The State Bank of Viet Nam (SBV) has approved the Bank for Foreign Trade of Viet Nam’s (Vietcombank) proposal to establish Vietcombank Laos Ltd in Laos.

Vietcombank Laos, a wholly owned subsidiary of Vietcombank, will be headquartered in the Laotian capital of Vientiane, with a charter capital of US$80 million.

As per rules, the bank must be launched within 24 months of the central bank’s approval and Vietcombank has to submit a report to the SBV at least 14 days before the opening of the bank.

Earlier, the SBV also approved the setting up of Vietcombank’s representative office in the US’ New York. — VNS