Vietnam’s central bank has allowed two foreign banks to stay in Vietnam for five more years, while local banks are scrambling to expand their networks.
Switzerland’s Bipielle Bank and France’s Natexis Banques Populaires, which established their offices in 1999, now can keep operating in Vietnam until 2009.
To be able to compete with foreign banks, Vietnamese banks are extending their networks.
The Bank for Investment and Development of Vietnam (Bidv) will open more branches in HCMCity at 12-14 Nam Ky Khoi Nghia Street in District 1 and at 173 Nguyen Van Ba Street in Thu Duc District.
BIDV will set up another branch at 119 Nguyen Luong Bang Street in the central city of Da Nang.
The Vietnam International Joint-Stock Bank (VIBank) will also open a branch in Da Nang.