| THE STATE BANK OF VIETNAM | THE SOCIALIST REPUBLIC OF VIET NAM |
| No. 20/VBHN-NHNN | Hanoi, November 10, 2023 |
CIRCULAR
PRESCRIBING LICENSING, ORGANIZATION AND OPERATION OF COMMERCIAL BANKS, FOREIGN BANK BRANCHES, REPRESENTATIVE OFFICES OF FOREIGN CREDIT INSTITUTIONS AND OTHER FOREIGN ORGANIZATIONS PERFORMING BANKING ACTIVITIES IN VIETNAM
The Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from February 01, 2012, is amended by:
1. The Circular No. 17/2017/TT-NHNN dated November 20, 2017 of the Governor of the State bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018.
2. The Circular No. 17/2018/TT-NHNN dated August 14, 2018 of the Governor of the State Bank of Vietnam providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
3. The Circular No. 28/2018/TT-NHNN dated November 30, 2018 of the Governor of the State bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
4. The Circular No. 25/2019/TT-NHNN dated December 02, 2019 of the Governor of the State bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
5. The Circular No. 28/2021/TT-NHNN dated December 31, 2021 of the Governor of the State bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
...
...
...
Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credits Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to 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 defining functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);
The State Bank of Vietnam (hereinafter referred to as “SBV”) hereby provides the following regulations on licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam [1],[2],[3],[4],[5],[6]:
Chapter I
GENERAL PROVISIONS
Article 1. Scope and regulated entities
...
...
...
This Circular stipulates the licensing, and some contents on organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam.
2. Regulated entities:
a) Commercial banks;
b) Foreign bank branches (FBBs);
c) Representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam (hereinafter referred to as “representative offices”);
d) Organizations and individuals involved in the establishment, organization and operation of commercial banks, FBBs, and representative offices.
Article 2. Definitions
For the purpose of this Circular, the terms below are construed as follows:
1. License includes the following types: License for establishment and operation of a commercial bank, License for establishment of an FBB, and License for establishment of a representative office issued by SBV. A document on modification of a License given by SBV is also considered an integral part of that License.
...
...
...
3. Joint-stock commercial bank means a commercial bank that is established and organized in the form of a joint-stock company.
4. Wholly foreign-owned bank means a commercial bank that is established in Vietnam, has its charter capital wholly owned by a foreign credit institution, and is considered a Vietnamese juridical person and headquartered in Vietnam. A wholly foreign-owned bank may be established and organized as a single-member limited liability company whose charter capital is wholly owned by a foreign bank, or as a multiple-member limited liability company one of the members of which must be a foreign bank holding 50% of its charter capital.
5.[7] JV bank means a commercial bank that is established in Vietnam with capital contributed by a Vietnamese party (which comprises at least a Vietnamese bank and no more than a Vietnamese enterprise that is not a bank) and a foreign party (which comprises at least a foreign bank and no more than a foreign enterprise that is not a bank) on the basis of a JV contract, and is considered a Vietnamese juridical person and headquartered in Vietnam. A JV bank may be established and organized in the form of a multi-member limited liability company with a maximum number of members of 05 of which any member and their related persons shall not hold more than 50% of its charter capital.
6. FBB means a foreign bank’s dependent unit that is not considered as a juridical person and all of the obligations and commitments of which shall be guaranteed by that foreign bank.
7. Representative office means a dependent unit of a foreign credit institution or other foreign organization performing banking activities. A representative office shall not be permitted to conduct business activities in Vietnam.
8. Foreign credit institution means a credit institution that is established in a foreign country in accordance with the law of this foreign country.
9. Other foreign organization performing banking activities means an organization that is established in a foreign country in accordance with the law of this country and is permitted to regularly conduct business in, or to regularly supply, one or some of the following operations:
a) Deposit taking;
b) Credit extension;
...
...
...
10. Initial shareholder means an organization or individual that holds at least 01 issued share of a joint-stock commercial bank upon its establishment.
11. Founding shareholder means an initial shareholder that engages in the formulation and ratification of the initial charter on organization and operation of a joint-stock commercial bank, and also has their signature therein.
12. Statutory meeting means a meeting that is convened with the participation of founding shareholders and other initial shareholders, after obtaining an approval in principle from SBV, and is obliged to ratify the charter on organization and operation of a joint-stock commercial bank, elect persons holding the titles of members of the Board of Directors and members of the Board of Controllers of the first term of office, and make decisions on other issues relating to the establishment of that joint-stock commercial bank.
13.[8] Contributing member means a bank or non-bank enterprise that makes capital contribution to a JV bank; or a foreign credit institution that makes capital contribution to a wholly foreign-owned bank.
14. Founding member means a contributing member that engages in the formulation and ratification of the initial charter on organization and operation of a JV bank or a wholly foreign-owned bank, and also has their signature therein.
15. First meeting of contributing members means a meeting that is convened with the participation of founding members and other contributing members, after obtaining an approval in principle from SBV, and is obliged to ratify the charter on organization and operation of a JV bank or wholly foreign-owned bank that is a multi-member limited liability company, elect persons holding the titles of members of the Board of Members and members of the Board of Controllers of the first term of office, and make decisions on other issues relating to the establishment of that JV bank or wholly foreign-owned bank.
16. Owner means an organization that owns the entire capital of a commercial bank that is a single-member limited liability company.
17. Parent bank means a foreign bank that applies for establishment of a new branch or has a branch in Vietnam.
18. Preparatory board means a group of persons who are selected by founding shareholders, contributing members, owner or parent bank to act on their behalf to perform tasks relating to the application for License. A preparatory board must be comprised of at least 02 members one of which will act as the board’s head.
...
...
...
20. Home country of a foreign credit institution or other foreign organization performing banking activities means the country where it is established and headquartered.
Chapter II
LICENSING
Section 1. GENERAL PROVISIONS
Article 3. Power to grant License [9]
1. The SBV’s Governor shall have the power to decide:
a) the grant of License to commercial banks and FBBs;
b) the replacement or modification of Licenses of commercial banks or FBBs that are subject to micro-inspection of the SBV Banking Supervision Agency.
2. Each Director of the SBV’s branch of province or central-affiliated city shall have the power to decide:
...
...
...
b) the issuance or modification of Licenses granted to representative offices.
Article 4. License
1. SBV stipulates banking activities and other business activities of commercial banks and FBBs, and activities of representative offices which will be specified in the License granted to each of them using the form in Appendix 01 enclosed herewith.
2. If a License was lost, torn, burned or otherwise destroyed, the commercial bank, FBB or representative office shall prepare a written request for a duplicate of the License from the master register, in which reasons for such a request must be indicated, and send it by post or directly to SBV.
Within 02 days from its receipt of the written request, SBV shall issue a duplicate of the License from the master register to the applicant.
3. Commercial banks, FBBs and representative offices shall use Licenses in accordance with provisions of Article 27 of the Law on Credit Institutions.
Article 5. Licensing order and procedures
1. The order and procedures for grant of a License for establishment and operation of a commercial bank or a License for establishment of an FBB are stipulated as follows:
a) The preparatory board shall prepare an application for License as prescribed in Article 13, Article 14, Clauses 1 through 3 Article 15, Clauses 1 through 6 Article 16, and Clause 1 through 12 Article 17 of this Circular and send it by post or directly to SBV.
...
...
...
b) Within 90 days from the date on which the confirmation of receipt of an adequate application is given, SBV shall give a written approval in principle of the establishment to the commercial bank or FBB. If an application is refused, SBV shall give a written response indicating reasons for its refusal to the preparatory board.
c) Within 60 days from its receipt of a written approval in principle of establishment of a commercial bank or FBB, the preparatory board shall prepare additional documents as prescribed in Clause 4 Article 15, Clause 7 Article 16, and Clause 13 Article 17 of this Circular, and send them by post or directly to SBV. Over the said time limit, if SBV does not receive or inadequately receives the required documents, the given approval in principle will be no longer valid.
Within 02 working days from receipt of adequate documents as required, SBV shall give a written confirmation of receipt of adequate documents. Within 30 days from receipt of adequate documents as required, SBV shall issue a License as prescribed. If SBV refuses to issue the requested License, a written response indicating reasons for its refusal shall be given to the preparatory board.
2.[10] The order and procedures for grant of a License for establishment of a representative office are stipulated as follows:
a) The foreign credit institution or other foreign organization performing banking activities (applicant) shall prepare an application for License according to Article 13 or Article 18 of this Circular, and then submit it directly or by post to the SBV's branch of the province or central-affiliated city where its representative office will be located (hereinafter referred to as “SBV’s provincial branch”).
Within 30 days from the receipt of the application, the SBV’s provincial branch shall give a written confirmation of the receipt of an adequate application to the applicant. If an application is invalid or inadequate as required, the SBV’s provincial branch shall request the applicant in writing to complete it.
b) Within 60 days from the date on which its written confirmation of receipt of adequate application is given, the SBV’s provincial branch shall issue a License as prescribed. 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. Licensing fees
1. Each commercial bank, FBB or representative office that is issued with a License shall pay the prescribed licensing fee at SBV (via the SBV’s Operations Center) within 15 days after that License is issued.
...
