Nine banks plan subsidiaries at Vietnam’s international financial center

Nine Vietnamese banks are moving to set up wholly owned subsidiaries at the Vietnam International Financial Center (VIFC), but must meet licensing requirements before they can begin operations.

Vietcombank, MB, Techcombank, and several other banks are advancing plans to establish subsidiary banks within Vietnam’s International Financial Center (VIFC). These capital contribution proposals are driven by the need to meet licensing requirements and the capacity to provide international financial services to businesses.

The subsidiaries would operate as separate legal entities, offering businesses access to international capital, payments and financial services. Approval of the investment plans is only the first step.

Banks draw up plans

As of early November 2026, Vietcombank, MB, Techcombank, HDBank, MSB, SHB, TPBank, LPBank and Nam A Bank had either approved plans or were seeking shareholder approval to establish subsidiaries at the center.

Each subsidiary would be a single-member limited liability commercial bank, wholly owned by its parent.

MB’s board approved its plan on Oct. 29 under Resolution No. 92/NQ-MB-HĐQT. The proposed subsidiary, MB Global Bank, would have charter capital of VND3 trillion or the equivalent in foreign currency.

Techcombank is seeking shareholder feedback. Its board approved the shareholder list finalization on Oct. 22, with Nov. 3, 2026 set as the record date.

Vietcombank and TPBank also plan to invest VND3 trillion each in their subsidiaries.

MSB has announced plans for a wholly owned subsidiary to expand its financial ecosystem. It aims to access international capital, finance green and renewable energy projects, and develop foreign exchange derivatives.

Capital alone is not enough

Approval from shareholders or a board of directors does not amount to an operating license.

Under Article 12 of Decree 329/2025/NĐ-CP, a parent bank must have actual charter capital of at least twice the statutory minimum. Its non-performing loan ratio must not exceed 3%, or a lower limit set by the State Bank of Vietnam governor.

The parent must also have an A or B rating, qualify as a large-scale bank and have been profitable for the five consecutive years before applying.

It must commit to supporting the subsidiary’s finances, technology, management and operations.

The requirements mean banks need more than capital: they must also demonstrate asset quality, management capacity and a viable business plan.

Businesses await services

The center in Ho Chi Minh City announced its first 10 member companies on Oct. 28. They have combined registered and committed charter capital of US$33.63 million and plan to raise and invest around $2.7 billion by 2027.

The $2.7 billion is a projection, not money already disbursed.

The companies are targeting education, infrastructure, logistics, energy and financial technology. Once licensed, the banks are expected to help meet financing and service needs in these sectors.

At an Oct. 28 meeting, Deputy Prime Minister Nguyen Van Thang called for obstacles involving accounts, foreign exchange, capital transfers and payments to be resolved, with the aim of completing the first transaction by November 2026.

Operations must comply with licensing and financial safety requirements.

For businesses, the test will be whether the subsidiaries improve access to financial services, lower transaction costs and make it easier to raise capital. Those outcomes will show whether plans to join the center have translated into actual operations.

Business & Integration - Vietnamese version: 9 ngân hàng xúc tiến lập ngân hàng con tại Trung tâm Tài chính quốc tế; reported by Bao Ngan