Bank of India opened its representative office in Ho Chi Minh City in 2003 as a part of India’s “Look East” policy to develop close economic as well as strategic relations with countries in the region.
Last year, the bank received a foreign-branch licence to operate in Vietnam, giving support to small and medium-sized enterprises as well as encouraging ventures between Vietnamese and Indian companies.
It will provide core banking services, such as accepting deposits from customers and lending to borrowers in dong and foreign currencies in Vietnam.
Bank of India, which was established in 1906, is among the top five government-owned banks in India, with a global network of 5,016 branches in India and abroad.

Citing Brunei’s positive outlook from the recently published “The Report: Brunei Darussalam 2016”, OBG’s managing editor for Asia, Paulius Kuncinas, said efforts to enhance Brunei’s business climate were instrumental in helping the country move up the World Bank’s Ease of Doing Business rankings this year and would support the drive to attract new foreign direct investment (FDI) in targeted industries.
“While the challenges cannot be underestimated, we expect a sharpened focus on areas such as manufacturing to provide firm foundations for non-oil growth,” Kuncinas said.
Meanwhile, Andrew Jeffreys, OBG’s chief executive officer and editor-in-chief, said that while Brunei had felt the weight of declining revenues due to low oil prices, its efforts to broaden the economy were taking root.
“The sultanate has shown its commitment to boosting non-energy growth by announcing plans to invest in key areas such as education, infrastructure, and research and development,” said the head of the global publishing, research and consultancy firm.
“The move to elevate tourism to ministerial status is yet another sign that Brunei’s bid to look beyond oil for growth, in line with its long-term development road map, ‘Wawasan Brunei 2035’, is gathering pace,” he said.
“The Report: Brunei Darussalam 2016” marks the culmination of more than six months of field research, OBG said.
The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments and is available in print and online.

Halal and aquaculture
The report also highlighted Brunei’s halal and aquaculture industries, both of which it sees as ripe for expansion.
Also available in the report are detailed coverage of the developments under way in the country’s tourism sector, as the government moves to tap niche areas, including the eco-tourism and Islamic segments, and boost arrivals from promising markets such as China.
OBG’s report considers the key role that the country’s pipeline of projects is expected to play in supporting a more diversified economy, especially the major Temburong Bridge initiative, which will connect the two sides of the country, and a planned manufacturing hub.
The report also explores the measures that the country is taking to enhance its business environment in a bid to boost foreign investment.

Nouxay, of the Daehan assembly factory under the Kolao Group, said they expected sales of the locally-made pickups to hit 10,000 vehicles by the end of this year.
That would represent an increase of around 20 per cent compared to last year’s 8,000 pickups sold while its share of the pickup market has continued to grow to 26 per cent in Laos.
He said the Kolao Group had now created its own brand “Daehan” which with the exception of the chassis was assembled in Laos from imported parts, after the government banned used-car imports partly over environmental issues.
Daehan has the potential to produce its full capacity of 40,000 vehicles a year by pushing exports to regional markets.
This year Daehan is targeting the assembly of 10,000 pickups, aiming to expand into markets in Vietnam, Myanmar, Cambodia, and Pakistan, Nouxay said.
Recently, the company sent two sample Daehan pickups to those countries to test the market and received good feedback.
If all goes as planned, Daehan will export pickups starting next year, but is unsure how many will be ordered.
Presently, the Lao pickup market is highly competitive with numerous imported brands, but Daehan believes its pickup will continue to see good sales as they have their own factory in Laos which enables customers to access after-sales services, he explained.
According to carsblog.com, 2,811 new light vehicles found buyers in Laos in January this year, with Toyota still holding the lion’s share of the market at 44 per cent, thanks to 1,236 deliveries. Local truck brand Daehan continues to progress, reaching a very impressive 26 per cent share compared to 17.6 per cent in 2015.
Dongfeng jumped to 6.9 per cent, distancing Hyundai on 2.9 per cent, with Chery at 2.3 per cent and BYD also 2.3 percent.
Chinese carmakers hold 14.2 per cent of the Lao market compared to 12.5 per cent in 2015. Model-wise, one in every three vehicles sold in Laos is a Toyota Hilux, with the Daehan D-100 on the rise with an 11.6 per cent share.

Najib said those named in the claims must take responsibility and clear their name, adding that the Government would ensure no government funds were abused.