The State Bank of Vietnam (SBV) has approved the eligibility of the Republic of Korea’s Woori Bank to establish five branches in Vietnam.
They will include Hoan Kiem branch, Vinh Phuc branch, Da Nang branch, Bien Hoa branch and Sai Gon branch.
The SBV requires Woori Bank to carry out the procedures for opening operations, registering and announcement on approved branches.
After 12 months from the date of signing this document, if Woori Vietnam bank has not opened its branch operations, this document automatically expires.
Currently, in the Vietnamese credit system, there are nine banks with 100 percent foreign capital, namely ANZ, Standard Chartered, Shinhan, HSBC, Hong Leong, Public Bank, CIMB, Woori Bank and UOB.
Over the past three years, two banks from the Republic of Korea, Shinhan and Woori Bank, have been actively expanding their network in Vietnam.