March 26, 2018 / 10:42 AM / 2 years ago

Agricultural Bank of China gets licence to open Hanoi branch

HANOI, March 26 (Reuters) - Agricultural Bank of China has received a licence to open a branch in Hanoi, Vietnam’s central bank said on Monday, as the Chinese financial institution seeks to expand overseas.

The licence period for the branch, which is scheduled to start operating from May, will be 99 years and it will have a charter capital of $50 million, the State Bank of Vietnam said in a statement.

The Chinese lender said earlier this year that its Hanoi branch would be dedicated to serving China’s “Belt & Road” initiative and cooperation between China and the Association of South East Asian nations.

China is Vietnam’s largest trading partner, with two-way trade rising 30 percent last year to $93.7 billion, Vietnam’s official customs data showed.

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