3:26:32 PM | 7/8/2005
Vietnam's central bank has raised the cap on Vietnamese dong deposits for European Union-based banks operating in the country, allowing them to enjoy the same treatment from the Vietnamese government as their US rivals.
Under the new decision, which became effective on March 1, EU banks' Vietnam branches can now receive from Vietnamese corporate customers maximum deposits in local currency equivalent to 400 per cent of their registered capital (from 250 per cent), as well as deposits worth up to 350 per cent of registered capital from Vietnamese individuals (from 250 per cent).
Previously, under Vietnam-US Bilateral Trade Agreement, Vietnam has allowed US banks to mobilized capitals in Vietnamese dong equaling to 400 per cent of their registered capital from organisations and 350 per cent from individuals from December 2004.
Vietnamese
