U.S. banks in Vietnam

U.S. banks in Vietnam

HANOI (Reuter): Bank of America and Citibank received licenses yesterday from Vietnam's central State Bank authorizing them to open branches in Hanoi, officials said.

They will be the first U.S. banks to open branches in Vietnam since the Vietnam War ended in 1975.

"We got a license to set up a branch in Hanoi," Bank of America's country manager Luu H. Le told Reuters.

"We got the approval in principle -- that's the biggest thing -- allowing us to proceed with preparations for branch opening," Citibank resident representative Chuyen D. Uong said.

A State Bank spokesman confirmed both U.S. banks had received licenses.

He declined to say which foreign banks would be the next to get branch permits. Hong Kong and Shanghai Bank was the last one to receive a license, in September.