Another foreign bank licensed in VN
14:00 | 14/04/2009
VGP - The Governor of the State Bank of Việt Nam on Monday permitted the Singaporean-based bank N.M Rothschild & Sons Limited to open its representative office in Hà Nội.

The representative office, permitted to operate for five years, will be tasked with conducting market research and promoting the bank’s investment projects in Việt Nam.  

It will also speed up and supervise the implementation of contracts and agreements that N.M Rothschild & Sons Limited has signed with Vietnamese credit organizations and businesses as well as projects it has sponsored. 

The license also requires N.M Rothschild & Sons Limited to finalize all necessary formalities and inaugurate its Hà Nội office within 12 months from April 13.  

According the Sate Bank of Việt Nam, 55 representative offices and 42 branches of foreign banks, 5 joint-ventures and 5 wholly foreign-owned banks are operating in Việt Nam.

 By Ngọc Vân

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