The flag of Vietnam, the Gold Star Flag, is fluttering at the football match held at Thong Nhat Stadium in Ho Chi Minh City, Vietnam. /Courtesy of Yonhap News Agency

IBK Industrial Bank of Korea has passed the first gateway to establish a local subsidiary in Vietnam. This result comes after waiting 8 years after applying for approval from local authorities.

According to the Financial Services Commission on Feb. 2, the State Bank of Vietnam issued a receipt for the establishment approval application of the Industrial Bank of Korea on the 30th of last month. The bank first applied for a corporation establishment approval from the State Bank of Vietnam in July 2017. The receipt issued by the State Bank of Vietnam is a document certifying that the submission of documents for the approval review has been completed. In the future, the bank will have to go through the approval process, including preliminary and final approvals.

Additionally, the State Bank of Vietnam issued a receipt for the establishment of the Korea Development Bank's Hanoi branch on the 7th of last month. Currently, the Korea Development Bank only has an office in Vietnam and is not conducting any business activities. The Industrial Bank of Korea has established branches in both Hanoi and Ho Chi Minh City. The number of financial institution branches established in Vietnam is 55, the second most after the United States, which has 62.