...
...
Article 7.[12] (abrogated)
Article 8.[13] (abrogated)
Section 2. ELIGIBLITY REQUIREMENTS FOR FOUNDING SHAREHOLDERS OF JOINT-STOCK COMMERCIAL BANKS, FOUNDING MEMBERS OF JV BANKS, OWNERS THAT ARE FOREIGN CREDIT INSTITUTIONS OF WHOLLY FOREIGN-OWNED BANKS, AND PARENT BANKS OF FBBs [14]
Article 9. Eligibility requirements for founding shareholders of joint-stock commercial banks [15]
1.[16] (abrogated)
2. Eligibility requirements for founding shareholders:
a) [17] (abrogated);
b) [18] (abrogated);
c) A founding shareholder must not be a founding shareholder, owner, founding member or strategic shareholder of any other credit institution;
...
...
...
dd) [20] All founding shareholders shall be required to own at least 50% of the charter capital when establishing a joint-stock commercial bank, and all of those who are juridical persons shall own at least 50% of total shares of founding shareholders;
e) [21] Notwithstanding the requirements laid down in points c and dd of this clause, a founding shareholder who is an individual must satisfy the following requirements:
(i) He/she must hold the Vietnamese citizenship;
(ii) He/she is not a prohibited person as prescribed in the Law on Enterprises;
(iii) He/she shall not use funds raised or borrowed from other organizations or individuals to make capital contribution;
(iv) He/she is the manager of an enterprise that has a profitable business for at least 03 consecutive years preceding the year of application submission, or holds an undergraduate or postgraduate degree in economics or law.
g) [22] Notwithstanding the requirements laid down in points c and dd of this clause, a founding shareholder who is an organization must satisfy the following requirements:
(i) It must be established in accordance with the law of Vietnam;
(ii) [23] It shall not use funds raised or borrowed from other organizations or individual to make capital contribution;
...
...
...
(iv) It has maintained a minimum owner's equity of at least VND 500 billion for 05 consecutive years preceding the year of application submission;
(v) It has a profitable business for at least 05 consecutive years preceding the year of application submission.
(vi) If the organization is an enterprise whose business line is subject to legal capital requirements, it must ensure that the difference between the owner's equity, as recorded in the audited financial statements of the fiscal year preceding the year in which the application is submitted, and the legal capital shall not be smaller than the capital amount to be contributed as promised;
(vii) If the organization is a state-owned enterprise, it must provide a written permission given by a competent authority to make capital contribution to establish a commercial bank in accordance with regulations of law;
(viii) If the organization has been issued with a License for establishment and operation in banking, securities or insurance sector, it must comply with capital contribution requirements laid down in relevant laws;
(ix) If the organization is a commercial bank:
- It must have total assets of at least VND 100.000 billion, have fully complied with regulations on risk management, and have maintained minimum provision for losses as required at the date of application submission and up to the date on which a License will be issued;
- It has not violated SBV’s regulations on prudential ratios for banking sector in the year preceding the year of application submission and up to the date on which a License will be issued;
- It has complied with conditions and limits on purchase and holding of stocks of credit institutions in accordance with Clause 6 Article 103 of the Law on Credit Institutions;
...
...
...
Article 10. Eligibility requirements for founding members of JV banks and owners that are foreign credit institutions of wholly foreign-owned banks [24]
1.[25] (abrogated)
2. Eligibility requirements for a founding member or owner that is a foreign credit institution:
a) It has not committed any serious violations against regulations on banking operations and other laws of the home country in the last 05 years preceding the year in which the application is submitted and up to the date on which a License will be issued;
b) [26] It has experience in international operations and is ranked by international credit rating organizations as follows:
(i) Rating outlook is stable or better;
(ii) Credit rating is 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 adopts a credit rating scale other than that of Standard & Poor’s or Moody’s or Fitch Ratings, it must convert the credit rating according to that of Standard & Poor’s or Moody’s or Fitch Ratings.
c) It has a profitable business for at least 05 consecutive years preceding the year of application submission and up to the date on which a License will be issued;
d) It has total assets of at least USD 10 billion at the end of the year of application submission;
...
...
...
e) It must not be an owner, founding member or strategic shareholder of any other credit institution in Vietnam.
3.[27] A founding member of a JV bank that is a Vietnamese commercial bank must meet the requirements laid down in points c, g clause 2 Article 9 of this Circular.
4. Within 05 years from the issue date of the License, founding members of a JV bank or wholly foreign-owned bank must altogether hold 100% of its charter capital.
Article 11. Eligibility requirements for parent banks of FBBs [28]
1.[29] (abrogated)
2. A parent bank is required to:
a) satisfy the requirements in Points a, b, c, d, dd, e, and h Clause 2 Article 10 of this Circular; and
b) have maintained total assets of at least USD 20 billion in the year preceding the year of application submission and up to the date on which a License will be issued.
Article 12.[30] (abrogated)
...
...
...
Article 13. Application preparation principles
1. Documents included in an application for a License for establishment and operation of a commercial bank or a License for establishment of an FBB must be signed by the head of the preparatory board, unless otherwise prescribed herein. Any document bearing the signature of the preparatory board’s head must be named “Ban trù bị thành lập và tên ngân hàng thương mại, chi nhánh ngân hàng nước ngoài” (“The preparatory board for establishment and name of the commercial bank or FBB”).
Documents included in an application for a License for establishment of a representative office must be signed by the legal representative of the foreign credit institution or other foreign organization performing banking activities, unless otherwise prescribed herein.
2. In order to apply for a License for establishment and operation of a joint-stock commercial bank, 01 set of original documents in Vietnamese shall be prepared.
3. The application for a License for establishment and operation of a JV bank or wholly foreign-owned bank, a License for establishment of an FBB, or a License for establishment of a representative office shall include 02 sets of original documents, one in Vietnamese and the other in English. To be specific:
a) The set of application documents in English must bear consular legalization as prescribed by law, except the following documents:
(i) The documents sent by competent authorities of the home country directly to SBV;
(ii) Financial statements directly prepared in English.
b) The translator’s signature appearing on a translation from English into Vietnamese must be certified in accordance with Vietnam’s regulations on certification;
...
...
...
d) Original documents in Vietnamese (or their copies) which are made in Vietnamese must not be translated into English.
4.[31] If any document is a copy other than a certified true copy or a copy made from its master register, its original must be presented for verification purpose. The official in charge of verification shall make certification that the copy corresponds with its original by appending his/her signature to that copy and assume responsibility for his/her certification.
5. Each set of application documents must include a list of documents included therein.
Article 14. Application for License for establishment and operation of a commercial bank
An application for License for establishment and operation of a commercial bank shall include:
1. An application form which is made using the form in Appendix No. 02a of this Circular and signed by founding shareholders, owner or founding members.
2. The draft Charter.
3. A plan for establishment of the commercial bank which shall, inter alia, include:
a) The necessity for establishment of the commercial bank;
b) The name of the commercial bank, the name of province or central-affiliated city where the commercial bank will be headquartered, business hours, charter capital upon establishment, and contents of operation;
...
...
...
d) The bank’s planned organizational chart and business network within the first 03 years;
dd) The list of proposed personnel, containing description of qualifications and working experience of finance, banking and risk management meeting requirements of each of the persons holding the following positions or titles:
(i) Chairperson, members and independent members of the Board of Directors or the Board of Members; heads of committees affiliated to the Board of Directors or the Board of Members;
(ii) Head, members and full-time members of the Board of Controllers;
(iii) General Director (Director), Deputy General Directors (Deputy Directors), Chief Accountant and heads of departments or divisions within the bank’s organizational chart.
e) Risk management policies: Identification, measurement, prevention, management and control of credit risk, operational risk, market risk, liquidity risk and other risks incurred during operation;
g) Information technology (IT):
(i) Planned funding for investing in IT;
(ii) IT system which must meet business administration and risk management requirements set forth by the commercial bank and SBV’s regulations;
...
...
...
(iv) Documents on IT infrastructure serving the commercial bank’s operation;
(v) Solutions for ensuring safety and confidentiality corresponding to services to be provided;
(vi) Identification, measurement and implementation of plan for management of risks to technologies to be applied in operation of the commercial bank;
(vii) Planned responsibility to report and control operation of the IT system.
h) The bank’s resilience and development in the market:
(i) Analysis and assessment of the banking market, including actual situation, challenges and prospects;
(ii) The bank’s capacity for participation and competition in the market, including proved advantages of the bank when participating in the market;
(iii) Strategies for development and expansion of business network and operations of the bank, expected types and number of customers, including detailed analysis of satisfaction of conditions in respect of conditional operations.
i) Internal control and audit systems:
...
...
...
(ii) Draft internal regulations on organization and operation of the bank, including, as a minimum, the internal regulations set forth in Clause 2 Article 93 of the Law on Credit Institutions and the following:
- - Regulations on organization and operation of the Board of Directors, Board of Members, Board of Controllers and executives;
- Regulations on organization and operation of the headquarters, branches and other affiliated units.
(iii) Internal audit contents and procedures.
k) The business plan for the first 03 years, which shall, inter alia, include the following contents: Market analysis, and business strategies, objectives and action plans, financial statements of each year (including balance sheet, income statement, cash flow statement, minimum capital adequacy ratios, business performance indicators and capacity to achieve financial indicators in each year).
