The FSC agreed to allow Far Eastern International Bank to apply to the competent authority in Singapore and Vietnam to establish representative offices in each country on September 27, 2018. The operations of domestic banks in Singapore and Vietnam at present are as below:
1.Singapore: 12 banks have established 12 branches.
2.Vietnam: 12 banks have established 9 representative offices, 12 branches and 1 subsidiary bank (Indovina Bank is a joint venture set up by Cathay United Bank and VietinBank) in Ho Chi Minh City, Hanoi, Dong Nai etc.