Tenth 100% foreign invested financial company allowed in Vietnam

One more financial company, the one member PPF Vietnam Co., Ltd, a subsidiary of the Czech Republic’s PPF Group NV has just received an operation license from the State Bank of Vietnam, bringing the total number of financial companies in the country to ten, the SBV has announced.

The license was granted to representative of the company by deputy governor of the State Bank of Vietnam Tran Minh Tuan.

The company, headquartered in Ho Chi Minh City, has a legal capital of VND 500 billion and is allowed to mobilise capital from organisations and individuals via capital borrowing and issuance of valuable papers. It is also approved to grant consumption credits under such forms as providing loans for hire-purchases, issuing credit cards and giving loans in cash, providing financial, banking, monetary and consumption investment consultancy services and guarantee service as regulated by laws.

PPF Group NV was established in 1994. By the end of 2006, the group’s assets totalled US $10.7 billion.

ND

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