The Industrial and Commercial Bank of China (ICBC), the nation's biggest lender, said Friday it had gained approval from Vietnam to set up a branch office in its capital Hanoi.

The new subsidiary will expand ICBC's presence in the ASEAN (Association of Southeast Asian Nations) region, and enhance its service in Asia, the bank said in a statement.

The expansion will also allow it to provide financing to the infrastructure construction in the fields of transportation, energy and telecommunications in Vietnam, the bank said.

By the end of September, ICBC has opened 155 overseas subsidiaries in 15 countries and regions.

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