| STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIETNAM |
| No. 06/VBHN-NHNN | Hanoi, January 24, 2022 |
Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam, which comes into force from February 01, 2012, is amended and supplemented as follows:
Circular No. 17/2017/TT-NHNN dated November 20, 2017 of the Governor of the State Bank of Vietnam on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam, which comes into force from January 05, 2018.
Circular No. 17/2018/TT-NHNN dated August 14, 2018 of the Governor of the State Bank of Vietnam on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and foreign bank branches, which comes into force from October 01, 2018.
Circular No. 28/2018/TT-NHNN dated November 30, 2018 of the Governor of the State Bank of Vietnam on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam, which comes into force from January 15, 2019.
Circular No. 25/2019/TT-NHNN dated December 02, 2019 of the Governor of the State Bank of Vietnam on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam, which comes into force from January 17, 2020.
Circular No. 28/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam, which comes into force from March 01, 2022.
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Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;
The Law on Enterprises No. 60/2005/QH11 dated November 29, 2005;
Pursuant to the Law on Investment No. 59/2005/QH11 dated November 29, 2005;
Pursuant to the Government's Decree No. 96/2008/ND-CP dated August 26, 2008 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam;
The State Bank of Vietnam (hereinafter referred to as “The State Bank”) prescribes licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam as follows[1][2][3][4][5]:
Article 1. Scope and regulated entities
1. Regulated scope:
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2. This Circular applies to:
a) Commercial banks;
b) Foreign bank branches(FBBs);
c) Representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam (hereinafter referred to as “representative offices");
d) Organizations and individuals involved in the establishment and operation of commercial banks, FBBs, and representative offices.
For the purposes of this Circular, the terms below are construed as follows:
1. License includes establishment and operation License of a commercial bank, establishment License of an FBB, establishment License of a representative office issued by the State Bank. Documents issued by the State Bank on the amendment and supplement of the License is an integral part of the License.
2. Commercial bank means a type of bank which is entitled to perform all banking operations and other business operations as provided for by the Law on Credit institutions for the purpose of profits.
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4. Wholly foreign-owned bank means a commercial bank which is established in Vietnam, whose charter capital is wholly owned by a foreign credit institution; a Vietnamese juridical person headquartered in Vietnam. A wholly foreign-owned bank shall be established and organized as a single-member limited liability company (single-member LLC) whose charter capital is wholly owned by a foreign bank, or as a multiple-member limited liability company (multiple-member LLC) where one of the members must be a foreign bank holding 50% of its charter capital.
5. Joint venture bank means a commercial bank which is established in Vietnam and has capital contributed by Vietnamese party(ies) (one or several Vietnamese banks) and foreign party (including one or several foreign banks) on the basis of a joint venture contract; Vietnamese juridical person headquartered in Vietnam. A joint venture bank shall be established and organized as a multiple-member LCC, providing its total member shall not exceed 05, in which one member and related persons are not allowed to hold more than 50% of the charter capital.
6. FBB means a dependent unit of a foreign bank which is not a juridical person and all the obligations and commitments of which are guaranteed by the foreign bank.
7. Representative office means an underlying unit of a foreign credit institution or another foreign organization involving in banking activities. A representative office shall not be permitted to conduct business operations in Vietnam.
8. Foreign credit institution means a credit institution that is established in a foreign country in accordance with provisions of foreign laws.
9. Other foreign organization involving in banking activities means be an organization, which is established in a foreign country in accordance with the provision of foreign laws and is permitted to regularly conduct business operations, to regularly supply one or several operations as follows:
a) Deposit taking;
b) Grant of credits;
c) Supply of account-to-account payments.
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11. Founding shareholder means a shareholder who contributes capital to the establishment, is involved in the formulation and adoption of the initial charter for organization and operation of a joint-stock commercial bank and put its name thereon.
12. Statutory meeting means a meeting that involves founding shareholders and other early shareholders, after its principles have been approved by the State Bank, is responsible for adopting the charter for organization and operation of a commercial bank, shares, electing members of the Board of Directors, members of the Controllers’ Board of the first tenure, and making decision on other issues relating to the establishment of the joint-stock commercial bank.
13. contributing member refers to a Vietnamese bank, a foreign bank which contributes capital to a joint-venture bank; a foreign credit institution which contributes capital to a wholly foreign owned bank.
14. Founding member refers to a contributing member who is involved in the formulation and adoption of the initial charter for organization and operation of a joint-venture bank or a wholly foreign-owned bank and put its name thereon.
15. The first meeting of contributing members means a meeting that involves founding members and other contributing members, after its principles have been approved by the State Bank, is responsible for adopting the charter for organization and operation of a bank, electing members of the Board of Members, members of the Controllers’ Board of the first tenure, and making decision on other issues relating to the establishment of a joint-stock commercial bank or a wholly foreign-owned bank which is a multiple-member LCC.
16. Owner means an entity holding the entire capital of a commercial bank which is a single-member LLC.
17. Parent bank means a foreign bank that proposes the establishment of a new branch or has had a bank branch in Vietnam.
18. Preparatory Committee means a group of people selected by founding shareholders, contributing members, owner, parent bank, who on be half of these people is responsible for performing tasks relating to application for License. The preparatory committee shall consist of at least 02 members, of whom 01 member shall be the head of the committee.
19. legal representative of an organization is the Chairperson of the Board of Directors, Chairperson of the Board of Members or General Director (Director) provided for in the Charter.
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REGULATIONS ON APPLICATION FOR LICENCE
Section 1. General regulations
Article 3. Power to grant licence [6]
1. The Governor of the State Bank of Vietnam (SBV) shall have the power to decide:
a) The grant of Licenses to commercial banks and FBBs;
b) The replacement of Licenses or addition of banking activities to Licenses (hereinafter referred to as “supplementation of Licenses”) granted to commercial banks or FBBs that are subject to micro-prudential supervision and inspection of the Banking Inspection and Supervision Agency.
2. Each Director of the SBV’s branch in province or central-affiliated city shall have the power to decide:
a) The replacement or supplementation of Licenses granted to FBBs located in provinces or cities, except those prescribed in Point b Clause 1 of this Article;
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1. This Circular elaborates banking activities and other business activities of a commercial bank, an FBB, activities of a representative office in the License granted to the commercial bank, the FBB or the representative office using the form specified in Appendix 01 of this Circular.
2. In case where the License is lost, torn, burned, or destroyed under another form, the commercial bank, FBB or representative office shall prepare a clear explanation and submit it by post or directly submit it at the SBV to apply for a copy of the License from the master register in compliance with laws.
Within 02 days after receiving the application, the SBV shall re-issue a copy from the original license to the commercial bank, the FBB or the representative office.
3. The commercial bank, the FBB or the representative office shall use the issued License in accordance with provisions in Article 27 of the Law on Credit Institutions.
Article 5. Procedure for grant of a license
1. Procedure for grant of a license to establish and operate a Commercial bank or a license to establish an FBB shall be as follows:
a) Preparatory Committee shall set up an application for a License as provided for in Articles 13, 14, Clauses 1, 2, 3 Article 15, Clauses 1, 2, 3, 4, 5, 6 Article 16, Clauses 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 Article 17 of this Circular and submit it by post or directly submit it at the SBV.
Within 60 days since the receipt of the sufficient application for a License, the SBV shall send a written confirmation of receipt of a sufficient valid application to the Preparatory Committee for consideration for approval-in-principle. In case where the application is not sufficient, the SBV shall send a written request for submission of additional documents to the Preparatory Board.
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c) Within 60 days after receiving the written approval, the Preparatory Committee shall prepare additional documents as provided for in Clause 4 Article 15, Clause 7 Article 16, Clause 13 Article 17 of this Circular and submit them by post or directly submit them at the SBV. If the SBV does not receive or receives an insufficient application within the prescribed time limit, the written approval for principles shall be invalid.
Within 02 days since the receipt of all additional documents submitted on request, the SBV shall give a written confirmation of receipt. Within 30 days since the receipt of the additional documents, the SBV shall grant a License in accordance with provisions. In case of refusal to license issuance, the SBV shall send a written response specifying reasons therefore to the Preparatory Committee.
2.[7] Procedure for grant of a license to establish a representative office shall be as follows:
a) A foreign credit institution or another foreign organization involving in banking activities shall prepare an application for a license according to Article 13 or Article 18 of this Circular and then submit it directly or by post to the SBV's branch in province or central-affiliated city (hereinafter referred to as “SBV’s provincial branch”) where its representative office is proposed to be located.
Within 30 days from the receipt of the application, the SBV’s provincial branch shall give a written confirmation of the receipt of sufficient application to the applicant. If an application is invalid or insufficient as required, the SBV’s provincial branch shall request the applicant in writing to complete it.
b) The SBV’s provincial branch shall grant the license within 60 days from the date of sending the written confirmation of receipt. If an application is refused, the SBV’s provincial branch shall give a written response indicating reasons for such refusal to the applicant.
Article 6. Payment of licensing fee
1. A commercial bank, an FBB or a representative office which is granted a license shall pay a licensing fee at the SBV (via Banking Operation Department) within 15 working days from the date on which the License is granted.
2.[8] Licensing fees shall comply with regulations of law on fees and charges.
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Article 9. Requirements for founding shareholders of joint stock commercial banks [12]
1. [13] (annulled)
2. Requirements for founding shareholders:
a) [14] (annulled);
b) [15] (annulled);
c) Founding shareholders of joint stock commercial banks shall not be founding shareholders, owners, founding members or strategic shareholders of other credit institutions;
d) [16] (annulled);
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e) [18] Besides the requirements provided for in points c and dd of this Clause, a founding shareholder that is an individual shall be required to:
(i) have Vietnamese nationality;
(ii) Not be a prohibited entity in accordance with regulations of Law on Enterprises;
(iii) not be allowed to use capital mobilized or borrowed from another organization or individual for capital contribution;
(iv) be a manager of an enterprise whose business is profitable in at least 03 consecutive years prior to the year of applying for the License or have university qualification or higher in economics or law profession.
g) [19] Besides the requirements provided for in points c and dd of this Clause, a founding shareholder that is an organization shall be required to:
(i) be established in accordance with Vietnam’s law;
(ii) [20] not be allowed to use capital mobilized or borrowed from another organization or individual for capital contribution;
(iii) adequately fulfil all obligations of taxes and social insurance as prescribed to the date on which the application for the License is submitted;
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(v) has profit for 05 consecutive years prior to application for the License.
(vi) In case where the enterprise dealing in the business that requires legal capital, there must be a guarantee that the owner’s equity minus the minimum legal capital equals to the agreed capital contribution based on the figures in the audited financial report of the year preceding the year of applying for the License;
(vii) For the case of a state-owned enterprise, it must obtain a written approval for the participation in capital contribution to the establishment of the joint-stock commercial bank as provided for by applicable laws;
(viii) For the case of an organization that is granted a License to establish and operate in banking, securities or insurance field, it is obliged to contribute capital in accordance with provisions of applicable laws;
(ix) For the case of a commercial bank:
- have total asset of at least VND 100.000 billion, comply with adequate regulations on risk management and reserves provision in accordance with regulations at the time of applying for the License and till the grant of the License;
- do not break the prudential ratios in banking activities as provided for by the SBV in the year preceding the year of applying for the License and till the grant of the License;
- comply with requirements, the limit on purchase, hold shares of a credit institution as provided for in Clause 6 Article 103 of the Law on Credit Institutions;
- observe the minimum capital adequacy ratio when contributing capital to the establishment of a joint-stock commercial bank.
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1.[22] (annulled)
2. A founding member or an owner that is a foreign credit institution is required to:
a) do not seriously violate provisions on banking activities and other provisions of applicable laws of its home country within 05 consecutive years preceding the year of applying for the License and till the issuance of the License;
b) [23] have experience in international operation and be ranked by international credit rating organizations as follows:
(i) From average and stable upwards;
(ii) From AA upwards (according to Standard & Poor’s or Fitch Ratings) or from Aa3 upwards (according to Moody’s). In case an international credit rating organization has other credit rating scales except Standard & Poor’s or Moody’s or Fitch Ratings, the international credit rating organization must convert the credit rating respective and suitable to the international credit ratings of Standard & Poor’s or Moody’s or Fitch Ratings.
c) do profitable business during 05 consecutive years prior to application for the License and till the issuance of the License;
d) have total asset of an approximate amount of USD 10 billion at the end of the year preceding the year of applying for the License;
dd) be assessed by a competent agency of the home country in respect of the capital adequacy ratio, other prudential ratios, fully comply with regulations on risk management and reserves provision in accordance with regulations of the home country in the year preceding the year of applying for the License and till the issuance of License;
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3.[24] A founding member which is a Vietnamese commercial bank of a joint venture bank shall satisfy the requirements in Points c and g Clause 2 Article 9 hereof.
4. Within 05 years since the issuance of the License, founding members shall be required altogether to hold 100% of the charter capital of a joint-venture bank or a wholly foreign-owned bank.
Article 11. Requirements for parent banks of FBBs [25]
1.[26] (annulled)
2. A parent bank is required to:
a) satisfy the requirements in Points a, b, c and dd Clause 2 Article 10 hereof;
b) have total asset of an approximate amount of USD 20 billion at the end of the year preceding the year of applying for the License and till the issuance of the License.