4. Documentary evidences of competency of management, control and executive boards:
a) [32] CV made using the form in the Appendix No. 03 enclosed herewith; Criminal records:
Regarding a Vietnamese national: The criminal record must be issued by the agency managing criminal record database and contain adequate information about criminal records (including the criminal records which have been or have not been expunged) and prohibition from holding certain positions, incorporation and management of enterprises and cooperatives;
Regarding a person who does not hold the Vietnamese citizenship: The criminal record or another document of equivalent validity (which contains adequate information about criminal records, including the criminal records which have been or have not been expunged, and prohibition from holding certain positions, incorporation and management of enterprises and cooperatives) must be issued by a Vietnamese competent authority or foreign competent authority as prescribed;
...
...
...
b) [33] The copies of qualifications proving their professional competence;
c) Other documentary evidences of the fulfillment of conditions and standards as prescribed in the Law on Credit Institutions and other relevant laws;
d) If a person to be appointed to act as a member of the Board of Directors, Board of Members, Board of Controllers or General Director (Director) does not hold the Vietnamese citizenship, in addition to the abovementioned documents, a written guarantee that he/she is eligible to stay and work in Vietnam shall be required.
5. The minutes of the meeting of founding shareholders or founding members or the owner’s document appointing members of the preparatory board, the preparatory board’s head, and ratifying the draft charter, the plan for establishment of the bank, and list of persons to be appointed to management, control and executive boards.
Article 15. Application for License for establishment and operation of a joint-stock commercial bank
An application for License for establishment and operation of a joint-stock commercial bank shall include:
1. The documents prescribed in Article 14 of this Circular;
2. The list of founding shareholders and the list of proposed initial shareholders which is made using the form in Appendix 04 enclosed herewith.
3. Documents of initial shareholders:
a) For an individual:
...
...
...
(ii) The list of related persons made using the form in Appendix No. 06 enclosed herewith;
(iii) [34] In addition to the abovementioned documents, a founding shareholder must have the following documents:
- A CV made according to the form in the Appendix 03 enclosed herewith; A criminal record which is issued by the agency managing criminal record database and contains adequate information about criminal records (including the criminal records that have been or not been expunged) and prohibition from holding certain positions, incorporation and management of enterprises and cooperatives;
Such criminal record must be issued by a competent authority within the last 06 (six) months before the date on which the application for the License is submitted;
- Financial statements of 03 years preceding the year of application submission of the enterprise which is managed by the founding shareholder or a copy of undergraduate or postgraduate degree in economics or law;
- A statement of property with value equaling or higher than VND 100 million and debts, and supporting documents of the individual shareholder, which is made using the form in Appendix 07 enclosed herewith;
b) For an organization:
(i) A request for purchase of shares made using the form in Appendix No. 05b enclosed herewith;
(ii) The list of related persons made using the form in Appendix No. 06 enclosed herewith.
...
...
...
(vi) [36] Copies of passports of the organization’s legal representative and the person representing its capital contributed to the bank (for persons who do not hold the Vietnamese citizenship);
(v) A charter on organization and operation;
(vi) [37] (abrogated)
(vii) The written approval given by a competent authority for its capital contribution to the bank;
(viii) The financial statements of the year preceding the year of application submission and the financial statements by the time a complete application for the License is submitted, which must have been audited by independent audit firms included in the list of qualified audit organizations announced by the Ministry of Finance of Vietnam, and do not contain qualified opinions.
(ix) [38] In addition to the abovementioned documents, a founding shareholder must have the following documents:
- A CV of the person who is appointed to represent the organization's capital contributed to the bank which is made using the form in the Appendix 03 enclosed herewith; a criminal record as prescribed in Point a Clause 4 Article 14 of this Circular;
- The financial statements of 05 years preceding the year of application submission, which must have been audited by independent audit firms included in the list of qualified audit organizations announced by the Ministry of Finance of Vietnam, and do not contain qualified opinions;
(x) Determination of financial capacity to contribute capital for establishment of the joint-stock commercial bank of the organization that is not a credit institution, made using the form in Appendix 08 enclosed herewith;
...
...
...
4. Upon its receipt of a written approval in principle, the preparatory board must submit the following additional documents:
a) The charter on organization and operation of the joint-stock commercial bank which has been ratified by the General Meeting of Shareholders;
b) The minutes of the statutory meeting;
c) The minutes of the meeting of the Board of Directors ratifying the appointment of the Chairperson of the Board of Directors; The minutes of the meeting of the Board of Controllers on appointment of the head and full-time members of the Board of Controllers;
d) Decisions of the Board of Directors on appointment of General Director (Director), Deputy General Directors (Deputy Directors), and Chief Accountant;
dd) The list of initial shareholders made using the form in Appendix 04 enclosed herewith;
e) A confirmation of capital amounts contributed by initial shareholders, given by a commercial bank where the preparatory board opens an account for receiving contributed capital;
g) Documents proving the ownership or lawful right to use the headquarters of the joint-stock commercial bank;
h) Internal regulations on organization and operation of the joint-stock commercial bank prescribed in Point i Clause 3 Article 14 of this Circular, which have been ratified by the General Meeting of Shareholders or the Board of Directors;
...
...
...
Article 16. Application for License for establishment and operation of a JV bank or wholly foreign-owned bank
1. The documents prescribed in Article 14 of this Circular.
2. Documents of the owner or founding member that is a foreign credit institution:
a) The financial statements of the last 05 years preceding the year of application submission, which have been audited and do not contain qualified opinions;
b) A copy of the establishment and operation license or another document of equivalent validity;
c) The document given by a competent authority of the home country to provide the following information about the foreign credit institution:
(i) Its business lines licensed at the home country at the time of application submission;
(ii) Its compliance with the law on banking activities and relevant laws within the last 05 years preceding the year of application submission and up to the date on which a complete application for License is submitted;
(iii) Its capital adequacy ratio and other prudential ratios as prescribed by the home country in the year preceding the year of application submission and up to the date on which a complete application for License is submitted;
...
...
...
d) A report or document on credit ranking of the foreign credit institution issued by an international credit rating organization within 06 months before the date of application submission;
dd) The charter on organization and operation of the foreign credit institution;
e) A report on establishment, operation and development orientations of the foreign credit institution up to the date of application submission;
g) A decision on appointment of the representative of the foreign credit institution's capital contributed to the JV bank or wholly foreign-owned bank as prescribed by law, which must be accompanied with this representative’s passport.
3. Documents of a founding member of a JV bank that is a Vietnamese commercial bank are those prescribed in point b clause 3 Article 15 of this Circular, except the request for purchase of shares.
4. A joint-venture contract which adequately contains primary contents as prescribed by law; an agreement on capital contribution made between founding members of the wholly foreign-owned bank;
5. A written commitment to ensure the ability to supervise all activities of the foreign bank (including those of JV bank or 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.
6. Written commitment given by the owner or founding members to:
a) provide assistance in terms of finance, technologies, administration, management and operations to the JV bank or wholly foreign-owned bank;
...
...
...
7. Upon its receipt of a written approval in principle, the preparatory board must submit the following additional documents:
a) The charter on organization and operation which has been ratified by the Board of Members;
b) A confirmation of capital amounts contributed by founding members, given by a commercial bank where the preparatory board opens an account for receiving contributed capital;
c) Documents proving the ownership or lawful right to use the headquarters of the commercial bank;
d) Internal regulations on organization and operation of the JV bank or wholly foreign-owned bank as prescribed in Point i Clause 3 Article 14 of this Circular, which have been ratified by the Board of Members;
dd) A report made by the founding member that is a Vietnamese commercial bank on its satisfaction of the conditions in point g clause 2 Article 9 of this Circular for the period from the date of application submission to the date of submission of additional documents;
e) The written assessment given by a competent authority of the home country of the satisfaction by the owner or founding member that is a foreign credit institution of the conditions set out in Points a, c, dd Clause 2 Article 10 of this Circular for the period from the date of application submission to the date of submission of additional documents;
g) In addition to the documents prescribed in Points a, b, c, d, dd, e of this Clause, the preparatory board of a wholly foreign-owned bank that is a single-member limited liability company shall submit the following additional documents:
(i) The owner’s decision on appointment of Chairperson and members of the Board of Members, members of the Board of Controllers, General Director (Director), Deputy General Director (Deputy Director), and Chief Accountant;
...
...
...
h) In addition to the documents prescribed in Points a, b, c, d, dd, e of Clause 7 of this Article, the preparatory board of the JV bank or wholly foreign-owned bank that is a multi-member limited liability company shall submit the following additional documents:
(i) The minutes of the first meeting of contributing members;
(ii) The minutes of the meeting of the Board of Members on appointment of the Chairperson of the Board of Members; The minutes of the meeting of the Board of Controllers on appointment of the head and full-time members of the Board of Controllers;
(iii) Decision of the Board of Members on appointment of General Director (Director), Deputy General Directors (Deputy Directors), and Chief Accountant.
