The Governor of the State Bank of Vietnam on Monday permitted the Singaporean-based bank N.M Rothschild & Sons Limited to open its representative office in Ha Noi.
The representative office, permitted to operate for five years, will be tasked with conducting market research and promoting the bank’s investment projects in Vietnam.
It will also speed up and supervise the implementation of contracts and agreements that N.M Rothschild & Sons Limited has signed with Vietnamese credit organizations and businesses as well as projects it has sponsored.
The license also requires N.M Rothschild & Sons Limited to finalize all necessary formalities and inaugurate its Ha Noi office within 12 months from April 13.
According the Sate Bank of Vietnam, 55 representative offices and 42 branches of foreign banks, 5 joint-ventures and 5 wholly foreign-owned banks are operating in Vietnam.