Agricultural Bank of China Gets Green Light for Vietnam Branch

Tuan Minh

20:00 13/11/2017

BizLIVE - The approval was granted during the recently-concluded state visit by Chinese President Xi Jinping to Vietnam.

Agricultural Bank of China Gets Green Light for Vietnam Branch

Agricultural Bank of China has been permitted to set up a branch in Vietnam.

The State Bank of Vietnam, the country’s central bank, has granted the in-principle approval to Agricultural Bank of China to establish a branch in Hanoi.
The go-ahead is part of a series of agreements signed between the two countries during the state visit by Chinese President Xi Jinping to Vietnam on November 12-13.
The Vietnamese central bank in 2012 allowed Agricultural Bank of China to open a representative office in Hanoi, with a license valid for five years. The office was permitted to set up contacts and carry out market researches, and promote investment projects by Agricultural Bank of China Limited in Vietnam.
Agricultural Bank of China is among the three largest lenders in China.
As many as eight wholly foreign-owned banks in Vietnam, which are ANZ Bank Vietnam, Hong Leong Vietnam, HSBC Vietnam, Shinhan Vietnam, Standard Chartered Vietnam, Public Bank Vietnam, CIMB Vietnam and Woori Vietnam.
Vietnam is also home to 51 foreign bank branches and 49 representative offices of overseas bank.

TUAN MINH

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