Decision 293/2004/QD-NHNN on the opening of deposit accounts abroad and the use of allocated capital, charter capital of foreign bank branches, joint venture banks operating in Vietnam, issued by the Governor Issued by the State Bank

DECISION

ON THE OPENING OF DEPOSIT ACCOUNTS IN FOREIGN COUNTRIES AND THE USE OF APPROPRIATED CAPITAL, CHARTER CAPITAL OF FOREIGN BANKS' BRANCHES, JOINT VENTURE BANKS WHICH ARE OPERATING IN VIETNAM

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam No. 01/2997/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;
- 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;
-Upon the proposal of the Director of Banks and Non-bank Credit Institutions,

DECIDES:

Article 1.

1. Foreign banks' branches, joint venture banks, which are operating in Vietnam, shall be entitled to decide by themselves on the opening of demand or term deposit accounts at Credit Institutions in foreign countries. The opening and use of accounts in foreign countries must be in compliance with applicable provisions on foreign exchange control and other provisions of Vietnam.

2. The use of appropriated capital by foreign banks' branches, charter capital by joint venture banks shall be made in compliance with current provisions of Vietnam's laws.

Article 2. To repeal the Decision No. 200/QD-NH5 dated 23 September, 1992 of the Governor of the State Bank on the use of appropriated capital, charter capital of foreign banks' branches, joint venture banks with foreign party and the Decision No. 176/QD-NH5 dated 26 August, 1994 of the State Bank's Governor on the supplement of point 2.d to the Decision No. 200/QD-NH5 dated 23 September, 1992 on the use of appropriated capital, charter capital of foreign banks' branches, joint venture banks with foreign party.

Article 3. This Decision shall be effective after 15 days from its publication in the Official Gazette.

Article 4. Director of Administrative Department, Director of Banks and Non-bank Credit Institutions Department, Heads of units of the State Bank, General Managers of the State Bank branches in provinces, cities under the central Governments management, General Managers (Managers) of foreign banks' branches, joint venture banks, which are operating in Vietnam shall be responsible for the implementation of this Decision.

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