HANOI, March 5 (Xinhua) -- Vietnam has agreed in principle to allow the Hong Kong and Shanghai Banking Corporation (HSBC) to establish its 100-percent foreign-invested bank in the country, according to local newspaper Young People on Wednesday.
The London-based HSBC will be the first foreign bank to set up a wholly foreign-owned bank in Vietnam in line with the country's commitment to the World Trade Organization (WTO).
The State Bank of Vietnam is considering some applications to set up wholly foreign-owned banks. It has also received a number of applications from foreign banks to establish branches, including the Fubon Bank of China's Taiwan, the Industrial Bank of Korea of South Korea, and Commonwealth Bank of Australia.
By late 2007, Vietnam's banking system included seven state credit institutions, 31 urban joint stock commercial banks, four rural joint stock commercial banks, 37 branches of foreign banks and five joint venture banks, according to the statistics from the State Bank of Vietnam
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