Article 17. Application for License for establishment of an FBB
An application for a License for establishment of an FBB shall include:
1. An application form which is made using the form in Appendix 02b of this Circular and must bear the signature of the legal representative of the foreign bank.
2. A plan for establishment of an FBB which shall, inter alia, include the following contents:
a) The necessity of the establishment of the FBB;
b) The name of the FBB, the name of province or central-affiliated city where the FBB will be located, contents of operation, business hours, allocated capital upon establishment;
...
...
...
d) Risk management policies: Identification, measurement, prevention, management and control of credit risk, operational risk, market risk, liquidity risk and other risks incurred during operation;
dd) Information technology (IT):
(i) Planned funding for investing in IT;
(ii) IT system which must meet business administration and risk management requirements set forth by the FBB and SBV’s regulations;
(iii) Description of ability to apply IT which clearly indicates the duration of technology investment; types of technologies to be applied; proposed employees and their capacity to meet IT application requirements; capacity for integrating and connecting with SBV’s management system for providing information to meet the SBV’s management requirements;
(iv) Documents on IT infrastructure serving the FBB’s operation;
(v) Solutions for ensuring safety and confidentiality corresponding to services to be provided;
(vi) Identification, measurement and implementation of plan for management of risks to technologies to be applied in operation of the FBB;
(vii) Planned responsibility to report and control operation of the IT system.
...
...
...
(i) Analysis and assessment of the banking market, including actual situation, challenges and prospects;
(ii) The FBB’s capacity for participation and competition in the market, including proved advantages of the FBB when participating in the market;
(iii) Strategies for development and expansion of business network and banking activities, expected types and number of customers, including detailed analysis of satisfaction of conditions in respect of conditional operations.
g) Internal control and audit systems:
(i) Operating rules of the internal control system;
(ii) Draft internal regulations on organization and operation of the FBB, including, as a minimum, the internal regulations set forth in Clause 2 Article 93 of the Law on Credit Institutions and regulations on organization and operation of the FBB;
(iii) Internal audit procedures.
h) The business plan for the first 03 years, which shall, inter alia, include the following contents: Market analysis, business strategies, objectives and action plans for achieving such objectives, expected financial statements of each year (including balance sheet, income statement, cash flow statement, minimum capital adequacy ratios, business performance indicators and capacity to achieve financial indicators in each year).
3. The parent bank’s charter.
...
...
...
5. A copy of the License for establishment and operation or another document of equivalent validity issued by a competent authority of the home country to the parent bank.
6. A document given by a competent authority of the home country to provide the following information about the parent bank:
a) Its business lines licensed at the home country at the time of application submission;
b) Its compliance with the law on banking activities and relevant laws within the last 05 years preceding the year of application submission and up to the date on which a complete application for License is submitted;
c) Its capital adequacy ratio and other prudential ratios as prescribed by the home country in the year preceding the year of application submission and up to the date on which a complete application for License is submitted;
d) Its compliance with regulations on risk management and establishment of required provisions in the year preceding the year of application submission and up to the date on which a complete application for License is submitted.
7. A written commitment to ensure the ability to supervise all activities of the parent bank (including those of the FBB in Vietnam) issued by a competent agency of the home country on the basis of consolidation in accordance with international practices.
8. The parent bank’s audited financial statements of the last 05 years preceding the year of application submission.
9. A report or document on credit ranking of the parent bank issued by an international credit rating organization within 06 months before the date of application submission.
...
...
...
11. A report on establishment, operation and development orientations of the parent bank up to the date of application submission.
12. A document on establishment of the preparatory board and authorization to the preparatory board’s head which is made by the parent bank and signed by its legal representative.
13. Upon its receipt of a written approval in principle, the preparatory board must submit the following additional documents:
a) Letter of appointment of General Director (Director) of the FBB which must bear the signature of the legal representative of the parent bank;
b) Documents proving the lawful rights to use the office of the FBB;
c) Internal regulations on organization and operation of the FBB as prescribed in Point g Clause 2 of this Article, which have been ratified by the parent bank;
d) The written assessment given by a competent authority of the home country of the satisfaction by the parent bank of the conditions set out in Points a, c, dd Clause 2 Article 10, Point b Clause 2 Article 11 of this Circular for the period from the date of application submission to the date of submission of additional documents.
Article 18. Application for License for establishment of a representative office
An application for a License for establishment of a representative office shall include:
1. An application form which is made using the form in Appendix 02c enclosed herewith and bears the signature of the legal representative of the foreign credit institution or other foreign organization performing banking activities.
...
...
...
3. A document given by a competent authority of the home country to provide information on the compliance with laws by the foreign credit institution or other foreign organization performing banking activities.
4. A written approval, given by a competent authority of the home country, for the establishment of a representative office in Vietnam by the foreign credit institution or other foreign organization performing banking activities; if this approval is not required by the domestic law of the home country, documentary evidence thereof must be provided.
5. A report on establishment and operation of the foreign credit institution or other foreign organization performing banking activities up to the date of application submission, and its orientations for development in Vietnam.
6. Audited financial statements of the year preceding the year of application submission of the foreign credit institution or other foreign organization performing banking activities.
7.[40] A CV of the proposed head of the representative office which is made using the form in Appendix 03 enclosed herewith and bears certification given by the foreign credit institution or other foreign organization performing banking activities; a criminal record as prescribed in Point a Clause 4 Article 14 of this Circular; copies of qualifications/certificates proving professional competence of the proposed head of the representative office in Vietnam.
8.[41] Documents proving the lawful right to use or that it will have the lawful right to use the premises where the representative office will be located.
Section 4: REGULATIONS ON REPLACEMENT OF LICENSE AND ADDITION OF ACTIVITIES TO LICENSE[42]
Article 18a. Principles for replacement of License or addition of activities to License
The replacement of a License or addition of activities to a License shall comply with the following principles:
...
...
...
2. Addition of the following activities, including trading and provision of foreign exchange services; trading of gold bullion; trading and provision of derivative products relating foreign exchange, currency and other financial products in the domestic and international markets, to a License shall comply with specific regulations of SBV and other relevant law provisions.
3.[43] A commercial bank and FBB may perform the activities specified in Clause 26 Article 4 of the form in Appendix 01a and Clause 24 Article 4 of the form in Appendix 01b after obtaining an approval from SBV; procedures for application for addition of such activities to the License shall be carried out in accordance with specific regulations of SBV and other relevant law provisions.
4. If a commercial bank or FBB applies for addition of activities to the License concurrently with replacement of the License, SBV will consider issue a new License for replacing the old one that also contains additional activities according to the application provided that the applicant satisfies application requirements laid down in Article 18c of this Circular.
Article 18b. Procedures for replacement of License or addition of activities to License
1. A commercial bank or FBB that wishes to have its License replaced or to add activities to its License shall prepare an application as prescribed in Article 18c of this Circular and submit it directly or by post to SBV or a SBV's provincial branch for the case prescribed in Point a Clause 2 Article 3 of this Circular [44].
2. Within 40 days from its receipt of an adequate and valid application, SBV shall grant a new License for replacing the old one, or grant approval for addition of activities to the License, or grant a new License, for replacing the old one, that also contains additional activities according to the application submitted by that commercial bank or FBB. If an application is refused, SBV shall give a written response indicating reasons for refusal to the applicant.
3. After SBV has granted a new License for replacing the old one or approves addition of activities to the License, the commercial bank or FBB shall:
a) Follow procedures with the business registration authority in respect of changes in the License as prescribed by law;
b) Publish the changes in the License on the SBV’s mass media and 03 consecutive issues of a daily newspaper or a Vietnamese online newspaper for 07 working days from the day on which SBV issues a new License for replacing the old one or approves the addition of activities to the License;
...
...
...
Article 18c. Application for replacement of License or addition of activities to License
1. An application for replacement of a License shall include:
a) An application form for replacement of the License which must be signed by the legal representative of the commercial bank or FBB and specify bank activities to be performed. An application submitted by a wholly foreign-owned bank shall also include a commitment that these are activities which the owner or the foreign bank holding 50% of the charter capital of that wholly foreign-owned bank is permitted to perform in the country where the owner or foreign bank is headquartered. An application submitted by an FBB shall also include a commitment that these are activities which the parent bank is permitted to perform in the home country;
b) The list of activities specified in the existing License and any other written approvals granted by SBV, enclosed with the copies of the existing License and such written approvals.
2. An application for addition of activities to a License shall include:
a) An application form for addition of activities to the License which must be signed by the legal representative of the commercial bank or FBB and specify additional activities. An application submitted by a wholly foreign-owned bank shall also include a commitment that these are activities which the owner or the foreign bank holding 50% of the charter capital of that wholly foreign-owned bank is permitted to perform in the country where the owner or foreign bank is headquartered. An application submitted by an FBB shall also include a commitment that these are activities which the parent bank is permitted to perform in the home country. An application for addition of investment in Government bond futures must also include statements that the Bank has been permitted to trade in Government bonds.
b) The resolution of the Board of Directors (or the Board of Members) of the commercial bank on unanimous agreement on the application for addition of activities to the License; A document which is issued by the parent bank and signed by its legal representative to give approval for the application for addition of activities to the License (if the applicant is an FBB);
c) In addition to the documents prescribed in Points a and b of this Clause, an application for addition of interest-rate derivatives, provision of commodities derivatives and/or securities depository to the License submitted by a commercial bank or FBB must also include its internal procedures in which measures for risk management in corresponding with each activity to be added to the License must be specified.
