The Governor of the State Bank of Vietnam (SBV) issued Document No. 24/GP-NHNN on February 1, 2012 to allow the Korea Development Bank (KDB) to open a Representative Office in Ho Chi Minh City (HCMC).

Accordingly, the Representative Office is not allowed to conduct any business or profit-making services in Vietnam.

As a liaison office, the HCMC Rep. Office of the KDB is responsible for surveying the market, helping to promote the development of investment projects of the KDB in Vietnam, and monitoring  the implementation of contracts and agreements signed between the KDB and Vietnamese credit institutions and enterprises as well as those projects financed by the KDB in Vietnam.

The HCMC Representative Office of the KDB is required to comply with Vietnamese laws, the Law on Credit Institutions and other relevant legal texts.

The Document will cease to be effective in case that the  Rep. Office  does not launch grand opening within 12 months following the date of signing.

HN