HSBC and Standard Chartered are gearing up to expand their operations in Vietnam after securing approval to be the first overseas banks to incorporate their local operations in the fast-growing economy.
The State Bank of Vietnam yesterday awarded each bank a licence to apply to open wholly-owned units in the country, honouring a pledge made to open the sector when it joined the World Trade Organisation last year.
Some 40 foreign banks account for less than 15 per cent of total lending in Vietnam and local incorporation will give HSBC and Standard Chartered a head start on foreign rivals to expand their branch networks and product offerings.
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