3. An application for addition of activities to a License concurrently with replacement of that License shall include:
...
...
...
b) The documents specified in Point b Clause 1 and Points b, c Clause 2 of this Article.
Section 5. MODIFICATION OF LICENSES OF REPRESENTATIVE OFFICES [46]
1. A representative office shall prepare an application for modification of 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 upon the occurrence of the following changes:
a) Change of its name;
b) Relocation to another province or city;
c) Extension of operating duration.
2. A representative office shall send a written notice directly or by post to the SBV’s branch of province or city where it is located within 07 working days from the occurrence of one of the following changes:
a) Replacement of the head of the representative office;
b) Relocation within the same province or city;
...
...
...
3. An application for modification of License in the case prescribed in Clause 1 of this Article shall be prepared following the application preparation principles in Article 13 of this Circular.
4. After obtaining an approval from the SBV's provincial branch for modification of its License with respect to the change specified in Clause 1 of this Article, 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 old location within 06 months after obtaining an approval from the SBV's provincial branch for modification of its license with respect to the change specified in Point b Clause 1 of this Article;
c) Publish the changes on the SBV’s mass media and 03 consecutive issues of a daily printed newspaper or a Vietnamese online newspaper within 07 working days after obtaining an approval from the SBV's provincial branch for its modification of License.
Article 18dd. Application and procedures for modification of License of representative office
1. An application for modification of a License of the representative office with respect to the changes specified in Clause 1 Article 18d of this Circular shall include:
a) An application form which bears the signature of the legal representative of the foreign credit institution or other foreign organization performing banking activities, and includes, at a minimum, the following contents:
(i) Current contents;
...
...
...
(iii) Reasons for such changes;
b) Documents explaining the change (in case of change of name); or documents proving that the representative office has or will have the lawful right to use the new location (in case of relocation of a representative office);
c) Financial statements of the foreign credit institution or other foreign organization performing banking activities of the year preceding the year of application submission, which have been audited by an independent audit organization, and a report on general assessment of operations of the representative office in case of extension of its operating duration (which must specify the operating status of the representative office within 03 years preceding the year of application submission and operating plan for the following year).
2. Procedures for modification of a License:
a) The representative office shall prepare and submit an application to the SBV’s branch of the province or city where it is located, in case of change of its name or extension of its operating duration, or to which it is relocated, in case of relocation of the representative office. In case of extension of operating duration, the application must be submitted at least 60 days before the expiry date of the License;
b) If the application is inadequate or invalid, within 05 working days from its receipt of the application, the SBV’s provincial branch shall request the representative office in writing to complete it;
c) Within 30 days from its receipt of an adequate and valid application, the SBV’s provincial branch shall issue a decision on modification of the License of the representative office. If an application is refused, the SBV’s provincial branch shall give a written response indicating reasons for refusal to the applicant.
Chapter III
PROVISIONS ON ORGANIZATION AND OPERATION
...
...
...
Article 19. Application principles
Commercial banks, FBBs, and representative offices shall be organized and operate in accordance with the provisions of the Law on Credit Institutions, this Circular and relevant laws.
Article 19a. Operation in accordance with Law on Securities[47]
1. A commercial bank or FBB may act as an agent for issuance of corporate bonds in the domestic market and as an agent for management of collateral used in issuance of corporate bonds in the domestic market if its License issued by SBV covers banking and asset management agents-related activities. In case the commercial bank or FBB that acts as an agent for issuance of corporate bonds in the domestic market makes a commitment to repurchase of corporate bonds from investors, it shall be required to enter into contracts with investors (in which terms and conditions on repurchase of bonds must be specified) and to comply with SBV’s regulations on trading of corporate bonds by credit institutions and FBBs, and prudential ratios and limits in banking activities when fulfilling this commitment.
2. A commercial bank or FBB may carry out trading of government bonds in the securities market if such trading of government bonds is covered by its License issued by SBV.
3. A commercial bank or FBB may provide clearing and settlement services for securities transactions as prescribed in point a clause 4 Article 56 of the Law on Securities, act as a supervisory bank and/or provide securities depository services as prescribed by the Law on Securities if such activities are covered by its License issued by SBV, and it meets the following conditions as prescribed by regulations of law on securities and securities market, including:
a) Regarding provision of clearing and settlement services for securities transactions as prescribed in point a clause 4 Article 56 of the Law on Securities: the commercial bank or FBB must obtain a certificate of eligibility to provide clearing and settlement services issued by the State Securities Commission of Vietnam and be approved to be a clearing member by the Vietnam Securities Depository and Clearing Corporation (VSDC);
b) If a commercial bank acts as a supervisory bank as prescribed by the Law on Securities, it must have a certificate of securities depository registration issued by the State Securities Commission of Vietnam;
c) Regarding provision of securities depository services: the commercial bank or FBB must have a certificate of securities depository registration issued by the State Securities Commission of Vietnam and be approved to be a depository member by the Vietnam Securities Depository and Clearing Corporation (VSDC).
...
...
...
5. For activities relating securities or securities market, commercial banks and FBBs shall comply with regulations of law on securities and securities market and relevant laws.
Article 20.[48] (abrogated)
Article 21.[49] (abrogated)
Article 22. Operating duration [50]
1. The operating duration of a commercial bank or FBB is specified in its License and shall not exceed 99 years; the operating duration of a representative office shall not exceed 5 years.
2.[51] (abrogated)
Section 2. ORGANIZATIONAL STRUCTURE AND ADMINISTRATION
Article 23. Names and headquarters of commercial banks, FBBs and representative offices
1. The name of a commercial bank, FBB or representative office must:
...
...
...
b) be arranged using one of the following structures:
(i) The phrase “Ngân hàng thương mại cổ phần” (“Joint-stock commercial bank”) and its proper name;
(ii) The phrase “Ngân hàng liên doanh” (“JV bank”) and its proper name;
(iii) The phrase “Ngân hàng trách nhiệm hữu hạn một thành viên” (“Single-member limited liability bank”) and name of foreign bank and the word “Việt Nam” (“Vietnam”);
(iv) The phrase “Ngân hàng trách nhiệm hữu hạn” (“Limited liability bank”) and its proper name, for wholly foreign-owned multi-member limited liability banks;
(v) The word “Ngân hàng” (“Bank”) and name of the foreign bank - Branch in…….. (name of the province or central-affiliated city where the branch is located). If a foreign bank establishes two or more branches in a province or city, the proper name of each branch must be added to ensure the distinction between such branches;
(vi) The phrase “Văn phòng đại diện” (“Representative office”) and name of the foreign credit institution or other foreign organization performing banking activities - name of the province or central-affiliated city where the representative office is located.
2. Headquarters of a commercial bank must comply with regulations on an enterprise’s headquarters in the Law on Enterprises and meet the following requirements:
a) It will be the workplace of the Board of Directors, Board of Members, or Executive Board, and must be specified in the License and business registration certificate as prescribed by law;
...
...
...
c) It must be capable of ensuring safety of the bank’s assets and conformable with its operations;
d) It must be equipped with a management information system which must be connected online with branches and sales departments of the bank, and meet administration and risk management requirements of the commercial bank and management requirements of SBV.
3. Premises of an FBB must comply with regulations on an enterprise’s headquarters in the Law on Enterprises and meet the following requirements:
a) It will be the workplace of the General Director (Director) and Executive Board, and the location for conducting transactions with customers, and must be specified in the License and business registration certificate as prescribed by law;
b) [53] It must be a location in the territory of Vietnam and have a clear address which consists of the building’s name (if any), house number, street/alley/hamlet, commune/ward/commune-level town, urban/suburban district/district-level town/provincial-affiliated city, province/central-affiliated city, phone number, fax number, and email address (if any);
c) It must be capable of ensuring safety of the FBB’s assets and conformable with its operations;
d) It must be equipped with a management information system which must be connected online with the headquarters of the foreign bank, and meet administration and risk management requirements of the foreign bank and management requirements of SBV.
4.[54] Premises of a representative office must be a location in the territory of Vietnam and have a clear address which consists of the building’s name (if any), house number, street/alley/hamlet, commune/ward/commune-level town, urban/suburban district/district-level town/provincial-affiliated city, province/central-affiliated city, phone number, fax number, and email address (if any).
Article 24.[55] (abrogated)
...
...
...
1. The Board of Directors or Board of Members shall establish risk management committee and personnel committee, and promulgate mechanisms for making decisions on proposals of these two committees.
2. Each committee is composed of at least three members, including a head who is a member of the Board of Directors or Board of Members and other members who will be decided, appointed and dismissed by the Board of Directors or Board of Members according to the charter of the commercial bank. A member of the Board of Directors or Board of Members may only act as the head of a committee. The risk management committee of a joint-stock commercial bank shall include at least a member who is an independent member of its Board of Directors.
