State Bank of Vietnam granted Agricultural Bank of China Ltd. a license to set up a branch in Hanoi, Reuters reported March 26, citing a statement from the central bank.

The Chinese bank's Hanoi branch, which is scheduled to commence operations in May, will have a charter capital of US$50 million.

In November 2017, Agricultural Bank of China obtained in-principle approval to set up a branch in Hanoi. The Chinese lender opened its representative office in the city in 2012.