The State Bank of Vietnam (SBV) issued Documents No. 6889 and 6888/NHNN-TTGSNH on September 14, 2016 to permit Viet Nam Thuong Tin Commercial Joint Stock Bank (VietBank) to open branches and transaction offices in HCM City.
Accordingly, Vietbank is approved to establish branches as follow: SaiGon branch (on the basis of upgrading Van Hanh transaction office) at the address: No.716 Su Van Hanh (extension/ prolongation), ward 12, District 10, HCM City; Cho Lon branch (on the basis of upgrading Hau Giang transaction office) at the address: No.35-37 Hau Giang street, Ward 2, District 6, HCMC.
The SBV Governor allow VietBank to open 10 transaction offices in Ho Chi Minh city on the basis of upgrading 10 credit funds, particularly: Ba Thang Hai Transaction Office (on the basis of upgrading Ba Thang Hai credit fund); Tran Hung Dao transaction office (on the basis of upgrading Tran Hung Dao credit fund); Au Co transaction office (on the basis of upgrading Au Co credit fund); Bau Cat transaction office ( on the basis of upgrading Bau Cat credit fund); Luy Ban Bich transaction office (on the basis of upgrading Luy Ban Bich credit fund); Binh Tri Dong transaction office (on the basis of upgrading Binh Tri Dong credit fund); Chanh Hung transaction office (on the basis of upgrading Chanh Hung credit fund); Le Dai Hanh transaction office (on the basis of upgrading Le Dai Hanh credit fund); Chuong Duong transaction office (on the basis of upgrading Le Dai Hanh credit fund); and Pham Van Hai transaction office (on the basis of upgrading Pham Van Hai credit fund).
The SBV required VietBank to be responsible for implementing legal procedures in line with regulations of law to abolish operation of Van Hanh transaction office and Hau Giang transaction office; abolish activities of 10 mentioned above credit funds and report the SBV.
Additionally, VietBank is responsible for implementing procedures for inaugurating, registering and publicizing newly established branch and transaction office in line with Circular No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and the other applicable legal texts. The Documents will cease to be effective if the VietBank do not inaugurate the above – mentioned branch and representative office within 12 months from the date of signing.
Nguyen Giang