3:52:57 PM | 8/1/2009
Viet-Société Générale on Monday [January 5] received permission from the State Bank of Vietnam, the country’s central bank, to set up a branch in the capital city of Hanoi.
Viet-Société Générale will be headquartered on 18th floor of VIT Building 519 Kim Ma in Ba Dinh district and will operate as a financial company with business fields licensed by the SBV.
Recently, the SBV has licensed an additional two wholly foreign invested branches in Vietnam, bringing the total number to five so far.
Foreign banks and financial firms reportedly made total pre-tax profits of VND1.4 trillion (US$84.85 million) in Vietnam this year, down 42 per cent from VND2.4 trillion last year.
So far Vietnam has received 157 assistant programs valued at US$13.4 billion from the WB and ADB, it said.
Currently, Vietnam has 36 foreign bank branches, five joint venture banks, nine financial companies, three wholly foreign-owned banks and 54 representative offices of foreign banks. (Vietnam Economic Times, SBV)
Vietnamese
