Guidelines on presence of foreign banks in Vietnam

In order to assist its readers to explore the relevant procedures on setting up the presence of foreign banks in Vietnam, the SBV Website would like to introduce application conditions and documents to set up foreign bank branches, joint-venture banks, wholly foreign-owned banks and representative offices of foreign credit institutions in Vietnam.

A foreign bank shall be permitted to operate in Vietnam in such forms as a foreign bank branch, a joint-venture bank, and a wholly foreign-owned bank. Additionally, a foreign credit institution shall be permitted to set up its representative office in Vietnam.

The presence in Vietnam of a foreign bank under the forms as stated above should comply with the Vietnamese regulations and laws.

Specifically, the applicable legal documents include Decree No. 22/2006/ND-CP dated February 28, 2006 on organization and operations of foreign bank branches, joint venture banks, wholly foreign-owned banks and representative offices of foreign credit institutions in Vietnam and Circular No. 03/2007/TT-NHNN dated June 5, 2007 on guiding the implementation of several articles of Decree No. 22/2006/ND-CP dated February 28, 2006 of the Government on organization and operations of foreign bank branches, joint-venture banks, wholly foreign-owned banks and representative offices of foreign credit institutions in Vietnam.

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