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As many as seven banks are planning to establish wholly owned subsidiary banks within the International Financial Center (VIFC) to take advantage of the regime and attract new investment. A report dated Saturday, May 2, 2026 (15:02) said the banks’ general meetings have approved plans to set up 100% owned subsidiary banks in the VIFC.
According to the report, the banks include Vietcombank, HDBank, SHB, MB, TPBank, LPBank and Nam A Bank. The approvals cover the establishment of wholly owned subsidiary banks within the International Financial Center under the special legal regime.
Vietcombank: Its shareholders’ meeting approved the plan to establish a 100% owned domestic commercial bank in the VIFC. Charter capital is expected to be 3,000 billion dong, enabling Vietcombank to participate more deeply in the regional and global financial value chain.
TPBank: TPBank also approved the plan to set up a 100% owned subsidiary bank at VIFC-HCMC (in Ho Chi Minh City) with charter capital of 3,000 billion dong.
In addition, TPBank said it aims to expand into the insurance sector by contributing capital to establish a non-life insurance company with an estimated scale of about 400 billion dong, as part of a plan to gradually complete its financial ecosystem.
The report said that in the banking sector, seven banks have included plans to establish subsidiary companies in the resolutions of their annual general meetings this year.
According to S&I Credit Rating (SNI), the participation of seven banks in the International Financial Center is a notable trend. SNI said that expanding into new business lines can help increase long-term non-interest income, enhance cross-selling capabilities, and optimize profitability for banks—especially as income growth from balance sheet expansion becomes increasingly constrained in the current environment.
SNI also noted that VietinBank is still in the research phase.
Beyond domestic institutions, the report said VIFC is gradually becoming a destination for foreign investment into Vietnam. Preliminary statistics cited in the report show that, as of now, VIFC-HCMC’s total registered capital and committed investment reach about USD 19.1 billion, reflecting the model’s appeal from an early stage.
However, the report said this attention is still largely at the identification and expectation stage rather than being translated into large-scale capital. Investors are reportedly particularly interested in factors such as currency convertibility, capital repatriation mechanisms, and the stability of the legal framework.
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