectors

Vietnam government will allow greater foreign ownership of banks of up to 49 percent as it seeks to revive growth in the country.

In addition, there are plans to sell shares in companies such as Vietnam Airlines Corp.,, Vietnam Posts & Telecommunications Group, and Vietnam Oil & Gas Group.

The Prime Minister Nguyen Tan Dung also said he is considering increasing the foreign ownership limit in banks and telecommunication companies. Total foreign ownership in any lender is currently from 20% - 30% which limits offshore interest in Vietnamese banks.

Vietnam has reduced the number of companies which are wholly-owned by the government to 1,300 from 12,000.

Source: From Vietnamese version.