ING Bank N.V. permitted to open rep. office in Hanoi

The Governor of the State Bank of Vietnam (SBV) issued Document No.106/GP-NHNN on May 18 to allow the ING Bank N.V. of the Netherlands to open a Representative Office in Hanoi, namely the ING Bank N.V. – Hanoi Representative (Rep.) Office with the operational duration of five years.

Accordingly, as a liaison office, the Hanoi Rep. Office of the ING Bank N.V. is responsible for surveying the market, helping to promote the development of investment projects of the ING Bank N.V. in Vietnam, and monitoring  the implementation of contracts and agreements signed between the ING Bank N.V. and Vietnamese credit institutions and enterprises as well as those projects financed by the ING Bank N.V.  in Vietnam. This Rep. Office is not allowed to conduct any business or profit-making services in Vietnam.

The Hanoi Representative Office of the ING Bank N.V. is required to comply with Vietnamese laws, including the Law on Credit Institutions and other relevant legal texts.

The Document took effect on the date of signing and will cease to be effective in case that the  Rep. Office  does not launch grand opening within 12 months following the date of signing.

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