Section 3. Application for license
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1. Documents included in the application for a License to establish and operate a commercial bank or the application for a license to establish an FBB shall be signed by the Head of the Preparatory committee, unless otherwise provided for herein. Documents signed by the Head of the Preparatory Committee must have the title “Preparatory committee for establishment and name of the Commercial bank or the FBB”.
An application for a License to establish a representative office shall be signed by a legal representative of a foreign credit institution or another foreign organization involving in banking activities, unless otherwise prescribed herein.
2. An original application for a License to establish and operate a joint stock commercial bank shall be made in Vietnamese.
3. The original application for a License to establish and operate a joint venture bank or a wholly foreign-owned bank, or the application for a License to establish an FBB, or the application for a License to establish a representative office shall be prepared in duplicate, including one in Vietnamese and one in English. To be specific:
a) The application made in English shall be legalized in accordance with provisions of applicable laws, except for the following documents:
(i) Documents issued by competent agencies of the home country and directly sent to the SBV;
(ii) Financial reports directly prepared in English.
b) Documents translated from English into Vietnamese, which must be certified with signatures of translators in accordance with regulations on certification of Vietnamese applicable laws;
c) Translated versions of financial reports, which must be supported by confirmations of organizations or individuals that are permitted to provide translation services in accordance with provisions of applicable laws;
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4.[28] If documents are copies which are not certified or are not issued from the master register, they must be enclosed with their originals to be compared, and the person making comparison shall sign his/her name on the copies and be responsible for the accuracy of such copies.
5. In each application, a list of documents included in the application shall be required.
Article 14. Application for License to establish and operate commercial bank
An application for a License to establish and operate a commercial bank shall include:
1. An application form for the License to establish and operate the commercial bank signed by founding shareholders, owners and founding members using the Form in Appendix 02a of this Circular.
2. A draft Charter.
3. A plan for establishment of the commercial bank, including the following contents at the minimum:
a) The necessity for establishment of the commercial bank;
b) The name of the commercial bank, the name of province/central-affiliated city where the head office is expected to be located, the duration of operation, the charter capital upon establishment, the operation contents;
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d) Expected organization structure and operation network of the bank of the first 03 years;
dd) Preliminary list of personnel detailing the personnel’s professional level, working experience in finance, banking and risk management that are qualifiable for each position or each title:
(i) Chairperson, member, independent member of the Board of Directors, Board of Members; Head of Committees under the management of the Board of Directors, Board of Members;
(ii) Chief, member, member in charge of the Controllers’ Board;
(iii) General Director (Director), Deputy General Directors (Deputy Directors), Chief accountants and heads of units under the direct management in the organizational structure.
e) Risk management policy: identification, measurement, prevention, management, and supervision of credit risk, operational risk, market risk, liquidity risk and other types of risk arising in the process of operation;
g) Information technology:
(i) The plan for financial investment in information technology;
(ii) The information technology system, which must satisfy the requirements for the risk management and administration of the commercial bank and regulations of the SBV;
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(iv) Profile on the information technology infrastructure serving the operation of the commercial bank;
(v) Safety and security solutions corresponding to the proposed services;
(vi) Identification, measurement and implementation of the technology risk management plan expected to be applied in the operation of the commercial bank;
(vii) Planned assignment of responsibility to report and control the operation of the information technology system.
h) The viability and ability to develop of the bank in the market:
(i) An analysis and assessment on the banking market, which clearly states the real situation, challenges, and prospects;
(ii) The ability to participate in and to compete in banking market, which proves the advantage of the bank when joining the market;
(iii) The strategy for development and expansion of the operation network and operation content of the bank, types of customers and the number of customers, which analyzes in details the fulfilment of the conditions applicable to certain operations.
i) The internal control and audit system:
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(ii) A draft of fundamental internal regulations on the organization and operation of the bank, which at least includes internal regulations provided for in Clause 2 Article 93 of the Law on Credit Institutions and the following regulations:
- Regulations on the organization and operation of the Board of Directors, the Board of Members, the Controllers’ Board and the Executives;
- Regulations on the organization and operation of the head office, branches and other units under the direct management.
(iii) Internal audit contents and procedures.
k) The expected business plan for the first 03 years, which includes at least the following contents: Analysis of the market, strategy, target and action plan, annual financial reports (balance sheet, income statement, cash flow statement, capital adequacy ratio, ratios on operation efficiency and explanation of ability to perform the annual financial ratios).
4. Documentary evidences of the capability of the expected management and control system:
a) [29] Curriculum vitae using the form in Appendix 03 of this Circular, criminal record:
For a person having Vietnamese nationality: the criminal record shall be granted by a regulatory authority of criminal records database management system, including adequate information on the criminal convictions history (including expunged criminal offences and unexpunged criminal offences) and information on prohibitions from holding positions, establishing and managing businesses and cooperatives;
For a person not having Vietnamese nationality: the criminal record or an equivalent document (including adequate information on the criminal convictions history (including expunged criminal offences and unexpunged criminal offences; information on prohibitions from holding positions, establishing and managing businesses and cooperatives) shall be granted by a competent authority of Vietnam or a foreign country;
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b) [30] Copies of diplomas proving their qualifications;
c) Other documents proving the fulfilment of requirements and standards in accordance with regulations of the Law on Credit Institutions and relevant regulations of laws;
d) In case the person who is proposed to be elected as new member of the Board of Directors, a member of the Board of Members, a member of the Controllers' Board, or General Director (Director) does not have Vietnamese nationality, a written commitment to satisfy all requirements for eligibility for residing and working in Vietnam, in addition to the above-mentioned documents, shall be required.
5. Meeting minutes of the founding shareholders, founding members or documents of owner on selection of the Preparatory Committee, chief of the Preparatory Board, adoption of the draft charter, the plan for establishment of the bank and the list of potential executives, controllers, and executive officers.
Article 15. Application for License to establish and operate joint stock commercial bank
An application for a license to establish and operate a joint stock commercial bank shall include:
1. Documents as prescribed in Article 14 hereof;
2. A list of founding shareholders and preliminary list of early shareholders using the Form in Appendix 04 of this Circular.
3. Profile of an early shareholder:
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(i) An application for share purchase applicable to individuals using the form in Appendix 05a of this Circular;
(ii) A List of related persons using the form in Appendix 06 of this Circular;
(iii) [31] In addition to the above-mentioned documents, the following documents are required:
- A Curriculum vitae using the Form in Appendix 03 of this Circular; a criminal record granted by a regulatory authority of criminal records database management system, including adequate information on the criminal convictions history (including expunged criminal offences and unexpunged criminal offences) and information on prohibitions from holding positions, establishing and managing businesses and cooperatives;
The criminal record shall be granted within 06 months before submitting the application for the License by the competent authority;
- Financial reports of 03 consecutive years prior to the year of applying for the license of the enterprise managed by the founding shareholder or a copy of university qualification or higher in economics or law profession;
- A list of assets whose value is at least VND 100 million, debts and related documentary evidences of the individual using the form in Appendix 07 of this Circular;
b) In case the early shareholder is an organization:
(i) An application for purchase of shares using the form in Appendix 05b of this Circular;
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(iii) An establishment license or a business registration certificate or an equivalent document;
(iv) A letter of authorization of the representative for the organization’s contributed capital at the bank according to the regulations of law;
(v) Charter for organization and operation;
(vi) [32] ID cards, Citizen Identity Cards, or passports of the legal representative and the representative of the organization’s contributed capital at the bank;
(vii) A written approval for the capital contribution to the bank of the organization issued by a competent agency;
(viii) A financial report of the year preceding the year of applying for the License and latest financial reports as from submission of the application for the License, which underwent independent audit by an audit firm included in the list of audit firms recognized by the Ministry of Finance and there is no qualified opinion in the auditor’s report;
(ix) [33] In addition to the above-mentioned documents, the following documents are required:
- A Curriculum vitae of the representative for the organization’s contributed capital using the form in Appendix 03 of this Circular; a criminal record in accordance with the regulations in Point a Clause 4 hereof;
- Financial reports of the 05 consecutive years preceding the year of applying for the License, which underwent independent audit by an audit firm included in the list of audit firms recognized by the Ministry of Finance and there is no qualified opinion in the auditor’s report;
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(xi) Documents of the tax authority and social insurance agency confirming the fulfilment of tax obligations and social insurance obligations by the organization.
4. Upon receipt of the written approval for principles, the Preparatory Committee shall submit the following additional documents:
a) A charter for organization and operation of the joint stock commercial bank adopted by the general assembly of shareholders;
b) The minute of the statutory meeting;
c) The minute of the meeting of the Board of Directors on approving the election of the Chairperson title; the minute of meeting of the Controllers’ Board on the election of the Chief of Controllers’ Board and members in charge of the Controllers’ Board;
d) A decision of the Board of Directors on the appointment of the General Director (Director), Deputy General Director(s) (Deputy Director(s)), chief accountant;
dd) A list of early shareholders using the form in Appendix 04 of this Circular;
e) A document issued by a commercial bank where the Preparatory Committee opens the capital contribution account confirming the amount of capital contributed by early shareholders;
g) Documents proving the ownership or lawful right to use the head office of the joint stock commercial bank;
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i) A report of a founding shareholder that is a commercial bank in Vietnam on fulfilment of the requirements in Point g Clause 2 Article 9 of this Circular since the date of submitting the application for the License till the date of submitting additional documents.
An application for a license to establish and operate a joint venture bank or a wholly foreign-owned bank shall include:
1. Documents as prescribed in Article 14 hereof.
2. Profiles of the owner and founding members that are foreign credit institutions:
a) Financial reports of the 05 consecutive years preceding the year of applying for the License, which underwent audit and there is no qualified opinions in the auditor’s report;
b) A copy of the establishment and operation license or an equivalent document;
c) Documents issued by competent agencies of the home country providing information on the foreign credit institution as follows:
(i) Activities permitted in the home country at the time of submitting the application for the License;
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(iii) The capital adequacy ratio and other prudential ratios in accordance with regulations of the home country in the year preceding the year of applying for the license and until the date of submitting the application for the License;
(iv) The compliance with regulations on risk management and reserve provision in the year preceding the year of applying for the License and until the submission of the application for the License.
d) Documents or materials provided by an international credit rating institution which rates the creditworthiness of the foreign credit institution within 06 months before submission of the application;
dd) A charter for organization and operation of the foreign credit institution;
e) A report on the establishment and operation process and development orientations of the foreign credit institution till the date of submitting the application for the License;
g) A decision of appointment of the representative of the foreign credit institution’s contributed capital at the joint venture bank or the wholly foreign-owned bank in accordance with regulations of laws enclosed with his/her passport.
3. Profile of a founding member of the joint venture bank that is a Vietnamese commercial bank shall include the documents and materials prescribed in Point b Clause 3 Article 15 hereof, except for the application for purchase of shares.
4. A joint-venture contract containing major contents in accordance with provisions of applicable laws; An agreement on capital contribution between founding members of the wholly foreign-owned bank;
5. A written commitment to ensure the ability to supervise the entire activities of the foreign bank (including activities of the joint venture bank or the wholly foreign-owned bank in Vietnam) issued by a competent agency of the home country on the basis of consolidation in accordance with international practices.
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a) Being ready to give support in finance, technology, management, operation to the joint venture bank or the wholly foreign-owned bank;
b) Ensuring to maintain the real value of the charter capital of the joint venture bank or the wholly foreign-owned bank not to be lower than the legal capital and to fully satisfy regulations on prudential operation as required by the SBV.
7. Upon receipt of the written approval for principles, the Preparatory Committee shall submit the following additional documents:
a) A charter for organization and operation of the bank, which has been adopted by the Board of Members;
b) Documents issued by a commercial bank where the Preparatory Committee opens the capital contribution account on confirming the amount of contributed capital of founding members;
c) Documents proving the ownership or lawful right to use the head office of the commercial bank;
d) Internal regulations on the organization and operation of the joint venture bank or the wholly foreign-owned bank provided for in point i Clause 3 Article 14 of this Circular, which have been adopted by the Board of Members;
dd) A report of founding members that are commercial banks in Vietnam on fulfilment of the requirements in Point g Clause 2 Article 9 of this Circular since the date of submitting the application for the License to the date of submitting the additional documents.
e) An assessment of the competent agency of the home country of the fulfilment of the requirements in point a, point c, point dd Clause 2 Article 10 of this Circular from the date of submitting the application for the License to the date of submitting the additional documents of the owner, founding members that are foreign credit institutions;
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(i) A decision of the owner on the appointment of the Chairperson of the Board of Members, members of the Board of Members, members of Controllers’ Board, General Director (Director), Deputy General Director(s) (Deputy director(s)) and chief accountant;
(ii) A meeting minute of the Controllers’ Board on the election of the Chief of Controllers’ Board and full-time members of the Controllers’ Board.
h) In addition to the documents provided for in points a, b, c, d, dd and e Clause 7 of this Article, the Preparatory Committee for establishment of the joint venture bank or the wholly foreign-owned bank that is a multiple-member LLC shall submit the following documents:
(i) The minute of the first meeting of contributing members;
(ii) The minute of the meeting of the Board of Members on approving the election of the Chairperson title; the minute of the meeting of the Controllers’ Board on the election of the Chief of the Controllers’ Board and members in charge of the Controllers’ Board;
(iii) A decision of the Board of Members on the appointment of the General Director (Director), Deputy General Director(s) (Deputy Director(s)) and chief accountant;
Article 17. Application for License to establish FBB
An application for a license to establish an FBB shall include:
1. An application form for a License to establish an FBB, which is signed by a legal representative of the foreign bank using the Form in Appendix 02b hereof.
