As of early November, nine domestic commercial banks had either approved the proposal or begun seeking shareholder approval to establish subsidiary banks at the VIFC.
The International Financial Center in Ho Chi Minh City (Photo: VIFC-HCMC).
The banks are Vietcombank, MB, Techcombank, HDBank, MSB, SHB, TPBank, LPBank and Nam A Bank. They plan to set up separate legal entities structured as single-member limited liability commercial banks, wholly owned by their parent institutions.
Most recently, on October 29, the board of MB approved a plan to establish MB Global One Member Limited Liability Bank at the VIFC. The new bank is expected to have charter capital of VND 3 trillion (about USD 117.3 million), or the equivalent amount in foreign currency, and will be wholly owned by MB.
On October 22, Techcombank announced a board resolution setting the shareholder record date for a written consultation on establishing a wholly owned, single-member limited liability commercial bank. November 3 was set as the final registration date.
MSB shareholders also approved a similar proposal, according to a resolution published on October 12. The bank plans to expand its foreign exchange and derivatives operations while strengthening connections with international financial institutions.
Earlier, Vietcombank and TPBank announced plans to allocate VND 3 trillion (about USD 117.3 million) each to establish subsidiary banks at the centre.
Under Decree No. 329/2025/ND-CP, domestic commercial banks seeking to establish subsidiaries at the VIFC must meet requirements relating to financial capacity, asset quality and operational safety.
Specifically, each subsidiary must have minimum charter capital of VND 3 trillion (about USD 117.3 million). The parent bank must have actual charter capital of at least twice the statutory capital requirement, while its non-performing loan ratio must not exceed three per cent at the specified assessment dates.
In addition, the parent bank must receive an A or B rating from the State Bank of Vietnam, qualify as a large-scale institution and have recorded profits for five consecutive years before the year in which it applies for a licence. It must also meet other requirements concerning corporate governance, internal controls and prudential safety ratios.
The Vietnam International Financial Centre is envisioned as a major driver of mobilising, allocating and efficiently utilising domestic and international financial resources. It is intended to support rapid and sustainable economic growth, improve economic quality and efficiency, and gradually strengthen Vietnam's position in regional and global financial networks.
In Ho Chi Minh City, the Vietnam International Financial Centre (VIFC-HCMC) was officially launched on February 11 this year.
As of October 28, the centre had recognised its first 10 member companies, with total registered charter capital and committed contributions of USD 33.63 million. These entities are expected to mobilise and invest approximately USD 2.7 billion by 2027.
On the same day, Deputy Prime Minister Nguyen Van Thang called on relevant agencies to accelerate the completion of the legal framework and licensing procedures, with the aim of having actual transactions and member banks operating at VIFC-HCMC in November this year.