Decision 424/1999/QD-NHNN5 amending the operation contents of joint venture banks in Vietnam issued by the Governor of the State Bank of Vietnam

DECISION

ON THE AMENDMENT OF THE SCOPE OF OPERATIONS OF JOINT-VENTURE BANKS IN VIETNAM

THE GOVERNOR OF THE STATE BANK OF VIETNAM

- Pursuant to the Law on the Credit Institutions No. 02/1997/QH10 announced in the Order No. 01/L-CTN dated 26 December, 1998 of the President of Socialist Republic of Vietnam;
- Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 announced in the Order No. 01/L-CTN dated 26 December, 1998 of the President of Socialist Republic of Vietnam;
- Pursuant to the Decree No. 13/1999/ND-CP dated 17 March, 1999 of the Government on the organisation, operation of the foreign Credit Institutions, Representative Offices of the foreign Credit Institutions in Vietnam;
- Upon the proposal of the Director of the Banks and Non-bank Credit Institutions Department,

DECIDES

Article 1.

To nullify the limitations on the receipt of demand deposits, term deposits in Vietnam Dong from individuals being a Vietnamese and legal entities being a Vietnamese organization that does not have credit relations with Joint-venture Banks in Vietnam as provided for in Article 1 of the Decision No. 415/1998/QD-NH5 dated 08 December, 1998 of the Governor of the State Bank.

Article 2.

This Decision shall be effective from 1 December, 1999.

Article 3.

The Director of the Administration Department; the Director of the Banks and Non-bank Credits Institutions Department; Heads of the State Bank units; Directors General (Directors) of the Joint-venture Banks operating in Vietnam shall be responsible for the implementation of this Decision.

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