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a) The necessity for establishment of the FBB;
b) The name of the FBB, the name of province/central-affiliated city where the branch’s premises is expected to be located, the operation contents, the duration of operation, the capital assigned upon establishment;
c) Organizational structure and preliminary list of personnel of the FBB in conformity with provisions in Article 89 of the Law on Credit Institutions; the preliminary list of personnel must describe in details the professional level, working experience, risk management capacity qualifiable for each position;
d) Risk management policy: Identify, measure, prevent, manage, and control credit risk, operational risk, market risk, liquidity risk and other types of risk arising during the operation;
dd) Information technology:
(i) The plan for financial investment in information technology;
(ii) The information technology system, which must satisfy the requirements for the risk management and administration of the FBB and regulations of the SBV;
(iii) The capability of applying information technology, which clearly states: time for investment in technology; form of technology expected to be applied; proposed staff and their ability in the application of information technology; the guarantee that the information system is able to integrate and connect with the management system of the SBV in order to provide information upon request by the SBV;
(iv) Profile on the information technology infrastructure serving the operation of the FBB;
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(iv) Identification, measurement, and implementation of the technology risk management plan expected to be applied in the operation of the FBB;
(vii) Planned assignment of responsibility to report and control the operation of the information technology system.
e) The viability and ability to develop of the FBB in the market:
(i) An analysis and assessment on the banking market, which clearly states the real situation, challenges, and prospects;
(ii) The ability to participate and compete in the market of the FBB, which proves the advantage of the FBB when joining the market;
(iii) The strategy for development and expansion of the operation network and operation content of the bank, types of customers and the number of customers, which analyzes in details the satisfaction of the conditions applicable to conditional operations.
g) The internal control and audit system:
(i) Operation principles of the internal control system;
(ii) A draft of fundamental internal regulations on the organization and operation of the FBB, which at least includes internal regulations provided for in Clause 2 Article 93 of the Law on Credit Institutions and regulations on organization and operation of the FBB;
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h) The expected business plan for the first 03 years, which includes at least the following contents: Analysis of the market, strategy, target and action plan to achieve such target, annual financial reports (balance sheet, income statement, cash flow statement, capital adequacy ratio, ratios on operation efficiency and explanation of ability to perform the annual financial ratios).
3. Charter of the parent bank.
4.[34] Curriculum vitae of the potential General Director (Director) of the FBB using the form in Appendix 03 of this Circular with the parent bank’s confirmation; a criminal record in compliance with the provisions in Point a Clause 4 hereof; copies of qualifications, certifications evidencing the ability, professional level and documents evidencing the satisfaction of requirements and standards in accordance with regulations in the Law on Credit Institutions and regulations of relevant laws of the expected General Director (Director).
5. A copy of the establishment and operation license or equivalent documents which were granted to the parent bank by a competent agency of the home country.
6. Documents issued by a competent agency of the home country providing information on the parent bank as follows:
a) Banking activities permitted to perform in the home country at the date of applying for a license;
b) The compliance with laws on banking activities and other provisions of applicable laws in 05 consecutive years preceding the year of applying for the License and till the date of applying for the License;
c) The capital adequacy ratio and other prudential ratios in accordance with regulations of the home country in the year preceding the year of applying for the License and until the date of submitting the application for the License;
d) The compliance with regulations on risk management and reserve provision in the year preceding the year of applying for the License and until the date on which the application for the License is submitted.
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8. Audited financial statements of 05 consecutive years preceding the year of applying for a License of the parent bank.
9. Documents or materials provided by an international credit rating institution which rates the creditworthiness of the parent bank within 06 months before submission of the application.
10. A guarantee for taking full responsibility for all obligations and commitments of the branch in Vietnam; maintaining the real value of the assigned capital of the FBB not to be lower than the legal capital and fully satisfying regulations on prudential operations in accordance with provisions of the SBV.
11. A report on the establishment and operation process and development orientations of the parent bank till the date on which the application for the License is submitted.
12. Documents of the parent bank, which are signed by its legal representative on the appointment of the Preparatory Board and the authorization to the head of the Preparatory Board.
13. Upon receipt of the written approval for principles, the Preparatory Committee shall submit the following additional documents:
a) A document concerning the appointment of the General Director (Director) of the FBB, which is signed by the legal representative of the parent bank;
b) Documents proving the legal right to use the premises of the FBB;
c) Internal regulations on the organization and operation of the FBB provided for in point g Clause 2 of this Article, which have been approved by the parent bank;
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Article 18. Application for license to establish representative office
An application for a License to establish a representative office shall include:
1. An application form for the License to establish the representative office, which is signed by a legal representative of a foreign credit institution or another foreign organization involving in banking activities, using the Form in Appendix 02c of this Circular.
2. A copy of the Operation License or an equivalent document, which is granted by a competent agency of the home country to the foreign credit institution or the other foreign organization involving in banking activities.
3. A document providing information on the compliance with applicable laws of the foreign credit institution or the other foreign organization involving in banking activities, which is issued by a competent agency of the home country.
4. A written permission for establishment of the representative office in Vietnam, which is granted by a competent agency of the home country to the foreign credit institution or the other foreign organization; in case where the written permission is not required by the home country’s laws, there must be evidence for this.
5. A report on the establishment and operation process of the foreign credit institution or the other foreign organization involving in banking activities till the date of submitting the application for the License and development orientations of the foreign credit institution or the other foreign organization involving in banking activities in Vietnam.
6. The audited financial report of the year preceding the year of applying for the License of the foreign credit institution or the other foreign organization involving in banking activities.
7.[35] Curriculum vitae of the potential Chief representative officer using the Form in Appendix 03 hereof with confirmation of the foreign credit institution or the other foreign organization involving in banking activities; a criminal record in compliance with the regulations in Point a Clause 4 Article 14 hereof; copies of qualifications, certifications evidencing the ability and professional level of the proposed Chief representative officer in Vietnam.
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Section 4. Regulations on replacement and supplementation of license [37]
Article 18a. Principles for replacement and supplementation of license
The replacement or supplementation of a License shall comply with the following principles:
1. The SBV shall not replace the License if banking activities specified on the License of the commercial bank or the FBB are not permitted to perform as prescribed in the laws effective upon application for replacement; and names of permitted activities shall be adjusted according to the regulations of the Law on Credit Institutions and Appendices 01a and 01b enclosed herewith. The License that was replaced shall replace all the Licenses and approvals (which are integral parts of the License) which have been granted by the SBV to the commercial bank or the FBB prior to the time of replacement.
2. The addition of foreign exchange trade and provision of foreign exchange service; trading of gold bullion; the trade and provision of derivative products regarding foreign exchange, currency and other financial products in domestic market and international market to the License shall comply with specific regulations of the SBV and other relevant law provisions.
3.[38] The commercial bank or the FBB shall be permitted to perform the activities specified in Clause 26 Article 4 of the Template of License to establish and operate a commercial bank in Appendix 01a and Clause 24 Article 4 of the Template of License to establish an FBB in Appendix 01b after obtaining the approval from the SBV; Procedures for application for addition of these activities to the License shall comply with specific regulations of the SBV and other relevant law provisions.
4. If the commercial bank or the FBB applies for replacement and supplementation of the License at the same time, the SBV shall consider replacing the License with another License that covers the proposed additions, provided that the applicant satisfies application requirements specified in Article 18c of this Circular.
Article 18b. Procedures for application for replacement and supplementation of Licenses
1. Any commercial bank or FBB wishing to have its License replaced or supplemented shall prepare an application as prescribed in Article 18c hereof and submit it in person or by post to the SBV or the SBV’s provincial branch for the cases specified in Point a Clause 2 Article 3 hereof [39].
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3. After receiving the new License from the SBV, the commercial bank or the FBB shall:
a) Follow the procedures regulated by the business registration agency for making changes in the License according to the law provisions;
b) Publish the changes in the License on the SBV’s mass media and 03 consecutive issues of a daily printed newspaper or an online newspaper of Vietnam within 07 working days from the day on which the License is replaced or supplemented by SBV;
c) The commercial bank shall amend its Charter according to the new License [40].
Article 18c. Application for replacement and supplementation of Licenses
1. An application for replacement of the license shall include:
a) An application form for replacement of the License, which is signed by the legal representative of the commercial bank or the FBB, and specifies proposed banking activities. Regarding a wholly foreign-owned bank, the application shall include a commitment that the proposed activities are being permitted to be performed by the owner or the foreign bank holding 50% of the charter capital of the wholly foreign-owned bank in the country where the owner resides or the foreign bank is headquartered. Regarding an FBB, the application shall include a commitment that the proposed activities are being permitted to be formed by the parent bank in the home country;
b) The list of banking activities as specified in the existing License, other written approvals granted by the SBV enclosed with the copies of the existing License and such written approvals.
2. An application for supplementation of the License shall include:
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b) The resolution issued by the Board of Directors (or the Board of Members) of the commercial bank on unanimous approval for the supplementation of the License; a document signed by the parent bank's representative approving the supplementation of the License (if the applicant is an FBB);
c) With regard to application for addition of interest-rate derivatives, provision of commodities derivatives and/or securities depository to the license, in addition to the documents prescribed in Point a and Point b of this Clause, the commercial bank or the FBB must also submit its internal control procedures including measures for risk management in corresponding with each activity to be added to the License.
3. An application for both supplementation and replacement of the License shall include:
a) An application form for supplementation and replacement of the License which is signed by the legal representative of the commercial bank or the FBB, and specifies the regulations in Point a Clause 1 and Point a Clause 2 of this Article;
b) Documents prescribed in Point b Clause 1 and Points b and c clause 2 of this Article.
Section 5. amendments to License for changes of representative office [41]
Article 18d. General regulations on changes of a representative office
1. A representative office shall prepare an application for amendments to its License and then submit it directly or by post to the SBV’s provincial branch as prescribed in Point a Clause 2 Article 18dd of this Circular if it has the following changes:
a) Change of its name;
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c) Extension of operation duration.
2. The representative office shall send a written notification directly or by post to the SBV’s branch in province or city where it is located within 07 business days from the occurrence of one of the following changes:
a) Change of its chief representative officer;
b) Relocation within the same province or city;
c) Change of address without change of its location.
3. The representative office preparing the application for amendments to the License prescribed in Clause 1 of this Article shall follow principles for application preparation prescribed in Article 13 hereof.
4. After the representative office’s License is amended in terms of the proposed changes prescribed in Clause 1 of this Article by the SBV’s provincial branch, the representative office shall:
a) carry out procedures for registration of changes with a relevant competent authority;.
b) start operation at the new location and terminate operation at the previous location within 06 months from the date on which the License is amended in terms of the changes specified in Point b Clause 1 of this Article by the SBV's provincial branch;
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Article 18dd. Application and procedure for amendment to License of representative office
1. An application for amendments to the License with respect to the changes specified in Clause 1 Article 18d of this Circular include:
a) An application form for amendments to the License, which bears the signature of the legal representative of a foreign credit institution or another foreign organization involving in banking activities, and includes the following contents:
(i) Curent contents;
(ii) Proposed changes. In case of change of name, the new name must comply with provisions in Clause 1 Article 23 of this Circular;
(iii) Reasons for the changes;
b) Documents explaining the change (in case of change of name); or documents proving that the representative office has or will have the right to use the new premises (in case of relocation of a representative office);
c) Financial reports of the foreign credit institution or other foreign organization involving in banking activities of the year preceding the year of application, which have been independently audited, and general report on operations of the representative office in case of extension of operation duration (which must specify the operations of the representative office within 03 years preceding the year of submitting the application and operation plan for the following year).
2. Procedure for amendment to the License:
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b) If an application is insufficient or invalid, within 05 working days from the receipt of the application, the SBV’s provincial branch shall request the representative office in writing to complete it;
c) Within 30 days after receipt of a sufficient and valid application, the SBV’s provincial branch shall issue a decision on amendment to the License of the representative office. If the application is refused, the SBV’s provincial branch shall give a written response indicating reasons for such refusal to the applicant.
PROVISIONS FOR ORGANIZATION AND OPERATION
Article 19. Principles of application
Commercial banks, FBBs, representative offices shall organize and operate in accordance with provisions of the Law on Credit Institutions, this Circular and relevant provisions of laws.
Article 19a. Operation in accordance with the law on Securities [42]
1. A commercial bank or an FBB shall be permitted to broker cooperate bonds in the domestic market and broker management of collateral for issuance of corporate bonds in the domestic market if the License granted by the SBV to the commercial bank or FBB covers brokerage related to banking and asset management. In case the commercial bank or FBB broker corporate bonds in the domestic market make a commitment to an investor about repurchase of corporate bonds, such bank must sign a contract with the investor (in which requirements, terms on repurchase of bonds must be specified) and comply with the regulations of the SBV on the credit institution’s or the FBB’s sale and purchase of corporate bonds and prudential ratios and limits in banking activities upon implementation of these commitments.
