The State Bank of Vietnam (SBV) issued Document No. 5456/NHNN-TTGSNH on July 12, 2017 to permit the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) to establish its representative office in New York, U.S.A.
The SBV required the VCB to be responsible for implementing procedures of establishing and inaugurating its overseas representative office in line with U.S.A laws and reporting in accordance with Circular No. No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and other relevant regulations.
VCB is required to inaugurate its representative office within 24 months from the date of signing this Document. Beyond this period, this Document will cease to be effective.
Le Hang