Mayer Brown has recently advised HSBC on its local incorporation in Vietnam. HSBC is one of the first foreign banks to receive the licence to locally incorporate its business in Vietnam.

Some 37 foreign banks have branches in Vietnam but regulations restrict their access to the local market. Vietnam is gradually liberalising the financial sector to comply with its World Trade Organization obligations and to support development of the banking system and capital markets.

HSBC's 100% owned Vietnam unit is headquartered in Ho Chi Minh City.