Successful Securing of Confirmation Letter for Korea Development Bank's Vietnam Hanoi Branch Establishment

Lee&Ko successfully secured a Confirmation Letter, a critical procedural prerequisite in the licensing process for the establishment of Korea Development Bank's Hanoi branch in Vietnam.

The State Bank of Vietnam (SBV) has maintained exceptionally rigorous review standards for the establishment of foreign bank entities and branches, citing concerns that the banking sector has an excessive number of banks given the domestic market scale and has experienced delays in efficient restructuring and consolidation. In practice, no additional licenses have been issued to foreign bank entities since Singapore's UOB in September 2017, while the last foreign branch license was granted to Thailand's Kasikorn Bank in January 2021.

Following the initial submission to the SBV in 2019, Lee&Ko Vietnam Team provided comprehensive and persistent local support in Vietnam over a 6-year period. This support included continuous monitoring and analysis of frequently amended local regulations, strategic communication with SBV review officials to assess internal perspective, timely preparation and submission of required documentation, and regular communication of review progress status. Through these efforts, Lee&Ko Vietnam Team ensured the client's successful securing of the Confirmation Letter, which is an essential licensing prerequisite for formal branch establishment authorization. 

This work highlighted Lee&Ko Vietnam Team's exceptional practical expertise, local networking capabilities, and expeditious case management skills. Lee&Ko Vietnam Team successfully overcame the challenging regulatory environment characterized by recent administrative reorganization, departmental consolidation, comprehensive administrative district restructuring that resulted in reduced government personnel, and the conservative policy stance of Vietnamese financial authorities, ultimately enabling the client to secure the necessary results.