The Governor of the State Bank of Vietnam (SBV) issued Document No. 7540/NHNN-TTGSNH on September 20 to permit Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) to establish two branches in Ho Chi Minh City (HCMC).
Specifically, Vietnam Thuong Tin Commercial Joint Stock Bank – Bac Sai Gon Branch (which is upgraded from Phu Nhuan Transaction Office) is located at NO.160 Phan Xich Long, Ward 2, Phu Nhuan district, HCMC. Vietnam Thuong Tin Commercial Joint Stock Bank – An Suong Branch (which is upgraded from An Suong Transaction Office) is located at No. 514-516 Truong Chinh, Tan Hung Thuan Ward, District 12, HCMC.
The SBV required VietBank to be responsible for implementing procedures in line with applicable laws to terminate operations of Phu Nhuan Transaction Office and An Suong Transaction Office; reporting the SBV the implementation; conducting procedures of inaugurating, registering, and publicizing the newly established branches in line with Circular No. 21/2013/TT-NHNN dated September 29, 2013 on operational network of commercial banks and relevant regulations.
The Document will cease to be effective if Vietnam does not inaugurate the newly established branches within 12 months from the date of signing this Document.
Le Hang