According to the UK-based bank, its HSBC Insurance Asia Pacific unit will begin operations in the country soon, selling insurance, pension plans and mandatory provident funds.
However, no exact date was set for the roll out of operations, as approval from regulators is required.
HSBC also said that extensive market research and planning needed to be carried out before the bank could begin selling insurance products.
Speaking at the opening ceremony of the Hanoi branch, Bruce Howe, the regional actuary of HSBC Insurance Asia Pacific, said that Vietnam was a promising market for the bank.
"We want to be an important member of the market," he said, according to Vietnam Agency.
"This is a start of a real business opportunity."