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3. A commercial bank or an FBB shall be permitted to provide securities transaction balancing/settlement services according to the regulations in Point a Clause 4 Article 56 of the Law on Securities, perform supervising bank activities and securities depository activities in accordance with the law on securities if the License granted by the SBV to such bank contains the content of these activities and the bank meets the following requirements as prescribed by the law on securities and securities market:
a) Regarding provision of securities transaction balancing/settlement services according to the regulations prescribed in Point a Clause 4 Article 56 of the Law on Securities: The commercial bank or FBB must be granted a Certificate of eligibility to provide securities transaction balancing/settlement services by the State Securities Committee and approved to be a member by the Vietnam Securities Depository and Balancing Corporation;
b) Regarding supervising bank activities according to the law on securities: The commercial bank must be granted a Certificate of securities depository registration by the State Securities Committee;
c) Regarding securities depository activities: The commercial bank or FBB must be granted a Certificate of securities depository registration by the State Securities Committee and approved to be a member by the Vietnam Securities Depository and Balancing Corporation.
4. The addition of provision of securities clearing/settlement services according to the regulations prescribed in Point a Clause 4 Article 56 of the Law on Securities to the License of a commercial bank or FBB shall be a written approval of the State Bank in accordance with the regulations in Point d Clause 1 Article 152 of Decree No. 155/2020/ND-CP dated December 31, 2020 of the Government elaborating implementation of the Law on Securities.
5. For activities relevant to securities, securities market, the commercial bank or FBB must comply with regulations of the law on securities, securities market and relevant laws.
Article 22. Operation duration [45]
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2.[46] (annulled)
Section 2. Organizational structure and management administration
Article 23. Name and head office of commercial bank, FBB or representative office
1. The name of a commercial bank, an FBB or a representative office shall:
a) be in conformity with regulations of the Law on Enterprises and regulations of relevant laws;
b) be arranged according to the following forms:
(i) Joint stock commercial bank and its proper name;
(ii) Joint venture bank and its proper name;
(iii) Single-member limited liability bank and name of the Vietnamese bank and foreign bank;
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(v) Bank and name of foreign bank – Branch of province/central-affiliated city where the branch is located. If the foreign bank establishes multiple branches in a province or city, the name shall be added to make difference between such branches;
(vi) Representative office and name of foreign credit institution/another foreign organization involving in banking activities - name of province/central-affiliated city where the representative office is located.
2. The head office of a commercial bank shall satisfy all requirements applicable to the head office of an enterprise in accordance with regulations of the Law on Enterprise and the following requirements:
a) The head office shall be the working place of the Board of Directors, Board of Members, Executive Committee, and its name is written on the License and Business Registration Certificate in accordance with applicable laws;
b) [47] The head office shall be located in the territory of Vietnam, at a specified address with name of the building (if the head office is located in an office building for lease), house number, street (alley) name or name of the commune, ward, town, district, city under the provincial management, province, city under central Government's management; phone number, fax and email (if any) shall be required; In case where the commercial bank registers to locate its head office at more than one house number or buildings with different addresses, such house numbers or buildings must be adjacent to each other;
c) The head office must ensure the safety of property and the conformity with the requirements of banking activities;
d) The head office shall have an information management system with online connection between the head office and branches and business units of the bank, satisfying the requirements on risk management and administration of a commercial bank and the management requirements of the SBV.
3. The premises of an FBB shall satisfy all requirements applicable to the head office of an enterprise in accordance with regulations of the Law on Enterprise and the following requirements:
a) The premises shall be the working place of the General Director (Director) and the Executive Committee, the place where transactions with customers take place, and its name is written on the License and Business Registration Certificate in accordance with applicable laws;
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c) The premises must ensure the safety of property and the conformity with the requirements of banking activities;
d) The premises of the FBB shall have an information management system with online connection with the headquarters of the foreign bank, satisfying the requirements on risk management and administration of the foreign bank and the management requirements of the SBV.
4.[49] The representative office’s premises shall be located in the territory of Vietnam, at a specified address with name of the building (if the premises are located in an office building for lease), house number, street (alley) name or name of the commune, ward, town, district, city under the provincial management, province, city under central Government's management; phone number, fax and email (if any) shall be required.
Article 25. Organizational structure of Risk Management Committee and Personnel Committee
1. The Board of Directors and the Board of Members shall establish a Risk Management Committee and/or a Personnel Committee and provide for the decision-making process regarding the proposals of these two committees.
2. A committee shall have at least three members, including a Head who is a member of the Board of Directors or the Board of Members and other members who are decided, appointed and dismissed by the Board of Directors or the Board of Members in accordance with the Charter of a commercial bank. A member of the Board of Directors or the Board of Members shall only be authorized to undertake the position of the Head of one committee. For a joint stock commercial bank, the Risk Management Committee shall have at least one member who is an independent member of the Board of Directors.
Article 26. Working regulations of Risk Management Committee and Personnel Committee
1. Upon establishment of the Committees, the Board of Directors or the Board of Members shall promulgate working regulations as well as the functions and duties of each committee. Immediately after the promulgation, the commercial bank shall send such internal working regulations to the SBV (via the Banking Inspection and Supervision Department) for report.
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a) Working regulations:
(i) Number of members of the Committee and responsibilities of each member;
(ii) Regular meeting sessions of the Committee;
(iii) Irregular meeting sessions of the Committee;
(iv) Decision making of the Committee;
b) Duties and functions of the Committee:
(i) Risk Management Committee shall:
- give advice to the Board of Directors and the Board of Members about the promulgation of the procedures and policies within its competence on risk management in banking activities in accordance with provisions of applicable laws and the Charter of the bank.
- analyze, give warnings on prudential level of the bank against the threats, possible risks and preventive measures for such risks in short-term as well as in long-term.
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- give advice to the Board of Directors and the Board of Members about giving approval for investments, relevant transactions, administration policy and risk management plan within the functions and duties assigned by the Board of Directors and the Board of Members.
(ii) Personnel Committee shall:
- give advice to the Board of Directors and the Board of Members about changing scale and structure of the Board of Directors, Board of Members and their Executives according to the operation scale and development strategy of the bank.
- give advice to the Board of Directors and the Board of Members about dealing with personnel issues arising in the process of election, appointment, dismissal or relief of members of the Board of Directors, the Board of Members, the Controllers’ Board and Executives of the bank in accordance with provisions of applicable laws and the Charter of the bank.
- research, give advice to the Board of Directors and the Board of Members about the promulgation of internal regulations of the bank within the competence of the Board of Directors and the Board of Members on regimes for wages, remunerations, bonus, regulations on personnel recruitment, training and other treatment policies applicable to Executives and staff of the bank.
Section 3. Charter Capital, Assigned Capital
Article 29. Charter capital, assigned capital
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a) The charter capital of the commercial bank shall be the real capital assigned by the owner or the real capital contributed by shareholders and contributing members and stated in the Bank’s Charter.
b) The charter capital of the commercial bank may be increased from the following sources:
(i) Reserved fund for charter capital supplement; Fund of share capital surplus; retained earnings and other funds in accordance with provisions of applicable laws;
(ii) Public offer of stocks, private offer of stocks;
(iii) Conversion of convertible bonds to common stocks;
(iv) Extra capital assigned by the owner and contributing members;
(v) Other sources in accordance with provisions of applicable laws.
2. Assigned capital of an FBB:
a) The assigned capital of the FBB shall be the real capital assigned by the parent bank to the FBB and stated in the License.
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(i) Retained earnings;
(ii) Extra capital assigned by the parent bank;
(iii) Other sources in accordance with provisions of applicable laws.
1. Share repurchase by shareholders of a joint-stock commercial bank must be in compliance with provisions of applicable laws.
2. A joint-stock commercial bank shall only be authorized to repurchase shares from its shareholders if after full payment for the repurchased shares, the prudential ratios are still ensured in banking activities and the real value of the charter capital is not lower than the legal capital; in case where the repurchase of shares results in a decrease in charter capital of the joint stock commercial bank, there must be a written approval from the SBV.
3. Procedures and application for repurchase of shares resulting in the decrease in charter capital of the joint stock commercial bank shall be implemented in accordance with the guidelines of the SBV.
1. The transfer of contributed capital, repurchase of contributed capital shall be in accordance with provisions of the Law on Enterprises.
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3. The transfer of the contributed capital to an organization which is not a contributing member of the joint venture bank or the wholly foreign-owned bank, shall be required to ensure the ratio of capital contribution in accordance with provisions in Clause 4, Clause 5 Article 2 of this Circular and satisfy the following requirements:
a) For the wholly foreign-owned bank:
(i) A new partner must satisfy the requirements provided for in points b, c, d, dd and e Clause 2 Article 20 of the Law on Credit Institutions and Clause 2 Article 10 of this Circular;
(ii) If the transfer results in the fact that another foreign bank holds 50% of the charter capital of the wholly foreign-owned bank, such foreign bank shall fully satisfy the requirements prescribed in Clause 3 Article 21 of this Circular.
b) For the joint venture bank:
(i) New partner as a foreign bank must satisfy the requirements provided for in points b, c, d, dd and e Clause 2 Article 20 of the Law on Credit Institutions and Clause 2 Article 10 of this Circular;
(ii) A new partner as a Vietnamese commercial bank must satisfy the requirements provided for in points a, b, c and g Clause 2 Article 9 of this Circular.
4. Requirements for repurchase of contributed capital:
a) Application for repurchase of the contributed capital of the contributing member, conditions for payment and disposal of the contributed capital shall comply with provisions on repurchase of contributed capital of the Law on enterprises;
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c) The purchaser must fully comply with regulations on risk management and reserves provisions in accordance with provisions at the time of applying for approval of the SBV for the contributed capital repurchase;
d) The purchaser must do unceasingly profitable business in 05 consecutive years preceding the year of applying for the contributed capital repurchase and have no accumulated loss;
dd) The purchaser must not be punished for any administrative penalty against regulations on currency and banking activity by the SBV in 05 years preceding the year of applying for contributed capital repurchase and until the time of applying for approval of the SBV for the contributed capital repurchase.
5. The contributed capital transfer and contributed capital repurchase must be approved by the SBV in writing before implementation thereof. Procedures and applications for contributed capital transfer and contributed capital repurchase shall comply with the SBV’s guidelines.
RESPONSIBILITIES OF RELEVANT ORGANIZATIONS AND INDIVIDUALS
Article 32. Responsibilities of Preparatory Committee
A preparatory Committee shall
1. Prepare and submit an application in accordance with provisions herein.
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a) Organize the Statutory meeting and the first meeting of contributing members for adopting contents as stipulated in Clauses 12 and 15 Article 2 of this Circular;
b) Notify early shareholders, owner, contributing members, parent bank to transfer money to an account opened by the Preparatory Committee at a Vietnamese commercial bank.
3. Instruct early shareholders in performing the capital contribution and processing applications for capital contribution of the early shareholders.
4. Be responsible for the completion and accuracy of the application submitted to the SBV.
5. Notify early shareholders, founding members and parent bank of reasons for refusal to grant License in case of the SBV’s disapproval.
6. Present, in front of the Appraisal Council, the full satisfaction of requirements for being granted a License upon request by the SBV.
7. Defend contents stated in the Plan for establishment of a commercial bank or an FBB in front of the Appraisal Council.
Article 33. Responsibilities of Chief of Preparatory Committee
The Chief of a Preparatory Committee shall:
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2. Sign documents serving the application for establishment of the bank within his/her competence until the SBV grants a License.
Organization or individual relating to the establishment and operation of a commercial bank, an FBB or a representative office shall adequately, accurately and promptly provide information upon request by the SBV and the Preparatory Committee in accordance with regulations herein and be responsible before the law on the above-mentioned information.
Article 35. Cooperation in grant of License
1. The SBV shall send a written enquiry to:
a) the People’s Committee of province or central-affiliated city where the head office of a commercial bank or the premises of an FBB is intended to be located, concerning location of the head office of the commercial bank or the premises of the FBB [53];
b) [54] the Ministry of Public Security, concerning the list of proposed members of the Board of Directors, the Board of Members, the Controllers' Board and proposed General Director (Director) of a commercial bank, proposed General Director (Director) of an FBB [55].
2.[56] Within 15 days from the date on which the written enquiry of the SBV is received, the above-mentioned relevant agencies shall respond in writing to the SBV.
3. The SBV shall grant a License on the basis of the responses from the relevant agencies .
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1. The Council processing application for a License to establish and operate a Commercial bank or a license to establish an FBB (hereinafter referred to as “Appraisal Council”):
a) [57] The appraisal council decided by the Governor of the SBV shall include a Governor or a Deputy Governor (authorized by the Governor) acting as the Chairperson, Heads of the units prescribed in Clauses 2, 3,4, 5, 6, 7, 8 and 10 of this Article acting as members;
b) Duties of the Appraisal Council:
(i) Appraise applications for a License to establish and operate a commercial bank and a License to establish an FBB.
During the appraisal, the Appraisal Council shall carry out face-to-face interview to verify the professional level, the reasonability and feasibility of establishment Plan in respect of each content of such Plan, knowledge about banking area of the persons proposed for managerial and executive positions of the commercial bank, the proposed General Director (Director) of the FBB;
(ii) Select the list of eligible applications on the basis of the opinions of the Council’s members for submission to the SBV's Governor for decision to grant the License.
