Malaysian banks should take the opportunity to expand their presence in Vietnam, where the economy is growing and there are not so many competitors, the Vietnam News Agency quoted CIMB Group’s chief financial officer Kenny Kim as saying Tuesday.

Vietnam’s economy expanded 4.5 percent in the second quarter, up from 3.1 percent in the first, the Hanoi-based General Statistics Office said in July. It may expand 5.5 percent this year, the government said September 1.

HSBC and Standard Chartered Plc. were the first foreign banks to win licenses to set up fully owned operations in Vietnam last year. Australia and New Zealand Banking Group, South Korea’s Shinhan Bank and Malaysia’s Hong Leong Bank Bhd. later received similar approvals.

The State Bank of Vietnam said CIMB Group is the second largest financial services provider in Malaysia and ranks fifth in Southeast Asia. The group’s main markets are Malaysia, Indonesia and Singapore.

Operations overseas accounted for 22 percent of CIMB’s pretax profits in the first six months this year, up from 12 percent from the same period last year, according to the Vietnam News Agency.

CIMB are among six Malaysian banking groups operating in foreign countries, newspaper The Star reported September 1. The other five are Malayan Banking Bhd (Maybank), Hong Leong Bank Bhd, Public Bank Bhd, RHB Banking group and AmBank Group.