Article 26. Working regulations of risk management committee and personnel committee
1. Upon the establishment of a risk management committee and personnel committee, the Board of Directors or Board of Members must also issue working regulations and define functions and tasks of this committee. Immediately after these internal regulations are issued, the commercial bank must send them to SBV (via the SBV Banking Supervision Agency) for reporting.
2. Working regulations and regulations on functions and tasks of a committee shall, inter alia, include the following contents:
a) Working regulations:
(i) Number of members of the committee and responsibilities of each member;
(ii) Periodical meetings of the committee;
(iii) Extraordinary meetings of the committee;
...
...
...
b) Tasks and functions of these committees:
(i) The risk management committee shall:
- Provide the Board of Directors or Board of Members with advice about promulgating procedures and policies, within its jurisdiction, for management of risks during operation of the bank in accordance with regulations of law and the bank’s charter.
- Analyze and give warnings about the level of safety of the bank against potential risks and short-term and long-term measures for risk prevention.
- Consider and evaluate the suitability and efficiency of current procedures and policies for risk management adopted by the bank, and then make recommendations and proposals to the Board of Directors or Board of Members for changing such procedures and policies as well as business strategies.
- Providing the Board of Directors or Board of Members with advice about making decisions on investments, relevant transactions, management policies and risk control measures within the ambit of its tasks and functions assigned by the Board of Directors or Board of Members.
(ii) The personnel committee shall:
- Providing the Board of Directors or Board of Members with advice about the size and structure of the Board of Directors, Board of Members, and executives in conformity with the scale and development strategies of the bank.
- Providing the Board of Directors or Board of Members with advice about handling personnel matters arising during the election, appointment or dismissal of members of the Board of Directors, Board of Members, Board of Members and executives of the bank in accordance with regulations of law and the bank’s charter.
...
...
...
Article 27.[56] (abrogated)
Article 28.[57] (abrogated)
Section 3. CHARTER CAPITAL AND ALLOCATED CAPITAL
Article 29. Charter capital and allocated capital
1. Charter capital of a commercial bank:
a) The charter capital of a commercial bank is the capital which is actually allocated by the owner, or actually contributed by shareholders or contributing members, and recorded in the bank’s charter.
b) The bank’s charter capital may be increased from the following funding sources:
(i) Additional reserve fund of charter capital; share premium fund; retained earnings and other funds as prescribed by law;
(ii) Proceeds from public offering or private placement of shares;
...
...
...
(iv) Capital amounts additionally allocated by the owner or contributed by contributing members;
(v) Other lawful funding sources as prescribed by law.
2. Allocated capital of an FBB:
a) The allocated capital of an FBB is the capital which is actually allocated by the parent bank to the FBB and recorded in its License.
b) The allocated capital of an FBB may be increased from the following funding sources:
(i) Retained earnings;
(ii) Capital amounts additionally allocated by the parent bank;
(iii) Other lawful funding sources as prescribed by law.
Article 30. Repurchase of shares at request of shareholders or under decision of joint-stock commercial banks
...
...
...
2. A joint-stock commercial bank may only repurchase shares from its shareholders if after making payment for repurchased shares, it still meets prudential ratios in banking operations and the actual value of its charter capital is not smaller than the legal capital. If the repurchase of shares will result in a decrease in the charter capital of the joint-stock commercial bank, such repurchase shall require a written approval from SBV.
3. Procedures and application for approval for repurchase of shares which will result in a decrease in the charter capital of the joint-stock commercial bank shall comply with SBV’s guidelines.
Article 31. Transfer and repurchase of stakes of a JV bank or wholly foreign-owned bank
1. Transfer and repurchase of stakes must comply with regulations of the Law on Enterprises.
2. Within 05 years from the date of issue of the License, a founding member may only transfer its stake to another founding member. Within 03 years from the commencement of capital contribution to a JV bank or wholly foreign-owned bank, a contributing member may only transfer its stake to another contributing member.
3. The transfer of stakes to organizations other than contributing members of a JV bank or wholly foreign-owned bank must ensure the capital contribution ratio prescribed in clause 4, clause 5 Article 2 of this Circular, and meet the following conditions:
a) For a wholly foreign-owned bank:
(i) The transferee must meet the conditions set out in points b, c, d, dd, e clause 2 Article 20 of the Law on Credit Institutions and clause 2 Article 10 of this Circular;
(ii) If the transferee that is another foreign bank holds at least 50% of the charter capital of the wholly foreign-owned bank after the transfer, the transferee must also meet the conditions set out in clause 3 Article 21 of this Circular.
...
...
...
(i) The transferee that is a foreign bank must meet the conditions set out in points b, c, d, dd, e clause 2 Article 20 of the Law on Credit Institutions and clause 2 Article 10 of this Circular;
(ii) The transferee that is a Vietnamese commercial bank must meet the conditions set out in points a, b, c, g clause 2 Article 9 of this Circular.
(iii) [58] The transferee that is a non-bank enterprise is required to meet the following conditions:
- It is duly established under the law of Vietnam or the law of a foreign country;
- If it is a state-owned enterprise, it must obtain a written permission from a competent authority to make capital contribution to the JV bank in accordance with regulations of law;
- If it is an enterprise issued with a License for establishment and operation in banking, securities or insurance sector, it must comply with capital contribution requirements laid down in relevant laws;
- It must maintain the owner's equity of at least VND 1.000 billion and total assets of at least VND 2.000 billion in the last 03 consecutive years prior to the year of submission of an application for approval for purchase and sale or transfer of the stake which is between 1% and 5% of the charter capital of the JV bank; or it must maintain the owner's equity of at least VND 200 billion and total assets of at least VND 400 billion in the last 03 consecutive years prior to the year of submission of an application for approval for purchase and sale or transfer of the stake which does not exceed 1% of the charter capital of the JV bank;
- If an enterprise is required to meet the legal capital requirement to operate in a certain business line, its owner's equity minus the legal capital must not be lower than the capital amount contributed as committed according to financial statements, which have been audited by an independent audit organization and given no qualified opinion, of the year prior to the year of submission of an application for approval for purchase and sale or transfer of stake;
- It has a profitable business for the last 03 years prior to the year of submission of an application for approval for purchase and sale or transfer of stake;
...
...
...
- It has fulfilled all tax and social insurance obligations as prescribed by law by the date of submission of an application for approval for purchase and sale or transfer of stake;
- It is not a founding shareholder, owner, founding member or strategic shareholder of any other credit institution that is duly established and operating in Vietnam.
4. Conditions for repurchase of stakes:
a) Request for repurchase of stakes, conditions for payment and settlement of stakes shall comply with regulations on repurchase of stakes laid down in the Law on Enterprises;
b) After making full payment for repurchased stakes, the bank is still able to pay its debts and other asset-related liabilities, meets prudential ratios in banking operations, and has the actual value of its charter capital equal or higher than the legal capital;
c) The bank fully complies with regulations on risk management and establishment of provisions for losses at the time of application for SBV’s approval for repurchase of stakes;
d) It has a profitable business for the last 05 consecutive years preceding the year of submission of an application for SBV’s approval for repurchase of stakes, and incurs no accumulated losses;
dd) It has not incurred any penalties imposed by SBV for administrative violations in monetary and banking sector in the last 05 years preceding the year of submission of an application for SBV’s approval for repurchase of stakes and up to the date on which a complete application is submitted.
5. A SBV’s written approval is required before carrying out any transfer or repurchase of stakes. Procedures and application for transfer or repurchase of stakes shall comply with SBV’s guidelines.
...
...
...
RESPONSIBILITIES OF RELEVANT ORGANIZATIONS AND INDIVIDUALS
Article 32. Responsibilities of preparatory board
A preparatory board shall:
1. Prepare and submit application as prescribed in this Circular.
2. Upon receipt of an approval in principle, the preparatory board shall:
a) organize the statutory meeting or the first meeting of contributing member for ratification of the contents specified in clauses 12, 15 Article 2 of this Circular;
b) request initial shareholders, owner, contributing members or parent bank to transfer money to the account opened by the preparatory board at a Vietnamese commercial bank.
3. Instruct initial shareholders to make capital contribution, and appraise documents of such initial shareholders.
4. Assume responsibility for the adequacy and accuracy of the documents included in the application submitted to SBV.
...
...
...
6. Present the satisfaction of licensing requirements laid down by SBV to the Appraisal Council.
7. Defend contents of the plan for establishment of the commercial bank or FBB before the Appraisal Council.
Article 33. Responsibilities of preparatory board’s head
The head of a preparatory board shall:
1. Convene the statutory meeting or the first meeting of contributing member in accordance with regulations of law.
2. Sign documents serving the application for establishment of the bank within his/her jurisdiction until a License is issued by SBV.
Article 34. Responsibilities of organizations and individuals involved in establishment, organization and operation of commercial banks, FBBs, and representative offices
Any organization or individual involved in the establishment, organization and operation of a commercial bank, FBB, or representative office shall adequately, accurately and promptly provide information at the request of SBV and/or the preparatory board in accordance with provisions of this Circular, and assume legal responsibility for their provided information.
Article 35. Cooperation in issuance of License
...
...