2. Banking Inspection and Supervision Agency:
a) Receive and appraise applications for Licenses to establish and operate commercial banks and Licenses to establish FBBs:
(i) For the application for a License to establish and operate a commercial bank, or a License to establish an FBB, before giving approval for principles:
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- Appraise the application, attach a written request for appraisal of the application with the application, and send them to the members of the Appraisal Council for consideration. The written request for appraisal shall specify the appraisal result and the Agency’s recommendations on grant of the License;
- Consolidate opinions of the Appraisal Council’s members and propose to the Chairperson of the Appraisal Council to summon the Appraisal Council’s members to consider the application for the License;
- On the basis of the meeting minute of the Appraisal Council, propose to the SBV’s Governor to prepare and send a written document on approval or disapproval of principles (including specific reasons) to the Preparatory Committee.
The document on approval of principles shall specify the approval for principles for establishment and operation of the commercial bank or establishment of the FBB; approval for the preliminary list of personnel of the commercial bank or the FBB; approval for administrative and organizational structure, internal control, and internal audit of the FBB.
(ii) For additional documents, after giving approval for principles:
- In case the deadline for submitting additional documents expires as prescribed in this Circular but Banking Inspection and Supervision Agency does not receive any additional document or receives an invalid and insufficient application, the Banking Inspection and Supervision Agency shall propose to the SBV’s Governor to prepare a written document informing that the written approval for principles is no longer valid and send it to the Preparatory Committee.
- Upon receipt of the satisfactory application after submitting additional documents, the Banking Inspection and Supervision Agency shall appraise and propose to the SBV’s Governor to sign the Decision on grant of the License to establish and operate the commercial bank or the License to establish the FBB [58] if all requirements are fully satisfied and the sufficient application was submitted as prescribed herein or to have a document specifying refusal to grant the License and reasons for that.
b) [59] (annulled)
c) Be responsible for management and storage of applications for Licenses after being granted them;
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dd) Inspect and supervise the compliance with regulations on organization and operation of commercial banks and FBBs in accordance with regulations herein [60].
e) Handle difficulties arising during the implementation of this Circular;
g) [61] Receive, appraise and submit applications for replacement and supplementation of the Licenses of commercial banks and FBBs to the SBV's Governor prescribed in Point b Clause 1 Article 3 hereof;
h) [62] Send written enquiries about applications for addition of interest rate derivative activities, supply of commodity price derivative products and securities depository activities to the Licenses enclosed with such applications to relevant units in the SBV.
3. Legislation Department:
a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the Legislation Department shall appraise applications for Licenses and send a written response to the Banking Inspection and Supervision Agency;
b) The Legislation Department shall handle legal problems arising during the grant of Licenses.
4. Monetary Policy Department:
a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the Monetary Policy Department shall appraise applications for Licenses and send a written response to the Banking Inspection and Supervision Agency;
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5. International Cooperation Department:
a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the International Cooperation Department shall appraise applications for Licenses and send a written response to the Banking Inspection and Supervision Agency;
b) The International Cooperation Department shall assess arising problems relating to commitments of Vietnam to adhere to the World Trade Organization and other bilateral and mutual agreements.
6.[63] Information Technology Department:
a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the Information Technology Department shall appraise applications for Licenses and send a written response to the Banking Inspection and Supervision Agency;
b) The Information Technology Department shall assess problems relating to information technology of commercial banks and FBBs.
7. Finance – accounting Department:
a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the Finance – accounting Department shall appraise applications for Licenses and send a written response to the Banking Inspection and Supervision Agency;
b) The Finance – accounting Department shall assess issues relating to financial capacity of shareholders in accordance with regulations herein and relevant regulations of applicable laws.
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a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the SBV’s branches of provinces/cities where head offices of commercial banks and FBBs applying for establishment are intended to be located shall appraise applications for Licenses and send written responses to the Banking Inspection and Supervision Agency;
b) The SBV’s provincial branches shall discuss the establishment of commercial banks and FBBs with local authorities of provinces/cities where their head offices are intended to be located (if any);
c) The SBV’s provincial branches shall directly inspect and supervise commercial banks and FBBs to implement and satisfy requirements in accordance with regulations of law and of the SBV prior to opening of operation.
d) The SBV’s provincial branches shall suspend the opening of operation of commercial banks and FBBs if they fail to satisfy requirements applicable to the opening of operation;
dd) The SBV’s provincial branches shall submit reports to the SBV’s Governor on requirements and opening situations of commercial banks and FBBs;
e) The SBV's provincial branches shall receive and appraise applications prescribed in Article 18, Article 18c and Clause 1 Article 18dd hereof;
g) The SBV’s provincial branches shall send written enquiries about the following contents to the People’s Committees of provinces/central-affiliated cities where representative offices’premises are intended to be located:
(i) Location of representative office’s premises upon grant of License to establish representative office in accordance with the regulations in Clause 2 Article 5 of this Circular;
(ii) Change of current premises of representative office in accordance with the regulations in Article 18dd of this Circular;
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i) The SBV’s branches of provinces/cities shall receive written notifications of changes specified in Clause 2 Article 18d hereof from representative offices whose premises are located in the provinces/cities;
k) The SBV’s provincial branches shall inform the Ministry of Public Security (via the Economic Security Department) of the Chief representative officers after the Licenses to establish the representative offices have been granted and of the replacement of the Chief representative officers after the written notifications given by the representative offices have been received;
l) The SBV’s branches of provinces/cities shall inspect representative offices whose premises are located in their provinces/cities in accordance with regulations of law.
m) [65] The SBV’s provincial branches shall send written enquiries about applications for addition of interest rate derivative activities, supply of commodity price derivative products and securities depository activities enclosed with the applications to Licenses of relevant units of the SBV.
9. Banking Operation Department:
a) Provide guidance to commercial banks, FBBs and representative offices on:
(i) payment of licensing fee;
(ii) procedure for opening and transferring money to the escrow account, and capital release.
b) Send the Banking Inspection and Supervision Agency copies of written confirmations of full payment of licensing fee and written confirmations of the money transfer to escrow account and capital release.
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a) Within 30 days since the Banking Inspection and Supervision Agency gives a written request, the Foreign Exchange Management Department shall appraise applications for Licenses and send a written response to the Banking Inspection and Supervision Agency;
b) The Foreign Exchange Management Department shall assess problems relating to foreign exchange activities of commercial banks and FBBs.
11.[67] Within 10 days after receiving written enquiries about applications for addition of interest rate derivatives, provision of commodities derivatives and securities depository to Licenses from the Banking Inspection and Supervision Agency and SBV’s provincial branches, relevant units affiliated to the SBV shall submit written responses specifying reasons for approval or disapproval for the applications of commercial banks and FBBs.
IMPLEMENTATION PROVISIONS [68], [69], [70], [71], [72]
1. This Circular comes into force from February 01, 2012.
2. Since the effective date of this Circular, the following provisions and documents shall be ineffective:
a) Sections III, V, VI Part I, Sections I, V, VIII Part II, Section IV, Clause 56, Section VI Part III, Section I Part IV, Part V of Circular No. 03/2007/TT-NHNN dated June 05, 2007 of the SBV’s Governor guiding the implementation of Decree No. 22/2006/ND-CP dated February 28, 2006 of the Government on organization and operation of FBBs, joint venture banks, wholly foreign-owned banks, representative offices of foreign credit institutions in Vietnam.
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c) Circular No. 09/2010/TT-NHNN dated March 26, 2010 of the SBV on granting License to establish and operate joint-stock commercial banks.
d) Article 1, Clause 1 and Article 4 of Circular No. 24/2011/TT-NHNN dated August 31, 2011 on implementing plans to simplify administrative procedures in the field of banking establishment and operation in accordance with Resolutions of the Government on simplification of administrative procedures within the jurisdiction of the SBV.
Chiefs of secretariats, Chief of the Banking Inspection and Supervision Agency, Heads of units affiliated to the SBV, Directors of SBV’s provincial branches, Chairpersons and members of Boards of Directors, Boards of Members, Heads and members of Controllers’ Boards, General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs, Chief representative officers of foreign credit institutions, other foreign organizations involving in banking activities and related organizations, individuals are responsible for implementation of this Circular./.
APPENDIX 01 [73]
(enclosed with Circular No. 25/2019/TT-NHNN dated December 02, 2019 on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices)
Appendix 01a – Template of License to establish and operate commercial bank [74]
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Appendix 01c – Template of License to establish representative office.
Appendix 01a [76]
Template of License to establish and operate commercial bank
STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No. /GP-NHNN
Hanoi, ………[date]……
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to establish and operate a bank (inserting type of bank)
The Governor of the State Bank of Vietnam
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Pursuant to Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
Pursuant to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices and Circular No. ………….. on amendments to certain Articles of Circular No. 40/2011/TT-NHNN;
Considering the application for a License to establish and operate (inserting the name of the commercial bank or the joint venture bank or the wholly foreign-owned bank) …… and the enclosures (in case of application for a License to establish a new bank)/Considering the application for replacement of the License to establish and operate (inserting the name of the commercial bank or the joint venture bank or the wholly foreign-owned bank)…….. and the enclosures (in case of application for replacement of the License);
Pursuant to the meeting minute of the Council for Appraisal of the application for a License to establish and operate a Bank ………..on ....[date]...... (in case of application for a License to establish a new bank);
At the request of the Chief of the Banking Inspection and Supervision Agency,
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Article 1. Grant of authorization for establishment of (Commercial bank, joint venture bank or wholly foreign-owned bank) …. as follows: (In case of application for a License to establish a new bank)/ replacement of the establishment and operation License No. ……. dated…….. for the Bank ………as follows (in case of application for replacement of the License):
1. The Bank’s name:
- Full name in Vietnamese:………………………;
- Full name in English:………………………;
- Trade name (or short name):…………………
2. Address of the head office:………………………………………………
Article 2. Charter capital of the Bank …….is…………….. (in words: ...........................)
Article 3. Operation duration of the Bank ….. is …………… year(s) (in case of application for a License to establish a new bank)/ Operation duration of the Bank……. is ………. year(s) (inserting the operation duration specified in the previous License granted by the SBV) from .........[date]………….. (inserting the effective date of the previous License granted by the SBV) (in case of application for replacement of the License).
Article 4. Operation contents
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1. Receiving demand deposits, term deposits, savings and other types of deposits.
2. Extending credit in the following forms:
a) Lending;
b) Discounting and re-discounting negotiable instruments and other valuable papers;
c) Providing bank guarantee;
d) Issuing credit cards;
dd) Providing domestic factoring services;
3. Opening payment accounts for clients.
4. Providing domestic payment services:
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b. Providing payment services including check, payment order, authorized payment, collection, authorized collection, letter of credit and bank card, and collection and payment services.
5. Opening accounts:
a) Opening accounts at the SBV;
b) Opening accounts at other credit institutions and FBBs.
6. Organizing internal payment systems and participating in the national inter-bank payment systems.
7. Providing such services as cash management, banking and financial consultancy, asset management and preservation, and safe keeping.
8. Providing consultancy of corporate finance, business acquisition, sale, consolidation and merger and investment.
9. Bidding for, selling and purchasing treasury bills, negotiable instruments, government bonds, state bank bills and other valuable papers in the monetary market.
10. Purchasing and selling Government bonds and corporate bonds.
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12. Issuing deposit certificates, promissory notes, bills or bonds to raise capital from organizations in accordance with the Law on Credit Institutions, the Law on Securities, regulations of the Government and guidance of the SBV.
13. Borrowing loans from the SBV in the form of re-financing under the Law on the State Bank of Vietnam and guidance of the SBV.
14. c) Borrowing, lending, depositing, taking deposits of credit institutions, FBBs, domestic and foreign financial institutions according to regulations of law and guidance of the SBV.
15. Contributing capital or purchasing shares in accordance with regulations of law and guidance of the SBV.
16. Entrusting, undertaking entrustment or acting as agents in sectors relating to banking activities, insurance business and asset management according to regulations of law and guidance of the SBV.
17. Dealing in foreign exchange, providing foreign exchange services in domestic market and international market within the scope prescribed by the SBV.
18. Trading and providing derivative products regarding exchange rates, interest rates, foreign exchange, currency and other financial products in domestic market and international market.
19. Depositing securities.
20. Trading gold bullion.
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22. Providing commodity derivatives.
23. Investing in government-bond futures contracts.
24. Providing securities transaction balancing/settlement services according to the regulations in Point a Clause 4 Article 56 of the Law on Securities.
25. Performing supervising bank activities in accordance with the law on Securities.
26. Performing other activities (after being approved by the SBV).
Article 5. During the operation, the Bank ………….. shall comply with Vietnamese laws.
Article 6. This License takes effect from the date on which it is signed (in case of application for a License to establish a new bank)/this license comes into force from the date on which it is signed and replaces the License to establish and operate the Bank No. ........ dated........., enclosed with written approvals relating to amendments to the License (in case of application for replacement of the License).
Article 7. The License to establish and operate the Bank ………../the new License granted after the old one is replaced of the Bank…………. shall be made into five (05) originals: one (01) original is used for business registration; three (03) originals are archived at the SBV (one of them is archived at the office of the SBV, one is archived at the SBV's provincial branch ..........., and one is archived in the application for the License to establish and operate the Bank/the application for replacement of the License to establish and operate the Bank…………).
