Foreign banks allowed to raise capital

HA NOI — The State Bank of Viet Nam yesterday granted licences to branches of three foreign banks, allowing them to increase their charter capital.

The HCM City Branch of the Huanan Commercial Bank Ltd plans to raise its capital from US$15 million to $65 million and Chinatrust's HCM City branch will lift capital from $15 million to $50 million.

And HCM City and Ha Noi branches of the Mizuho Corporate Bank Ltd want to steeply lift their capital from $15 million each to $133.5 million.

By October 31, Viet Nam had a total of 71 foreign credit institutions and 48 representative offices. They now hold assets valued at more than VND420 trillion ($20 billion), or 11.25 per cent of the entire finance sector.

Source: vnagency.com.vn