Decision 210/2005/QD-NHNN regulating the deposit mobilization rate in VND for foreign bank branches of EU countries operating in Vietnam issued by the Governor of the State Bank

DECISION

ON THE ADJUSTMENT OF VIETNAM DONG DEPOSIT MOBILIZATION RATIO FOR FOREIGN BANKS' BRANCHES OF EU COUNTRIES, WHICH ARE OPERATING IN VIETNAM

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December 1997 and the Law on the amendment, supplement of several Articles of the Law on the State Bank of Vietnam No. 10/2003/QH11 dated 17 June 2003;
- Pursuant to the Law on Credit Institutions No. 02/1997/QH10 dated 12 December 1997 and the Law on the amendment, supplement of several Articles of the Law on Credit Institutions No. 20/2004/QH11 dated 15 June 2004;
- Pursuant to the Decree No. 86/2002/ND-CP dated 05 November 2002 of the Government providing for the function, assignment, authority and organizational structure of the ministries and ministerial level agencies;
- Pursuant to the Decree No. 13/1999/ND-CP dated 17 March 1999 of the Government on the organization, operation of foreign credit institutions, representative offices of foreign credit institutions in Vietnam;
- In compliance with the guiding opinion of the Prime Minister in the Official Dispatch No. 75/CP-QHQT dated 16 December 2004;
- Upon the proposal of the Director of the Banks and Non-bank Credit Institutions Department,

DECIDES:

Article 1. Foreign banks' branches of European Union (EU) countries, which are operating in Vietnam, shall be entitled to receive deposits in Vietnam Dong from Vietnamese legal entities, which do not have credit relation with them, up to 400% of their appropriated capital and from Vietnamese individuals, who do not have credit relation with them, up to the maximum of 350% of their appropriated capital.

Article 2. This Decision shall be effective after 15 days since its publication in the Official Gazette and replace the Decision No. 327/2004/QD-NHNN dated 1 April 2004 of the Governor of the State Bank of Vietnam.

Article 3. The Director of Administrative Department, the Director of Banks and Non-Bank Credit Institutions Department, Heads of related units of the State Bank of Vietnam, General Managers (Managers) of foreign banks' branches of EU countries, which are operating in Vietnam shall be responsible for the implementation of this Decision.

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