The State Bank of Vietnam (SBV) on September 3rd 2019 issued Official Document 6915/NHN-TTGSNH on approving the eligibility to set up five domestic branches of Woori Bank Vietnam Limited.
The five new branches of Woori Bank includes Hoan Kiem branch, Vinh Phuc branch, Da Nang branch, Bien Hoa branch and Saigon branch.
The SBV requires Woori Vietnam to carry out the procedures for opening operations, registering, and publishing for the branches approved in Point 1 of the Document, in accordance with Circular 21/2013/TT-NHNN dated September 9th 2019 of the SBV’s Governor on the operation network of commercial banks and relevant legal provisions.
After 12 months from the date of signing this document, the document will expire if Woori Bank Vietnam does not launch the operation of the branch.
Currently, in the Vietnam’s credit institution system, nine banks are 100 percent owned by foreign investors, including ANZ, Standard Chartered, Shinhan, HSBC, Hong Leong, Public Bank, CIMB, Woori Bank and UOB.
In the last three years, two banks from South Korea including Shinhan and Woori Bank have been most actively expanding network in Vietnam.
