The State Bank of Vietnam has given nod to branches of foreign banks to increase capital.
Bank of China (Hong Kong) Limited - Ho Chi Minh City branch has been allowed to increase its charter capital from $100 million to $180 million.
Industrial Bank of Korea - Hanoi Branch will raise its capital from $90 million to $120 million while the Siam Commercial Bank Public Company Limited - Ho Chi Minh City branch will also scale up its capital.
According to the State Bank of Vietnam, by the end of 2018, there were 49 foreign bank branches operating in Vietnam. Some branches have huge charter capital such as SMBC Hanoi (nearly $302 million), Bangkok Bank in Hanoi and Ho Chi Minh City (over $226 million).
In addition, there are nine wholly foreign-owned banks, including ANZ Vietnam, CIMB Vietnam, Hong Leong Vietnam, HSBC Vietnam, Public Bank Vietnam, Shinhan Vietnam, Standard Chartered Vietnam, UOB Vietnam and Woori Vietnam.
HSBC Vietnam has the largest charter capital of $325 million.
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Enterprises are advised to promptly assess and evaluate the impact of the changes in the newly-issued to ensure timely compliance in the upcoming tax finalization period.
