South Korea’s NH Investment & Securities Co. announced on Thursday that it has been cleared by the State Securities Commission of Vietnam to launch standalone brokerage services in the rapidly growing Southeast Asian market.

The business upgrade comes almost 10 years after NH Investment & Securities advanced into the Vietnamese market through a 49 percent stake in Vietnam’s CBV Securities before establishing a joint entity. The investment bank increased stake in CBV Securities in January to establish an independent overseas entity NH Securities Vietnam (NHSV). The latest permit allows the company to reorganize and run business under a new identity bearing NH name.

NH Investment & Securities’ overseas entity in Vietnam is headed by Moon Young-tae, who has been responsible for investment banking business at Seoul headquarters for 10 years.

An unnamed official from NH Investment & Securities said that the overseas entity in Vietnam will be groomed as stepping stones to other markets in Southeast Asia.

Market watchers noted that NH Investment & Securities will benefit from synergies created in corporate and investment banking services with its sister company Nonghyup Bank that also operates a branch in Vietnam. Financial group units, particularly those focusing on securities and banking, can work together and invest as corporate and investment banking services involve investment in diverse capital requirements of corporations.

Vietnam has been a popular destination for Korean financial institutions including brokerage houses in their overseas outreach. Mirae Asset Daewoo Co., KB Securities Co., Korea Investment & Securities Co., and Shinhan Investment Corp already have presence there.

By Moon Il-ho and Lee Eun-joo

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