The State Bank of Viet Nam last week sent a document to South Korean Woori Bank allowing it to open five branches and a transaction office in Viet Nam.

The branches will be opened in Thai Nguyen, Ha Nam, Hai Phong, Nhon Trach and Binh Duong. The transaction office will be established in Phu My Hung under HCM City branch. Most of the branches will be located in large industrial zones and areas with numerous foreign direct invested firms.

Woori Bank is one of the nine wholly owned foreign banks in Viet Nam. It was granted licence for operations in the country in 2016, with a charter capital of VND3 trillion (US$131 million).

Banks and large groups from South Korea have been accelerating their operations in Viet Nam.

Shinhan Bank has also been continuously expanding its operations in Viet Nam, especially in retail banking. — VNS