...
a) Opinions of the People's Committee of province or central-affiliated city where the commercial bank will be headquartered or where the FBB will be located about the location where the commercial bank will be headquartered or the premises where the FBB will be located [59];
b) [60] Opinions of the Ministry of Public Security about the list of personnel to be elected or appointed to hold the positions of members of the Board of Directors or Board of Members, members of Board of Controllers and General Director (Director) of the commercial bank, or General Director (Director) of the FBB [61].
2.[62] Within 15 days from the receipt of a written request from SBV, requested agencies as mentioned above are required to send their written opinions to SBV.
3. SBV shall consider issuing a License on the basis of opinions given by the above-mentioned agencies.
Article 36. Responsibilities of SBV
1. Council in charge of appraisal of applications for License for establishment and operation of commercial banks and applications for License for establishment of FBBs (hereinafter referred to as “Appraisal Council”):
a) [63] The Appraisal Council shall be established under the decision of the SBV’s Governor and comprised of: the Council’s Chairperson who is the Governor or Deputy Governor (authorized by the Governor), and members who are heads of the agencies mentioned in clauses 2 through 10 of this Article;
b) Tasks of the Appraisal Council:
(i) Appraise applications for License for establishment and operation of commercial banks and applications for License for establishment of FBBs.
...
...
...
(ii) Select the list of eligible applications on the basis of opinions given by the Council’s members for submission to the SBV's Governor for considering issuance of Licenses.
2. The SBV Banking Supervision Agency shall:
a) Act as a focal point in charge of receiving and appraising applications for License for establishment and operation of commercial banks and applications for License for establishment of FBBs:
(i) For an application for License for establishment and operation of a commercial bank or application for License for establishment of an FBB, submitted before giving approval in principle:
- The SBV Banking Supervision Agency shall appraise the adequacy and validity of the received application, and request the SBV’s Governor to give a written confirmation of its receipt of an adequate and valid application or send a written request for modification of the application to the preparatory board.
- Appraise the application and send written request for application appraisal, enclosed with the application, to members of the Appraisal Council for consideration. The written request for application appraisal must clearly state its appraisal results and proposal for issuance of a License;
- Consolidate opinions given by members of the Appraisal Council and request the Appraisal Council’s Chairperson to convene a meeting of the Appraisal Council for considering the application;
- Based on the minutes of the Appraisal Council’s meeting, the SBV’s Governor shall provide the preparatory board a written approval in principle or a written notice of its refusal to give approval in principle (in which reasons for refusal must be indicated).
A written approval in principle shall include: approval in principle for the establishment and operation of a commercial bank or the establishment of an FBB; approval of the list of proposed personnel of the commercial bank or FBB; approval of organizational structure, administration, internal control and internal audit of the FBB.
...
...
...
- Over the time limit for submission of additional documents as prescribed in this Circular, if none of required documents is submitted or inadequate or invalid documents are submitted, the SBV Banking Supervision Agency shall request the SBV’s Governor to notify the preparatory board in writing that the given approval in principle will be invalidated.
- If additionally submitted documents are adequate and valid, the SBV Banking Supervision Agency shall appraise them and request the SBV’s Governor to sign a decision to issue a License for establishment and operation of the commercial bank or a License for establishment of the FBB [64], if all licensing requirements are satisfied and required documents are adequate as prescribed in this Circular, or to give its written refusal to issue a License (in which reasons for refusal must be clearly indicated).
b) [65] (abrogated)
c) Assume responsibility for management and retention of applications for License after Licenses have been issued;
d) Carry out inspection and supervision of the compliance by commercial banks and FBBs with their establishment plans after commencing their business operations.
dd) Carry out inspection and supervision of the implementation of regulations on organization and operation of commercial banks and FBBs as prescribed in this Circular [66].
e) Deal with difficulties that arise during the implementation of this Circular;
g) [67] Act as a focal point in charge of receiving, appraising and submitting applications for replacement of License or addition of activities to License submitted by commercial banks or FBBs to SBV’s Governor as prescribed in point b clause 1 Article 3 of this Circular;
h) [68] Send written request, enclosed with the application for addition of activities to a License, to relevant agencies affiliated to SBV for their opinions about such an application, if activities to be added are interest-rate derivatives, provision of commodities derivatives and securities depository.
...
...
...
a) Within 30 days from the receipt of the written request of the SBV Banking Supervision Agency, appraise the application for issuance of License and give a written response to the SBV Banking Supervision Agency;
b) Act as a focal point in charge of dealing with legal matters arising during the issuance of License.
4. The Monetary Policy Department shall:
a) Within 30 days from the receipt of the written request of the SBV Banking Supervision Agency, appraise the application for issuance of License and give a written response to the SBV Banking Supervision Agency;
b) Carry out assessment of effects of the establishment of a bank on SBV’s monetary policies.
5. The International Cooperation Department shall:
a) Within 30 days from the receipt of the written request of the SBV Banking Supervision Agency, appraise the application for issuance of License and give a written response to the SBV Banking Supervision Agency;
b) Carry out assessment of matters relating to Vietnam’s WTO commitments and other bilateral and multilateral agreements.
6.[69] The Information Technology Department shall:
...
...
...
b) Consider matters concerning the information technology of commercial banks and FBBs.
7. The Finance and Accounting Department shall:
a) Within 30 days from the receipt of the written request of the SBV Banking Supervision Agency, appraise the application for issuance of License and give a written response to the SBV Banking Supervision Agency;
b) Consider matters concerning the financial capability of shareholders as prescribed in this Circular and relevant law provisions in force.
8.[70] Each SBV’s provincial branch shall:
a) Within 30 days from the receipt of the written request of the SBV Banking Supervision Agency, the SBV’s branch in the province or city where the commercial bank will be headquartered or where the FBB will be located shall appraise the application for issuance of License and give a written response to the SBV Banking Supervision Agency;
b) Act as a focal point in charge of working with the government in charge of the area where the commercial bank will be headquartered or where the FBB will be located about the establishment of such commercial bank or FBB in this area (if any);
c) Act as the focal point in charge of inspecting, directing and supervising commercial banks and FBBs in fulfilling and maintaining their fulfillment of the requirements set out by law and by SBV before their commencement of operations;
d) Suspend the commencement of operations by commercial banks and FBB in case they fail to meet requirements for such commencement of operations;
...
...
...
e) Receive and appraise applications as prescribed in Article 18, Article 18c and Clause 1 Article 18dd of this Circular;
g) Send written request for opinions of People’s Committee of the province or central-affiliated city where a representative office will be located about:
(i) the premises of the representative office when processing an application for License for establishment of representative office as prescribed in Clause 2 Article 5 of this Circular;
(ii) the relocation of a representative office to another province or city as prescribed in Article 18dd of this Circular;
h) Assume responsibility for management and retention of applications for License after Licenses have been issued;
i) Receive notices of representative offices located in their province or city of the changes specified in Clause 2 Article 18d of this Circular;
k) Inform the Ministry of Public Security (via the Economic Security Department) of the person acting as the head of the representative office after granting a License for establishment of representative office, and of the replacement of the head of the representative office after receiving written notification thereof from the representative office;
l) Carry out inspection of representative offices located in their province or city in accordance with law regulations.
m) [71] Send written request, enclosed with the application for addition of activities to a License, to relevant agencies affiliated to SBV for their opinions about such an application, if activities to be added are interest-rate derivatives, provision of commodities derivatives and securities depository.
...
...
...
a) Instruct commercial banks, FBBs and representative offices to:
(i) make payment of licensing fees; and
(ii) follow procedures for opening accounts, transferring capital to escrow accounts, and releasing capital.
b) Provide the SBV Banking Supervision Agency with copies of receipt notes for full payment of licensing fees, and documents on transfer of capital to escrow accounts and release of capital.
10.[72] The Foreign Exchange Management Department shall:
a) Within 30 days from the receipt of the written request of the SBV Banking Supervision Agency, appraise the application for issuance of License and give a written response to the SBV Banking Supervision Agency;
b) Give its opinions about the matters concerning foreign exchange transactions of commercial banks or FBBs.
11.[73] Within 10 days from the receipt of the written request from the SBV Banking Supervision Agency or a SBV’s provincial branch for opinions about an application submitted by a commercial bank or FBB for addition of activities concerning interest-rate derivatives and/or provision of commodities derivatives and securities depository to its License, relevant agencies affiliated to SBV must give their written response indicating whether or not they approve such addition.
Chapter V
...
...
...
Article 37. Effect
1. This Circular comes into force from February 01, 2012.
2. The following regulations and documents shall cease to have effect from the effective date of this Circular:
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 the Circular No. 03/2007/TT-NHNN dated June 05, 2007 of SBV’s Governor providing guidelines for implementation of the Government’s Decree No. 22/2006/ND-CP dated February 28, 2006 on organization and operation of foreign bank branches, joint-venture banks, wholly foreign-owned banks, and representative offices of foreign credit institutions in Vietnam.
b) Articles 4, 5, 8, 9, 10, 24, 27, 32, 40, clause 2 Article 38, contents concerning the approval of revisions to the Charter in Articles 41, 42 of the Circular No. 06/2010/TT-NHNN dated February 26, 2010 of the State Bank of Vietnam providing guidelines for implementation of the Decree No. 59/2009/ND-CP dated July 16, 2008 on organization and operation of commercial banks.
c) The Circular No. 09/2010/TT-NHNN dated March 26, 2010 of the State Bank of Vietnam prescribing licensing for establishment and operation of joint-stock commercial banks.
d) Article 1, clause 1 Article 4 of the Circular No. 24/2011/TT-NHNN dated August 31, 2011 on implementation of measures for simplification of administrative procedures for establishment and operation in banking sector under Government’s Resolutions on simplification of administrative procedures within the jurisdiction of the State Bank of Vietnam.
