Citibank NA, a unit of Citigroup Inc (C.N), said it will get the go-ahead soon from Viet Nam's central bank to set up a subsidiary in the country, which would make it the seventh wholly foreign-owned lender to operate in Viet Nam.

Women walk near a Citibank branch in Ha Noi, Viet Nam July 8, 2015.

The U.S. lender said the State Bank of Viet Nam (SBV) governor would grant it a letter of acceptance, in principle, in Washington on Wednesday, witnessed by Communist Party of Viet Nam chief Nguyen Phu Trong, who is on a landmark visit to the United States.

The bank added that it will request the required approvals from regulators in the United States to create the subsidiary.

Fully foreign-owned banks in Vietnam currently include HSBC Holdings, Standard Chartered, Australia and New Zealand Banking Group, South Korea's Shinhan Bank and Malaysia's Hong Leong Bank Bhd.

(Source: tuoitrenews)