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GOVERNOR
Appendix 01b [77]
Template of License to establish FBB
Appendix 01b1 – Template of License to establish FBB (issued by the SBV’s Governor)
Appendix 01b2 – Template of License to establish FBB (issued by the SBV’s Governor)
Template of License to establish FBB (issued by the SBV’s Governor)
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No. /GP-NHNN
Hanoi, ………[date]……
THE GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
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Pursuant to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices and Circular No. ………….. on amendments to certain Articles of Circular No. 40/2011/TT-NHNN;
Considering the application for a License to establish an FBB of the Bank…………and the enclosures (in case of application for a License to establish a new bank)/Considering the application for replacement of the License to establish the FBB of the Bank………. (in case the FBB is subject to micro-prudential supervision and inspection of the Banking Inspection and Supervision Agency) and the enclosures (in case of application for replacement of the License);
Pursuant to the meeting minute of the Council for Appraisal of the application for a License to establish an FBB of the Bank……… on ....[date]...... (in case of application for a License to establish a new FBB);
At the request of the Chief of the Banking Inspection and Supervision Agency,
HEREBY DECIDES:
Article 1. Grant of authorization to the Bank…………, nationality ………., whose headquarters is located in ……….. for establishment of a branch at……., the Socialist Republic of Vietnam, as follows: (In case of application for a License to establish a new branch)/ replacement of the License to establish the FBB No. ……. dated…….. for the Bank ………as follows (in case of application for replacement of the License):
1. The branch’s name:
- Full name in Vietnamese: …………..;
- Full name in English: …………..;
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2. Address of the office:………………………………………………
Article 2. Assigned capital of the Bank……. - the branch ……….. is ……………….. (in words:…………).
Article 3. Operation duration of the Bank……. - the branch …………… is ………….. year(s) (in case of application for a License to establish a new branch)/Operation duration of the Bank…………. - The branch …………. is………….. year(s) (inserting the operation duration specified in the previous License granted by the SBV) from .........[date]………….. (inserting the effective date of the previous License granted by the SBV) (in case of application for replacement of the License).
Article 4. Operation contents
The Bank……… - The branch …………. shall be granted authorization for performing banking activities applicable to commercial banks in accordance with regulations of law and of the SBV, including the following activities:
1. Receiving demand deposits, term deposits, savings and other types of deposits.
2. Extending credit in the following forms:
a) Lending;
b) Discounting and re-discounting negotiable instruments and other valuable papers;
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d) Issuing credit cards;
dd) Providing domestic factoring services;
3. Opening payment accounts for clients.
4. Providing domestic payment services:
a. Providing payment instruments;
b. Providing payment services including check, payment order, authorized payment, collection, authorized collection, letter of credit and bank card, and collection and payment services.
5. Opening accounts:
a) Opening accounts at the SBV;
b) Opening accounts at other credit institutions and FBBs.
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7. Providing such services as cash management, banking and financial consultancy, asset management and preservation, and safe keeping.
8. Providing consultancy of corporate finance, business acquisition, sale, consolidation and merger and investment.
9. Bidding for, selling and purchasing treasury bills, negotiable instruments, government bonds, state bank bills and other valuable papers in the monetary market.
10. Purchasing and selling Government bonds and corporate bonds.
11. Providing monetary brokerage services.
12. Issuing deposit certificates, promissory notes, bills or bonds to raise capital from organizations in accordance with the Law on Credit Institutions, the Law on Securities, regulations of the Government and guidance of the SBV.
13. Borrowing loans from the SBV in the form of re-financing under the Law on the State Bank of Vietnam and guidance of the SBV.
14. Borrowing, lending, depositing, taking deposits of credit institutions, FBBs, domestic and foreign financial institutions according to regulations of law and guidance of the SBV.
15. Entrusting, undertaking entrustment or acting as agents in sectors relating to banking activities, insurance business and asset management according to regulations of law and guidance of the SBV.
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17. Trading and providing derivative products regarding exchange rates, interest rates, foreign exchange, currency and other financial products in domestic market and international market.
18. Depositing securities.
19. Trading gold bullion.
20. Providing digital wallet services.
21. Providing commodity derivatives.
22. Investing in government-bond futures contracts.
23. Providing securities transaction balancing/settlement services according to the regulations in Point a Clause 4 Article 56 of the Law on Securities.
24. Performing other activities (after being approved by the SBV).
Article 5. During the operation, the Bank …………... - The branch……….. shall comply with Vietnamese laws.
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Article 7. The License to establish the Bank…………… - The branch…………/the new License granted after the old one is replaced of the Bank…………. - The branch ………shall be made into five (05) originals: one (01) original is granted to the Bank......... - The branch ………..; one (01) original is used for business registration; three (03) originals are archived at the SBV; (one of them is archived at the office of the SBV, one is archived at the SBV's provincial branch ..........., and one is archived in the application for the License to establish the Bank……….. - The branch………………/the application for replacement of the License to establish the Bank……… - The branch…………….).
GOVERNOR
Template of License to establish FBB (issued by the SBV’s Governor)
State bank of Vietnam
SBV’s provincial branch……..
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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...
..., ………[date]……
the Director of the SBV’s branch of province/city……….
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Pursuant to Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
Pursuant to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices and Circular No. ………….. on amendments to certain Articles of Circular No. 40/2011/TT-NHNN;
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HEREBY DECIDES:
Article 1. Grant of authorization to the Bank…………, nationality ………., headquartered in ……….. for replacement of the License to establish the FBB No. ……. dated…….. for the Bank ………as follows:
1. The branch’s name:
- Full name in Vietnamese: …………..;
- Full name in English: …………..;
- Trade name (or short name):…………………
2. Address of the office:………………………………………………
Article 2. Assigned capital of the Bank……. - The branch ……….. is ……………….. (in words:…………).
Article 3. Operation duration of the Bank……. - The branch …………. is………….. year(s) (inserting the operation duration specified in the previous License granted by the SBV) from .........[date]………….. (inserting the effective date of the previous License granted by the SBV).
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The Bank……… - The branch …………. shall be granted authorization for performing banking activities applicable to commercial banks in accordance with regulations of law and of the SBV, including the following activities:
1. Receiving demand deposits, term deposits, savings and other types of deposits.
2. Extending credit in the following forms:
a) Lending;
b) Discounting and re-discounting negotiable instruments and other valuable papers;
c) Providing bank guarantee;
d) Issuing credit cards;
dd) Providing domestic factoring services;
3. Opening payment accounts for clients.
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...
a. Providing payment instruments;
b. Providing payment services including check, payment order, authorized payment, collection, authorized collection, letter of credit and bank card, and collection and payment services.
5. Opening accounts:
a) Opening accounts at the SBV;
b) Opening accounts at other credit institutions and FBBs.
6. Organizing internal payment systems and participating in the national inter-bank payment systems.
7. Providing such services as cash management, banking and financial consultancy, asset management and preservation, and safe keeping.
8. Providing consultancy of corporate finance, business acquisition, sale, consolidation and merger and investment.
9. Bidding for, selling and purchasing treasury bills, negotiable instruments, government bonds, state bank bills and other valuable papers in the monetary market.
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...
...
11. Providing monetary brokerage services.
12. Issuing deposit certificates, promissory notes, bills or bonds to raise capital from organizations in accordance with the Law on Credit Institutions, the Law on Securities, regulations of the Government and guidance of the SBV.
13. Borrowing loans from the SBV in the form of re-financing under the Law on the State Bank of Vietnam and guidance of the SBV.
14. Borrowing, lending, depositing, taking deposits of credit institutions, FBBs, domestic and foreign financial institutions according to regulations of law and guidance of the SBV.
15. Entrusting, undertaking entrustment or acting as agents in sectors relating to banking activities, insurance business and asset management according to regulations of law and guidance of the SBV.
16. Dealing in foreign exchange, providing foreign exchange services in domestic market and international market within the scope prescribed by the SBV.
17. Trading and providing derivative products regarding exchange rates, interest rates, foreign exchange, currency and other financial products in domestic market and international market.
18. Depositing securities.
19. Trading gold bullion.
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21. Providing commodity derivatives.
22. Investing in government-bond futures contracts.
23. Providing securities transaction balancing/settlement services according to the regulations in Point a Clause 4 Article 56 of the Law on Securities.
24. Performing other activities (after being approved by the SBV).
Article 5. During the operation, the Bank ………….. - The branch……….. shall comply with Vietnamese laws.
Article 6. This License comes into force from the date on which it is signed and replaces the License to establish the FBB No. ........ dated........., enclosed with written approvals relating to amendments to the License.
Article 7. The new License granted after the old one is replaced of the Bank…………. - The branch ………shall be made into five (05) originals: one (01) original is granted to the Bank......... - The branch ………..; one (01) original is used for business registration; three (03) originals are archived at the SBV's provincial branch …………..
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DIRECTOR
Template of a License to establish a representative office
STATE BANK OF VIETNAM
SBV’S PROVINCIAL BRANCH
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No……./GP-…….
......, ………[date]……
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to establish a representative office
THE DIRECTOR OF THE SBV’S BRANCH OF PROVINCE/CITY……….
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Pursuant to Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
Pursuant to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices and Circular No. ………….. on amendments to certain Articles of Circular No. 40/2011/TT-NHNN;
Considering the application for a license to establish a representative office of ….. (inserting name of the foreign credit institution or another foreign organization involving in banking activities) and the enclosures,
HEREBY DECIDES:
Article 1. Grant of authorization to……….. (inserting name of the foreign credit institution or another foreign organization involving in banking activities), nationality…………, whose headquarters is located in (inserting name of the city or nation) for establishment of a representative office in (inserting name of the province or central-affiliated city), Vietnam as follows:
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- Full name in Vietnamese:
- Full name in English:
2. Location of the representative office’s premises:
Article 2. Operation duration:
Article 3. Operation contents:
Other activities ….. (Listing the activities proposed and approved respectively in accordance with the regulations in Article 125 of the Law on Credit Institutions);
Article 4. During the operation, the representative office ………….. (inserting name of the foreign credit institution or another foreign organization involving in banking activities) -………….. (inserting name of the province or central-affiliated city) shall comply with Vietnamese laws.
Article 5. This License comes into force from the day on which it is signed.
Article 6. The license to establish the representative office…………. (inserting name of the foreign credit institute or another foreign organization involving in banking activities) -………….. (inserting name of the province or central-affiliated city) shall be made into five (05) originals: one (01) original shall be granted to …… (inserting name of the foreign credit institute or another foreign organization involving in banking activities); one (01) original shall be used for operation registration; three (03) originals shall be archived at the SBV's branch of province/city ..........
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DIRECTOR
Template of an application form for a License to establish and operate a commercial bank
(enclosed with Circular No. 40/2011/TT-NHNN)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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To: The Governor of the State Bank of Vietnam
Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to Circular No. /2011/TT-NHNN of the SBV’s Governor providing regulations on grant of Licenses and organization and operation of commercial banks, FBBs, representative offices;
Pursuant to the Meeting minute of the founding shareholders, founding members or documents of the owner which is the bank…… (for wholly foreign-owned bank, the owner is a single-member LLC) on …[date]….. of establishment of the Bank ………..:
Today, we, including founding shareholders and founding members of the Bank………, represent all the early shareholders (contributing members) or the owner which is the bank...... to propose to the SBV's Governor to consider to grant a License to establish and operate a commercial bank with the following contents:
1. The name of the Bank:
- The full name in Vietnamese
- The full name in English
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3. Operation contents:
4. Operation duration:
5. The charter capital:……… VND (in words…………..), in which the ratios of capital contribution of founding shareholders (members) are as follows:
No
Name of organization/individual
Number of the License or number of business registration certificate or ID number, number of passport
Phone number
Value of contributed capital
Percentage of contributed capital
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Company A
2
Nguyen Van B
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3
6. The List of persons proposed to be members of the Board of Directors, the Board of Members, the Controllers' Board and to be the General Director (Director) of the Commercial bank (specifying full name and titles proposed to be approved of each member).
We hereby declare that:
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- We will follow the procedures for business registration, registration of opening date and disclosure of information in accordance with regulations of law.
- We will strictly comply with regulations of laws, the SBV and charter for organization and operation of the bank.
..., ………[date] ....................
Founding shareholders, founding members or documents of the owner of the bank……
(For founding shareholders that are individuals, signatures and full names shall be required; For founding shareholders, founding members and owner that are organizations, signatures, seals and full names of their legal representatives shall be required)
Template of application form for a license to establish an FBB
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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application form for a license to establish an FBB
To: The Governor of the State Bank of Vietnam
Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to Circular No. /2011/TT-NHNN of the SBV’s Governor providing regulations on grant of Licenses and organization and operation of commercial banks, FBBs, representative offices;
Today, the Bank…….. proposes to the SBV's Governor to consider to grant a License to establish an FBB with the following contents:
1. The Name of the FBB:
- The full name in Vietnamese
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...
2. The name of province or city in which the premises of the branch is intended to be located:
3. Operation contents:
4. Operation duration:
5. Assigned capital:
6. The list of potential General Director (Director) of the FBB (specifying full name).
7. The expected administrative organizational structure of the FBB.
We hereby declare that:
- We will be responsible for the accuracy and honesty of the application form as well as the application for the License.
