The State Bank of Vietnam (SBV) just issued Document No. 7446/NHNN-TTGSNH approving the establishment of 31 transaction offices under the 2018 Network Development Plan of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
The list of 31 transaction offices stretched nationwide, concentrated in the Central Vietnam and the Southern Vietnam.
The document clearly stated that Vietcombank was responsible for carrying out the procedures for opening operations, announcing the establishment of business locations, publishing newspapers for the transaction offices following Circular 21/2013/TT-NHNN dated September 9, 2013 of the Governor of SBV stipulating the operation network of commercial banks and the current regulations of relevant laws.
Within 12 months from September 20, Vietcombank was responsible for launching operations of the above-approved establishment. Beyond this time limit, SBV’s written approval would automatically expire.
In recent years, SBV tended to restrict commercial banks from expanding their networks massively. This new establishment of 31 transaction offices of Vietcombank had been one of the most significant network expansion in the banking system recently.
As of December 31, 2018, Vietcombank had 106 branches with 431 transaction offices operating in 54 of 63 provinces and cities nationwide. They were distributed explicitly due to the following seven regions. The Northern Vietnam had 21 branches accounting for 19.8 percent. Hanoi had 15 offices, accounting for 14.2 percent. The North Central and The Central Vietnam had 14 offices, accounting for 13.2 percent. The South Central Coast and Central Highlands had 11 offices, accounting for 10.4 percent. Hochiminh City had 17 offices, accounting for 16.0 percent. The Southeast had 13 branches, accounting for 12.3 percent. The Southwest had 15 branches, accounting for 14.2 percent.
