MENTION Vietnam and most people think of war, but when the administration of US President Bill Clinton announced it would not oppose international lending to Hanoi, images of another kind start to come to bankers' mind.
The news will generate funds for the infrastructure projects, and gives hope for the economy's future.
Foreign banks were quick to grasp opportunities once the door was slightly open in 1989, with seven foreign banks having established branches in the country - five in Ho Chi Minh City and two in Hanoi.
Of the seven banks, four are French, two Thai and one Australian.
''In 1989, when the economy first opened up, all bankers in the country were experts in handling bad debts, because Vietnamese banks had bad reputations for repayment,'' said Banque Nationale de Paris deputy general manager Hubert Marchat, who headed the bank's operation in Vietnam from 1989 until August last year.
BNP was one of the first five banks allowed to open a branch in Ho Chi Minh City.