- After being granted the License to establish the FBB, we will follow the procedures for business registration, registration of opening date and disclosure of information in accordance with regulations of law.
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..., ………[date] ....................
Legal representative of the foreign bank
(signature, seal and full name)
Appendix 02c [78]
Application form for a License to establish a representative office of a foreign credit institution or another foreign organization involving in banking activities
(enclosed with Circular No. 25/2019/TT-NHNN dated December 02, 2019 on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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APPLICATION FORM FOR A LICENSE TO ESTABLISH A REPRESENTATIVE OFFICE
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Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Pursuant to Circular No. 40/2011/TT-NHNN of the SBV's Governor on licensing and operation of commercial banks, FBBs, representative offices and Circular No. ………….. on amendments to certain Articles of Circular No. 40/2011/TT-NHNN;
Today, the foreign credit institution/ the other foreign organization involving in banking activities (inserting name) proposes to the Director of the SBV’s branch of province/city ………. to consider to grant a License to establish a representative office of the foreign credit institution/the other foreign organization involving in banking activities (inserting name) with the following contents:
1. The name of the representative office:
- The full name in Vietnamese
- The full name in English
2. The planned location of the representative office’s premises:
3. Operation contents:
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...
5. The List of potential Chief representative officers of the representative office (specifying full name).
The foreign credit institution/the other foreign organization involving in banking activities (inserting name) …… hereby declare that:
- We will be responsible for the accuracy and honesty of the application form as well as the application for the License.
- After being granted the License, we will follow the procedures for business registration, registration of opening date and disclosure of information in accordance with regulations of law.
- We will strictly comply with regulations of laws and of the SBV; and be responsible before the law for any violation committed by themselves.
..., ………[date] ....................
The legal representative of the foreign credit institution/the other foreign organization involving in banking activities)
(signature, seal and full name)
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Template of Curriculum vitae
(enclosed with Circular No. 40/2011/TT-NHNN)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
1. Personal information:
- Full name
- Date of birth
...
...
...
Passport photo
(4 x 6)
- Nationality (all current legal nationalities)
- Address of the place at which the permanent residence is registered:
- Current place of residence:
- Number, place of issuance, date of issuance of ID card, passport or another personal identification document
- Name and address of the juridical person of whom the declarant acts as a representative.
2. Educational qualifications
School name; name of city/nation where the school's headquarters is located; name of course; study period; name of diploma/qualification (listing qualifications, training programs relating to standards and requirements for the title-holder to be elected or designated).
3. Working period
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...
...
- Current position at the bank and other organizations.
- Working organization; position; main duties (listing organizations and positions that the declarant has held at these organizations, ensuring the continuity in time).
- Rewards and disciplinary actions (if any).
4. Contributed capital, shares proposed to be held (in case the shareholder is an individual) or proposed to be authorized (in case the declarant is the representative of the juridical person).
5. Relations (if the declarant is a potential founding shareholder/manager/administrator/another title of the commercial bank):
Declaring the relations with the related persons.
6. I, ………….. hereby certify that the above statements are true. I will be responsible for any false information if it is declared herein.
Acknowledgement of the competent authority of the working organization or the government of the place where the declarant resides
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List of early shareholders of a commercial bank
(enclosed with Circular No. 40/2011/TT-NHNN)
List of early shareholders of the bank …….
No
Information about organization/individual
Phone number
Value of contributed capital
...
...
...
Type of share
Percentage of contributed capital
I. Founding shareholders:
Organizations
1
Company A
...
...
...
2
Individuals
...
...
...
Nguyen Van A
4
...
...
...
II. Other early shareholders
Organizations
5
Company B
...
...
...
6
...
...
...
7
Nguyen Van B
8
...
...
...
Head of the Preparatory Committee
(signature and full name)
GUIDELINE ON DECLARATION
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...
a) Information about organization:
- Name of the organization:
- Address of its head office:
- Number of the establishment License or the business registration certificate or the equivalent document:
b) Information about the representative for the organization’s contributed capital
- Full name:
- Permanent address:
- Nationality:
- Number, place of issuance, date of issuance of ID card, passport or another personal identification document;
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...
- Full name:
- Permanent address:
- Nationality:
- Number, place of issuance, date of issuance of ID card, passport or another personal identification document;
Application form for purchase of share(s) applicable to an individual
(enclosed with Circular No. 40/2011/TT-NHNN)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
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...
APPLICATION FOR SHARE PURCHASE
To: The Preparatory Committee for establishment of the Bank……………
1. Individual as purchaser of share(s):
- Full name: (full and official name, written in capital letters)
- Date of birth
- Number, place of issuance, date of issuance of ID card, passport or another personal identification document
- Current place of work and position:
- Phone number:
- Nationality:
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...
...
- Permanent address:
2. Contents of application for share purchase:
- Number of shares that the purchaser applies for, share class, share value and ownership ratio of shares to charter capital.
- Contribution period:
3. Situation of capital contribution or share purchase at another organization:
- Name of the credit institution/enterprise of which the individual is holding a number of contributed capital;
- Number of contributed capital and the ownership ratio of contributed capital to total charter capital of such credit institution/enterprise.
4. Declaration:
After considering the Charter of the bank and regulations of relevant laws, I hereby declare that:
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...
b) [79] I will not use the capital mobilized or borrowed from other organizations and individuals for capital contribution; be responsible before the law for the legality of the capital contributed to establishment of the bank;
c) I will comply with regulations in the Charter of the bank and internal regulations of the bank and regulations of relevant laws;
d) I will take all responsibility for the accuracy and honesty of the enclosures (if any).
Purchaser of shares
(Signature and full name)
Application form for purchase of shares applicable to an organization
...
...
...
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
..., ………[date] ....................
APPLICATION FOR SHARE PURCHASE
To: The Preparatory Committee for establishment of the Bank……………
1. Organization as purchaser of shares:
- Name of the organization (full and official name, written in capital letters)
- Number of Establishment Decision or number of business registration certificate, issued by …….. on …..[date]……
- Charter capital.
- Address of its head office
...
...
...
2. Legal representative:
- Full name:
- Date of birth
- Current position in the organization
- Number, place of issuance, date of issuance of ID card, passport or another personal identification document
- Nationality
- Current place of residence
- Permanent address
3. The person who is appointed as an authorized representative of the organization at the joint stock commercial bank:
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...
...
- Date of birth
- Current place of work and position
- Relations with the organization (in case the purchaser is not the organization's employee)
- Number, place of issuance, date of issuance of ID card, passport or another personal identification document
- Nationality
- Current place of residence
- Permanent address:
4. Contents of application for share purchase:
- Number of shares that the purchaser applies for, share class, share value and ownership ratio of shares to charter capital
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...
...
5. Situation of capital contribution or share purchase at another organization:
- Name of the credit institution/enterprise of which the organization is holding a number of contributed capital;
- Number of contributed and the ratio of contributed capital to total charter capital of such credit institution/enterprise;
6. Declaration:
After considering the Charter of the bank and regulations of relevant laws, we hereby declare that:
a) We will purchase adequately the applied shares and contribute them within the prescribed time limit;
b) [80] We will not use the capital mobilized or borrowed from other organizations and individuals for capital contribution; be responsible before the law for the legality of the capital contributed to establishment of the bank;
c) We will comply with regulations in the Charter of the bank and internal regulations of the bank and regulations of relevant laws;
d) We will take all responsibility for the accuracy and honesty of the enclosures (if any).
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Legal representative of the organization
(Signature, full name, position and seal)
List of related persons and situation of capital contribution to establishment of a joint stock commercial bank
(enclosed with Circular No. 40/2011/TT-NHNN)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
To: The State Bank of Vietnam
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...
Declarant (organization/individual as early shareholder) and “affiliated person”
Relations with the declarant
Participation in the establishment of the bank
Ratio of contributed capital to charter capital upon establishment of the joint stock commercial bank….
The Bank’s name
Ownership ratio of shares to charter capital of the bank
(%)
(1)
(2)
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...
...
(4)
(5)
(6)
1.
Nguyen Van A
Declarant
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...
...
Nguyen Thi B
Wife
3.
Company X
The company chaired by Mr. A.
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...
...
...
Total
...
...
...
% (of each bank)
%
I certify that the information that I have provided on this list is true. I will be responsible before law for false statements.
Declarant (7)
(Signature, full name, seal (if any))
Guidance on declaration
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2. (3): Specifying the relations with the declarant.
3. (4): Specifying names of the banks participating in capital contribution.
4. (7): If the declarant is a juridical person, the signer as the declarant shall be the representative of the juridical person.
Template of a Declaration of assets and incomes of a founding shareholder who is an individual of a joint stock commercial bank
(enclosed with Circular No. 40/2011/TT-NHNN)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
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- Full name of the declarant:……………………………………………..
- Date of birth: ………………………………….
- Number of ID card or passport [81]:
........................ Date of issue: dd/mm/yy Place of issue:
- Office/unit or working place:……………………………….
- Permanent address:………………….
- Current address:………………………..
No.
Type of assets
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...
...
House, construction work
- Number:………(houses)
1.1. The house No. 1:
+ Type of house:...................
+ Land area: …………. m2
+ Constructed area: …………. m2
+ Usable area: …………. m2
+ Address:………………………………………………
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...
...
+ Value of the house and land at the market:…………..
1.2. The house No. 2:
+ Type of house:...................
+ Land area: …………. m2
+ Constructed area: …………. m2
+ Usable area: …………. m2
+ Address:………………………………………………
(Enclosed with a certified copy of the ownership certificate in accordance with regulations of law)
+ Value of the house and land at the market:…………..
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...
...
Land use right
- Number:………lot(s)
2.1. The lot No. 1:
+ Type of land:...................
+ Area: …………. m2
+ Address:…………………………………………………..
(Enclosed with a certified copy of the land use right certificate in accordance with regulations of law)
+ Value of the lot based on the market price:…………..
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...
...
+ Type of land:...................
+ Area: …………. m2
+ Address:…………………………………………………..
(Enclosed with a certified copy of the land use right certificate in accordance with regulations of law)
+ Value of the lot based on the market price:…………..
2.3. The lot No. …..;
Abroad assets
- Movable assets:
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...
...
+ Name:…………
+ Amount: …………..
+ Value of the assets based on the market price:…………..
- Real estate:......................
(Enclosed with certified copies of relevant documents)
+ Name:……………
+ Address:…………………………………………………..
+ Value of the assets based on the market price:…………..
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...
...
(Enclosed with certified copies of relevant documents)
- Account opened at:………(inserting name of the bank)……
- Account balance at the time of declaration:…….
Motorbike, car, ship, boat with the value from VND 100 million and more
(Enclosed with a certified copy of the Registration Certificate issued by a competent agency)
- Type, trademark: …………
- Number: …………..
- Total value based on the market price:…………..
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...
...
Precious metal, precious stone with the value of VND 100 million and more
(Enclosed with certified copies of relevant documents (if any))
- Total estimated value: ……………
Money, savings books, shares, bonds, other negotiable instruments with the value of VND 100 million and more
Cash:
Total value: ……………
Deposits at banks, credit institutions (accounts, savings books, credit books, etc,):
(Enclosed with certified copies of banks)
Total value:……………..
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...
(Enclosed with certified copies of issuing companies or securities companies)
Total value based on par value: ……………
Total value based on the market price (Exchange or over-the-counter (OTC):…………..
Bonds:
(Enclosed with certified copies of issuing agencies or securities companies)
Total value based on par value: ……………
Total value based on the market price (Exchange or over-the-counter (OTC):…………..
Other negotiable instruments:
Total value based on par value: ……………
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...
Other assets with the value of 100 million VND and more
(Enclosed with certified copies of relevant documents)
- Name:………
- Amount:………..
- Total estimated value: ……………
I hereby would like to undertake that the above Asset declaration is truthful and sufficient. If it is not truthful, I will take full responsibility to the law.
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GUIDANCE ON DECLARATION
1. For the declaration of houses, other construction works:
- It is not required to list out public houses;
- Houses, construction works required to be declared include dwelling houses, factories, restaurants, clubs, other construction works, etc.
- For the following houses and construction works (if any), the declaration shall be the same as that of the house No. 01 and the house No. 02.
2. [5], [6], [7], [8]:
The declaration shall only be made if total value of each type of assets is at least VND 100 million. For instance, it is required to declare if there are three motorbikes whose total value is VND 100 million or more, and if the total value is less than VND100 million, it is not necessary to declare.
3. For general partial assets:
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Determination of financial capacity to make capital contribution to the establishment of a commercial bank of an organization which is not a credit institution
(enclosed with Circular No. 40/2011/TT-NHNN)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
Determination of financial capacity
To: The State Bank of Vietnam
Method of determining financial capacity to make capital contribution to the establishment of a commercial bank of an organization which is not a credit institution
A – Formula for determination of financial capacity to make capital contribution to the establishment of a commercial bank of an organization which is not a credit institution:
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Financial capacity to make capital contribution to the establishment of a commercial bank
=Owner’s equity
-
Long-term investment financed by owner’s equity
1.2. Specific formula:
A = E - LI (1) and
LI = LA - LD (2)
Where:
+ A: Financial capacity to make capital contribution to the establishment of a commercial bank of the organization
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...
