License presentation to SHBVN and HLBVN

First Deputy Governor Tran Minh Tuan of the State Bank of Vietnam (SBV) presented licenses in Hanoi today to the Shinhan Vietnam Bank Limited (SHBVN) of Korea and the Hong Leong Bank Vietnam Limited (HLBVN) of Malaysia to operate as the wholly foreign-owned banks in Vietnam.

The charter capitals of SHBVN and HLBVN are VND 1,670 billion and VND1000 billion respectively. The operational duration of these two banks is 99 years as commercial banks. SHBVN and HLBVN are currently allowed to conduct capital mobilization, credit activities, payment services, treasury operations and other activities as specified in the licenses.

Speaking on this occasion, representatives of these two banks asserted that the presentation of licenses by SBV reflected the strict implementation of WTO accession commitments on the part of the Vietnamese Government and would create favorable business environment for foreign investors in Vietnam in the coming years. They articulated their commitments to making full use of their achievements in the Vietnamese and global financial markets and further contributing to the development of the Vietnamese financial market.

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