Deutsche Bank nearly doubles capital allocation in Vietnam to over US$200 million

DEUTSCHE Bank has nearly doubled its capital allocation in Vietnam, bringing the total injection to over US$200 million.

The German bank said on Monday (May 29) that the increased capital would go towards supporting the bank’s growth in Vietnam and allow it to undertake more activity for its clients.

This comes after revenue for the bank’s Asia-Pacific franchise doubled over the past two years, with Vietnam being a key growth driver for the Asean region, it said.

“This capital investment in Vietnam is reflective of our confidence in this market’s rapid development and long-term growth trajectory,” said Alexander von zur Muehlen, Deutsche Bank’s Asia-Pacific chief executive.

“Vietnam is an increasingly strategic market for our clients. This capital injection will enable us to better support our clients’ expansion plans in the country, and likewise the broader Vietnamese economy.”

Vietnam’s development in the past few years has drawn attention from investors around the world, including Adani Group, which was reported to be exploring the possibility to invest up to US$3 billion in seaport and renewable-energy projects in the country.

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Rising inflation, coupled with climbing costs, have also nudged businesses – particularly those already established in Asia – towards Vietnam for talent and manpower needs.