On October 9, 2019, the State Bank of Vietnam (SBV) issued Document No. 7891/NHNN-TTGSNH permitting the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to establish a branch in Australia.
Accordingly, the head office of Vietnambank’s Australian branch is located in Sydney, Australia, with the charter capital of AUD 71,000,000.
The Document will cease to be valid if Vietcombank does not inaugurate the above-mentioned branch within 24 months from the date of its signing.
In the Document, the SBV also requires Vietcombank to take responsibility for complying with the laws on overseas investment and other relevant regulations on the establishment and operations of overseas branches of Vietnamese financial institutions; implementing the procedures of establishment and inauguration of its branch in Australia in line with the laws of Australia; submitting a written report to the SBV (via the Banking Supervision Agency) on the 14th day at the latest before the date of inauguration of its Australian branch; managing and monitoring the operations of its branch in Australia to ensure safe and sound banking operations in compliance with applicable laws of Australia.
Le Hang