The State Bank of Vietnam said Tuesday it has allowed the local, wholly owned units of HSBC Holdings PLC (HBC) and Australia & New Zealand Banking Group Ltd. (ANZ.AU) to open branches in Vietnam.

HSBC Vietnam has received approval to open a branch Binh Duong province, 40 kilometers north of Ho Chi Minh City, the central bank said.

It has also allowed ANZ Vietnam to open a branch in Ho Chi Minh City.

Both of the branches will have to become operational within the next six months, the central bank said.

-By Vu Trong Khanh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@dowjones.com
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