Woori Bank is allowed to open five branches and a transaction office in Vietnam. (Photo: vneconomictimes.com)

Hanoi (VNS/VNA) -
The State Bank of Vietnam last week sent a document to the Republic of Korea’s Woori Bank allowing it to open five branches and a transaction office in Vietnam.

The branches will be opened in Thai Nguyen, Ha Nam, Hai Phong, Nhon Trach (Dong Nai) and Binh Duong. The transaction office will be established in Phu My Hung under the Ho Chi Minh 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 Vietnam. It was granted licence for operations in the country in 2016, with a charter capital of 3 trillion VND (131 million ÚD).

Banks and large groups from the RoK have been accelerating their operations in Vietnam.

Shinhan Bank has also been continuously expanding its operations in Vietnam, especially in retail banking.-VNS/VNA