Foreigners Must Have US$10 Bln Assets to Establish Financial Firm in Vietnam

Foreign institutions are required to have total assets of at least US$10 billion if they want to establish joint venture or 100 per cent foreign-owned financial companies in Vietnam, according to the amended decree on organization and operation of financial companies approved by the Government July 29.

 

Under the decree, a wholly foreign-owned financial company is established and owned by one or several foreign credit institutions, which must have assets of more than US$10 billion at the end of the year before asking for establishment application.

 

A financial joint venture company is set up in Vietnam, of which foreign partners hold less than 49 per cent stake.

 

These companies are allowed to provide consumer credit, card, issue bonds, certificates of deposit and valuable papers. (Chinhphu.vn, VnEconomy)