South Korea's Kookmin Bank licensed to open Vietnam branch

HANOI -- The State Bank of Vietnam has licensed South Korea’s Kookmin Bank to open a branch in Hanoi, the government said on Tuesday.

The branch has a chartered capital of $35 million and the contract runs for 99 years, the government said in a statement.

South Korea is the largest source of foreign direct investment in Vietnam and the Southeast Asian country’s second largest trading partner.