Two more wholly-foreign owned banks get licences

Hanoi (VNA) - The State Bank of Vietnam (SBV) has handed over operation licences to
Shinhan Vietnam Bank Ltd (the Republic of Korea ) and Hong Leong Vietnam Bank Ltd
( Malaysia ) to bring the number of wholly-foreign owned banks in Vietnam to
five to date.

At the hand-over ceremony in Hanoi on January 6, SBV Vice Governor Tran Minh Tuan
said the licence granting indicated Vietnam 's seriousness in implementing its
WTO commitments to creating a favourable business environment for foreign investors.

Tuan expected the two banks to contribute to spurring the growth of Vietnam 's
banking system.

Shinhan Vietnam Bank Ltd has a chartered capital of 1.67 trillion VND while Hong
Leong Vietnam Bank Ltd's chartered capital is 1 trillion VND.
Both banks will engage in capital mobilisation, credits, payment and budgetary
services, and other activities stipulated in their licences that have an operation
term of 99 years.-Enditem