当王俊鸿协助中国券商国泰君安国际在越南站稳脚跟时，他不得不敲开一家熟悉的中资银行的大门。
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.
作为这家总部位于香港的公司拓展东南亚业务的一部分，它于2019年收购了一家越南小型证券公司的控股股份，但仍需要融资来扩大业务。
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.
现任国泰海通证券（越南）董事长的王俊鸿，求助于中国建设银行胡志明市分行，凭借他在金融行业多年积累的人脉关系，敲定了一项早期融资安排。
Wang, now chairman of Guotai Haitong Securities (Vietnam), turned to China Construction Bank’s branch in Ho Chi Minh City, drawing on relationships he had built during his years in the financial industry to secure an early financing arrangement.
“信任已经存在，”王俊鸿在最近接受《南华早报》采访时回忆道。该银行同意提供融资，帮助这家券商启动业务。
“Trust was already there,” recalled Wang in a recent interview with South China Morning Post. The bank agreed to provide financing, helping the brokerage get its business moving.
这是一家中资金融机构进军陌生市场的微小开端——也让人一窥内地券商在早期打开海外市场大门有多么艰难。
It was a modest beginning for a Chinese financial institution venturing into unfamiliar market - and a glimpse into how hard it was for mainland brokerages to open doors across overseas markets in their early years.
“我们的一些核心优势必须带过去，”他补充道，指的是公司与中资企业建立的强大网络。
“Some of our core strengths have to be brought over,” he added, referring to the strong network the company had built with Chinese firms.
国泰君安国际于2019年进入越南，当时收购了越南投资证券约51%的股份——“一家小型的本地上市券商”。随后，其持股比例增至约67%。
Guotai Junan International entered Vietnam in 2019, when it acquired about a 51 per cent stake in Vietnam Investment Securities - “a small, locally listed brokerage”. It subsequently increased its holding to about 67 per cent.
经过数年发展，该越南业务如今在该国约80家本地券商中处于中游水平。据王俊鸿透露，公司拥有约70名员工，年收入超过1000万港元（约130万美元），已扭转累计亏损。
With several years of development, the Vietnamese operation now ranks in the middle of roughly 80 local brokerages in the country. It had around 70 employees and earned more than HK$10 million (US$1.3 million) annually, having wiped out its accumulated losses, according to Wang.
此次扩张正值中国券商寻求拓宽海外布局之际，鉴于地理邻近性和紧密的贸易往来，东南亚被视为主要跳板。
The expansion came as Chinese securities firms were seeking to broaden their overseas presence, with Southeast Asia seen as a major springboard given its proximity to China and close trade ties.
中国银河证券于2017年通过与马来西亚CIMB集团的合作开启区域布局，随后于2023年全资收购了该证券业务。
China Galaxy Securities began its regional push through a partnership with Malaysia’s CIMB Group in 2017, subsequently taking full ownership of the securities business in 2023.
其国际业务部门银河国际此后在该地区建立了显著影响力，跻身马来西亚、新加坡、印度尼西亚和泰国的领先券商之列。
Its international arm, CGS International, has since established a significant presence across the region, ranking among the leading stockbrokers in Malaysia, Singapore, Indonesia and Thailand.
国泰君安较早在新加坡设立业务，但王某表示，该市场的成熟度意味着在包括企业融资在内的某些领域，快速扩张的空间较小。
Guotai Junan had established operations in Singapore earlier, but Wang said the market’s maturity meant there was less room for rapid expansion in certain areas, including corporate financing.
“在成熟市场，一切都已经建立完备，”王某说道，解释了为何公司将目光投向发展中经济体以寻找下一个机遇。
“In a mature market, everything has already been built,” Wang said, explaining why the firm looked towards developing economies for its next opportunity.
对王某而言，越南提供了不同的选择：年轻的人口、不断增长的消费需求，以及一个仍在摸索前行的资本市场。
For Wang, Vietnam offered something different: a young population, growing consumer demand and a capital market still finding its feet.
他看到该国经济转型中有着中国二十年前的影子。他观察到，年轻的越南消费者渴望购买房屋、汽车和智能手机——往往愿意借贷以更早享用。
He sees echoes of China two decades ago in the country’s economic transformation. Young Vietnamese consumers, he observed, were eager to buy homes, cars and smartphones – often willing to borrow to enjoy them sooner.
王某认为，这种消费意愿最终将转化为对投资和金融服务的更大需求。
That appetite for consumption, Wang believes, will eventually translate into greater demand for investment and financial services.