Good morning Vietnam: Chinese brokers eye neighbouring springboard for overseas expansion

When Wang Junhong was helping Chinese brokerage Guotai Junan International establish a foothold in Vietnam, he had to knock on the door of a familiar Chinese bank. As part of the Hong Kong-based firm’s expansion into Southeast Asia, it had acquired a controlling stake of a small Vietnamese securities company in 2019, but it still needed financing to expand its operation. Wang, now chairman of Guotai Haitong Securities (Vietnam), turned to China Construction Bank’s branch in Ho Chi Minh City,...