+ LI: Long-term investment financed by owner’s equity
+ LD: Long-term debt used to invest in Long-term assets
+ LA: Long-term assets
* If A > = The capital contributed to the commercial bank as declared by the organization, the organization has sufficient financial capacity to make capital contribution to the establishment of the commercial bank.
* If A < The capital contributed to the commercial bank as declared by the organization, the organization has insufficient financial capacity to make capital contribution to the establishment of the commercial bank.
B - Example:
In accordance with the Project, Company X will contribute VND 100 billion to establish Commercial bank Y. Analysing the capital source for Company X to contribute capital to the establishment of Commercial bank Y on the basis of the balance sheet as of July 31, 2007, it is as follows:
Unit: VND billion
No.
...
...
...
No.
Capital source
.
Short-term assets
1.092,42
.
Payable debts
...
...
...
.
Cash and cash equivalents
771,90
.
Short-term debts
517,18
.
Short-term financial investments
0
...
...
...
Long-term debts
147,70
.
Short-term accounts receivable
377,87
.
...
...
...
0,08
.
Other short-term assets
2,57
...
...
...
I.
Long-term assets
1.530,90
I.
Owner’s equity
1.958,44
.
Long-term accounts receivable
0
...
...
...
Owner’s equity
1.900
.
Fixed assets
26,02
.
Other sources of funds and expenditures
58,44
.
...
...
...
0
.
Long-term financial investments
1.504,78
...
...
...
.
Other long-term assets
0,10
Total
2.623,32
...
...
...
Total
2.623,32
Applying the formulas (1) and (2) to determine the financial capacity of Company X to make capital contribution to the establishment of Commercial bank Y, we have:
Long-term investment financed by
owner’s equity (LI)
Owner’s equity (E)
Long-term assets (LA)
VND 1.530,90 billion
E
...
...
...
Long-term debt used to invest in Long-term assets (LD)*
VND 147,70 billion
LI = LA-LD
VND 1.383,2 billion
E
VND 1.900 billion
A = E-LI
...
...
...
VND 516,8 billion
Comparing A (VND 516,8 billion) with the capital contributed to Commercial bank Y as declared by Company X (VND 100 billion), it can be seen that Company X has sufficient financial capacity to make capital contribution to the establishment of Commercial bank Y (VND 516,8 billion > VND 100 billion).
Note:
* If the Notes to financial report of the organization has no clear notes to the item Long-term debts used for investment in long-term assets (fixed assets, long-term financial investments, etc.), it is necessary to ask a written note to that item
CERTIFIED BY
PP. GOVERNOR
DEPUTY GOVERNOR
Doan Thai Son
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[1] Circular No. 17/2017/TT-NHNN on amendments to certain Articles of Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices is pursuant to:
“The Law on State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated June 16, 2010;
Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
At the request of the Chief of the Banking Inspection and Supervision Agency;
The SBV’s Governor promulgates a Circular on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices.”
[2] Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018 is pursuant to:
“The Law on State Bank of Vietnam dated June 16, 2010;
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Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
At the request of the Director General of the Legislation Department;
The SBV's Governor promulgates a Circular on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs.”
[3] Circular No. 28/2018/TT-NHNN dated November 30, 2018 of the SBV’s Governor on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the SBV’s Governor on licensing and operation of commercial banks, FBBs, representative offices is pursuant to:
“The Law on State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
At the request of the Chief of the Banking Inspection and Supervision Agency;
The SBV’ Governor promulgates a Circular on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on licensing and operation of commercial banks, FBBs, representative offices.”
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“The Law on State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Decree No. 26/2014/ND-CP dated April 07, 2014 of the Government of Vietnam on organization and operation of bank inspectors and supervisors and Decree No. 43/2019/ND-CP dated May 17, 2019 of the Government of Vietnam on amendments to certain Articles of Decree No. 26/2014/ND-CP dated April 07, 2014 of the Government of Vietnam on organization and operation of bank inspectors and supervisors;
Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
At the request of the Chief of the Banking Inspection and Supervision Agency;
The SBV’ Governor promulgates a Circular on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on licensing and operation of commercial banks, FBBs, representative offices.”
[5] Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices is pursuant to:
The Law on State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
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At the request of the Chief of the Banking Inspection and Supervision Agency;
The SBV’ Governor promulgates a Circular on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on licensing and operation of commercial banks, FBBs, representative offices.”
[6] This Article is amended as prescribed in Clause 1 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[7] This Clause is amended as prescribed in Clause 2 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[8] This Clause is amended as prescribed in Clause 2 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[9] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[10] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[11] This Section is amended as prescribed in Clause 3 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[12] The name of this Article is amended as prescribed in Clause 4 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
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[14] This Point is annulled as prescribed in Clause 4 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[15] This Point is annulled as prescribed in Clause 4 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[16] This Point is annulled as prescribed in Clause 4 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[17] This Point is amended as prescribed in Clause 1 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[18] This Point is amended as prescribed in Clause 2 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[19] The phrase “a, b” in this Point is annulled as prescribed in Clause 4 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[20] This Point is amended as prescribed in Clause 3 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[21] The name of this Article is amended as prescribed in Clause 5 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[22] This Clause is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
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[24] The phrase “a, b” in this Clause is annulled as prescribed in Clause 4 Article 1 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018.
[25] The name of this Article is amended as prescribed in Clause 6 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[26] This Clause is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[27] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[28] This Clause is amended as prescribed in Clause 1 Article 1 of Circular No. 17/2017/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2018.
[29] This Point is amended as prescribed in Clause 7 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[30] This Point is amended as prescribed in Clause 2 Article 1 of Circular No. 17/2017/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2018.
[31] This Point is amended as prescribed in Clause 8 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[32] This Point is amended as prescribed in Clause 9 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
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[34] This Clause is amended as prescribed in Clause 11 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[35] This Clause is amended as prescribed in Clause 12 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[36] This Clause is amended as prescribed in Clause 3 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[37] This Section including Articles 18a, 18b and 18c is amended as prescribed in Clause 3 Article 1 of Circular No. 17/2017/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 05, 2018.
[38] This Clause is amended as prescribed in Clause 2 Article 1 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
[39] The paragraph “gửi qua đường bưu điện hoặc nộp trực tiếp cho Ngân hàng Nhà nước (qua Cơ quan Thanh tra, giám sát ngân hàng)” ("submit via by post or directly to the SBV (via the Banking inspection and supervision agency") is replaced with “và nộp trực tiếp hoặc gửi qua dịch vụ bưu chính đến Ngân hàng Nhà nước Việt Nam hoặc Ngân hàng Nhà nước chi nhánh Dối với trường hợp quy định tại điểm a khoản 2 điều 3 Thông tư này” ("and submit directly or by post to the SBV or the SBV’s provincial branch for the cases prescribed in Point a Clause 2 Article 3 hereof") as prescribed in Clause 1 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[40] The paragraph “và thực hiện đăng ký với Ngân hàng Nhà nước theo quy định tại khoản 3 điều 27 Thông tư này” ("and register with the SBV as prescribed in Clause 3 Article 27 hereof”) is annulled as prescribed in Clause 1 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[41] This Section including Articles 18d and 18dd is supplemented as prescribed in Clause 4 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2022.
[42] This Article is supplemented as prescribed in Clause 3 Article 1 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
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[44] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[45] The phrase “thay đổi thời hạn hoạt động” (“change of operation duration”) is annulled as prescribed in Clause 2 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[46] This Clause is annulled as prescribed in Clause 4 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[47] This Point is amended as prescribed in Clause 13 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[48] This Point is amended as prescribed in Clause 14 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[49] This Clause is amended as prescribed in Clause 15 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[50] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[51] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[52] This Article is annulled as prescribed in Clause 4 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
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[54] This Point is amended as prescribed in Clause 16 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[55] The phrase “Trưởng văn phòng đại diện” (“the Chief representative officer”) is annulled as prescribed in Clause 5 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[56] This Clause is amended as prescribed in Clause 17 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[57] This Point is amended as prescribed in Point a Clause 4 Article 1 of Circular No. 17/2017/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 05, 2018.
[58] The paragraph “và văn bản xác nhận đăng ký điều lệ của ngân hàng thương mại” (and a written confirmation of charter registration by the commercial bank”) is annulled as prescribed in Clause 2 Article 2 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[59] This Point is annulled as prescribed in Clause 4 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[60] The phrase “văn phòng đại diện” (“representative office”) is annulled as prescribed in Clause 3 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[61] This Point is supplemented as prescribed in Clause 5 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[62] This Point is supplemented as prescribed in Clause 5 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
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[64] This Clause is amended as prescribed in Clause 6 Article 1 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[65] This Point is supplemented as prescribed in Clause 4 Article 1 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
[66] This Clause is supplemented as prescribed in Point c Clause 4 Article 1 of Circular No. 17/2017/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 05, 2018.
[67] This Clause is amended as prescribed in Clause 5 Article 1 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
[68] Article 3 and Article 4 of Circular No. 17/2017/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 05, 2018 are as follows:
“Article 3. Responsibilities
Chiefs of secretariats, Chief of the Banking Inspection and Supervision Agency, Heads of units affiliated to the SBV, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Boards of Members, General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs are responsible for implementation of this Circular.
Article 4. Effect
1. This Circular comes into force from January 05, 2018.
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[69] Article 7 and Article 8 of Circular No. 17/2018/TT-NHNN on amendments to certain Articles of Circulars on licensing, business network and foreign exchange operation of credit institutions and FBBs, which comes into force from October 01, 2018 are as follows:
“Article 7. Responsibilities
Chiefs of secretariats, Directors of the Legislation Departments and Heads of units affiliated to the SBV, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Boards of Members, General Directors (Directors) of credit institutions and FBBs are responsible for implementation of this Circular.
Article 8. Implementation clauses
This Circular comes into force from October 01, 2018./.”
[70] Article 3 and Article 4 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the SBV’s Governor on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019 are as follows:
“Article 3. Responsibilities
Chiefs of secretariats, Chief of the Banking Inspection and Supervision Agency, Heads of units affiliated to the SBV, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Boards of Members, General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs, Chief representative officers of foreign credit institutions, other foreign organizations involving in banking activities are responsible for implementation of this Circular.
Article 4. Implementation Clauses
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[71] Article 3, Article 4 and Article 5 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the SBV’s Governor on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020 are as follows:
“Article 3. Transitional clauses
Applications for extension of operation duration of representative offices, whose license expires, submitted before the effective date of this Circular shall be processed by SBV’s provincial branches within their competence prescribed herein.
Article 4. Responsibilities
Chiefs of secretariats, Chief of the Banking Inspection and Supervision Agency, Heads of units affiliated to the SBV, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Boards of Members, General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs, Chief representative officers are responsible for implementation of this Circular.
Article 5. Implementation provisions
1. This Circular comes into force from January 17, 2020.
2. This Circular shall nullify:
a) Point b Clause 4 Article 1 and Article 2 of Circular No. 17/2017/TT-NHNN dated November 20, 2017 of the Governor of the State bank of Vietnam;
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[72] Article 3 and Article 4 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the SBV’s Governor on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022 are as follows:
“Article 3. Implementation.
Chiefs of Offices, Chief Inspectors, banking custodians, heads of units affiliated to the State Bank, commercial banks, FBBs, representative offices are responsible for implementation of this Circular.
Article 4. Implementation Clauses
This Circular comes into force from March 01, 2022./.”
[73] This Appendix including Appendix 01a, Appendix 01b and Appendix 01c is replaced as prescribed in Clause 6 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[74] This Appendix is replaced as prescribed in Article 2 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
[75] This Appendix is replaced as prescribed in Article 2 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
[76] This Appendix is replaced as prescribed in Article 2 of Circular No. 28/2021/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from March 01, 2022.
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[78] This Appendix is replaced as prescribed in Clause 7 Article 2 of Circular No. 25/2019/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 17, 2020.
[79] This Point is amended as prescribed in Clause 19 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[80] This Point is amended as prescribed in Clause 19 Article 1 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
[81] The phrase “Chứng minh nhân dân” (“ID card”) is replaced with “Chứng minh nhân dân hoặc thẻ căn cước công dân hoặc hộ chiếu” (“ID card or Citizen identification card or passport”) as prescribed in Clause 3 Article 2 of Circular No. 28/2018/TT-NHNN on amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 on licensing and operation of commercial banks, FBBs, representative offices, which comes into force from January 15, 2019.
File gốc của Integrated document No. 06/VBHN-NHNN dated January 24, 2022 Circular on prescribing licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam đang được cập nhật.
Integrated document No. 06/VBHN-NHNN dated January 24, 2022 Circular on prescribing licensing and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations involving in banking activities in Vietnam
Tóm tắt
| Cơ quan ban hành | Ngân hàng Nhà nước Việt Nam |
| Số hiệu | 06/VBHN-NHNN |
| Loại văn bản | Văn bản hợp nhất |
| Người ký | Đoàn Thái Sơn |
| Ngày ban hành | 2022-01-24 |
| Ngày hiệu lực | 2022-01-24 |
| Lĩnh vực | Tiền tệ - Ngân hàng |
| Tình trạng | Không còn phù hợp |