Following Vietnam’s successful conclusion of bilateral WTO negotiations with the US, the banking sector has experienced positive changes. Particularly, domestic and foreign banks will enjoy equal treatment.
The Vietnamese Government has also issued a decree to set up wholly foreign-invested bank branches in Vietnam. After joining the WTO, US banks will be allowed to establish their branches in Vietnam and enjoy equal treatment with other banks.
Head of the State Bank of Vietnam’s Department for Banks Kieu Huu Dzung said to set up wholly foreign-invested banks in Vietnam, the banks should have at least VND1,000 billion (US$62.8 million).
However, the State Bank of Vietnam (SBV) will consider increasing the minimum capital in order to ensure the effective operations of banks after their establishment. The SBV will also abolish limitations on bank deposits and allow Vietnamese people to maintain their foreign currency deposits in foreign bank branches.
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