Article 38. Implementation organization
Chief of SBV Office, the Head of the SBV Banking Supervision Agency, heads of SBV’s affiliated units, Directors of the SBV’s provincial branches, Chairpersons and members of Boards of Directors and of Boards of Members, heads and members of Boards of Controllers, and General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs, heads of representative offices of foreign credit institutions and other foreign organizations performing banking activities, and relevant organizations and individuals are responsible for implementation of this Circular./.
...
...
...
CERTIFIED BY
PP. GOVERNOR
DEPUTY GOVERNOR
Doan Thai Son
[1] The Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, is promulgated pursuant to:
“The Law on the State Bank of Vietnam dated June 16, 2010;
The Law on Credits Institutions dated June 16, 2010;
The Government's Decree No. 16/2017/ND-CP dated February 17, 2017 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam; and
...
...
...
[2] The Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches is promulgated pursuant to:
“The Law on the 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;
The Government's Decree No. 16/2017/ND-CP dated February 17, 2017 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam; and
At the request of the Director of the Legal Department;”
[3] The Circular No. 28/2018/TT-NHNN dated November 30, 2018 of the Governor of the State bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam is promulgated pursuant to:
“The Law on the 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;
The Government's Decree No. 16/2017/ND-CP dated February 17, 2017 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam; and
...
...
...
[4] The Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam is promulgated pursuant to:
“The Law on the State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated June 16, 2010 and the Law providing amendments to the Law on Credit Institutions dated November 20, 2017;
The Government’s Decree No. 26/2014/ND-CP dated April 07, 2014 on organization and operation of the SBV Banking Supervision Agency, and the Government’s Decree No. 43/2019/ND-CP dated May 17, 2019 providing amendments to the Government’s Decree No. 26/2014/ND-CP dated April 07, 2014 on organization and operation of the SBV Banking Supervision Agency;
The Government's Decree No. 16/2017/ND-CP dated February 17, 2017 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam; and
At the request of the Head of the SBV Banking Supervision Agency;”
[5] The Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam is promulgated pursuant to:
“The Law on the 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;
...
...
...
At the request of the Head of the SBV Banking Supervision Agency;”
[6] The Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches is promulgated pursuant to:
“The Law on the 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;
The Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the request of the Head of the SBV Banking Supervision Agency;”
[7] This clause is amended according to Clause 1 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[8] This clause is amended according to Clause 1 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[9] This Article is amended according to Clause 1 Article 1 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
...
...
...
[11] This clause is amended according to Clause 2 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[12] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[13] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[14] Heading of this Section is amended according to Clause 3 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[15] Heading of this Article is amended according to Clause 4 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[16] This clause is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[17] This Point is abrogated according to Clause 4 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
[18] This Point is abrogated according to Clause 4 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
[19] This Point is abrogated according to Clause 4 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
...
...
...
[21] This Point is amended according to Clause 2 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
[22] The phrase “a, b” in this Point is abrogated according to Clause 4 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
[23] This Point is amended according to Clause 3 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
[24] Heading of this Article is amended according to Clause 5 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[25] This clause is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[26] This point is amended according to Clause 1 Article 1 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[27] The phrase “a, b” in this clause is abrogated according to Clause 4 Article 1 of the Circular No. 17/2018/TT-NHNN providing amendments to Circulars on licensing, business network and foreign exchange operations of credit institutions and foreign bank branches, coming into force from October 01, 2018.
[28] Heading of this Article is amended according to Clause 6 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[29] This clause is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
...
...
...
[31] This clause is amended according to Clause 1 Article 1 of the Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018.
[32] This point is amended according to Clause 7 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[33] This Point is amended according to Clause 2 Article 1 of the Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018.
[34] This point is amended according to Clause 8 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[35] This point is amended according to Clause 2 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[36] This point is amended according to Clause 2 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[37] This point is abrogated according to Clause 2 Article 4 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[38] This point is amended according to Clause 10 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[39] This clause is amended according to Clause 11 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
...
...
...
[41] This clause is amended according to Clause 3 Article 1 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[42] This Section, including Articles 18a, 18b and 18c, is amended according to Clause 3 Article 1 of the Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018.
[43] This clause is amended according to Clause 2 Article 1 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[44] The phrase “gửi qua đường bưu điện hoặc nộp trực tiếp cho Ngân hàng Nhà nước (qua Cơ quan Thanh tra, giám sát ngân hàng)" (“submit it by post or directly to SBV (via the SBV Banking Supervision Agency)”) is replaced by the phrase “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 đối với trường hợp quy định tại điểm a khoản 2 Điều 3 Thông tư này" (“and submit it directly or by post to SBV or the SBV's provincial branch for the case prescribed in Point a Clause 2 Article 3 of this Circular") according to clause 1 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[45] The phrase “và thực hiện đăng ký với Ngân hàng Nhà nước theo quy định tại khoản 3 Điều 27 Thông tư này” (“and carry out registration procedures with SBV as prescribed in clause 3 Article 27 of this Circular”) is abrogated according to clause 1 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[46] This Section, including Articles 18d and 18dd, is added according to Clause 4 Article 1 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[47] This Article is added according to Clause 3 Article 1 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[48] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[49] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
...
...
...
[51] This clause is abrogated according to Clause 4 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[52] This point is amended according to Clause 13 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[53] This point is amended according to Clause 14 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[54] This clause is amended according to Clause 3 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[55] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[56] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[57] This Article is abrogated according to Clause 4 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[58] This Point is added according to Clause 3 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[59] This phrase “văn phòng đại diện” (“representative office”) is abrogated according to Clause 3 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
...
...
...
[61] This phrase “Trưởng văn phòng đại diện” (“Head of the representative office”) is abrogated according to Clause 5 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[62] This clause is amended according to Clause 17 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[63] This Point is amended according to point a Clause 4 Article 1 of the Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018.
[64] The phrase “và văn bản xác nhận đăng ký Điều lệ của ngân hàng thương mại” (“and a written confirmation of registration of the charter of the commercial bank”) is abrogated according to Clause 2 Article 2 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
[65] This Point is abrogated according to Clause 4 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[66] This phrase “văn phòng đại diện” (“representative office”) is abrogated according to Clause 3 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[67] This point is added according to Clause 5 Article 1 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[68] This point is added according to Clause 5 Article 1 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[69] This clause is amended according to Clause 18 Article 1 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019.
...
...
...
[71] This point is added according to Clause 4 Article 1 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[72] This clause is added according to point c Clause 4 Article 1 of the Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018.
[73] This clause is amended according to Clause 5 Article 1 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[74] Article 3 and Article 4 of the Circular No. 17/2017/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 05, 2018, stipulate as follows:
“Article 3. Responsibility for implementation
Chief of SBV Office, the Head of the SBV Banking Supervision Agency, heads of SBV’s affiliated units, Directors of the SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of 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.
2. The Circular No. 08/2015/TT-NHNN dated June 30, 2015 providing amendments to the Circular No. 40/2011/TT-NHNN is abrogated.”
...
...
...
“Article 7. Responsibility for implementation
Chief of SBV Office, Head of Department of Legal Affairs, and Heads of SBV’s affiliated units, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of Boards of Members, and General Directors (Directors) of credit institutions and foreign bank branches are responsible for implementation of this Circular.
Article 8. Effect
This Circular comes into force from October 01, 2018./.”
[76] Article 3 and Article 4 of the Circular No. 28/2018/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam prescribing the licensing, organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 15, 2019, stipulate as follows:
“Article 3. Responsibility for implementation
Chief of SBV Office, Head of the SBV Banking Supervision Agency, heads of SBV’s affiliated units, Directors of the SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of Boards of Members, and General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs, heads of representative offices of foreign credit institutions and other foreign organizations performing banking activities are responsible for implementation of this Circular.
Article 4. Effect
This Circular comes into force from January 15, 2019./.”
...
...
...
“Article 3. Transition
Submitted applications for extension of operating duration of representative offices whose license expires before the effective date of this Circular shall be processed by SBV’s provincial branches within their competence prescribed herein.
Article 4. Responsibility for implementation
Chief of SBV Office, Head of the SBV Banking Supervision Agency, heads of SBV’s affiliated units, Directors of the SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of Boards of Members, and General Directors (Directors) of commercial banks, General Directors (Directors) of FBBs, heads of representative offices of foreign credit institutions and other foreign organizations performing banking activities are responsible for implementation of this Circular.
Article 5. Implementation
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 the Circular No. 17/2017/TT-NHNN dated November 20, 2017 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN;
b) Clause 1 Article 1 the Circular No. 28/2018/TT-NHNN dated November 30, 2018 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 40/2011/TT-NHNN./.”
...
...
...
“Article 3. Implementation organization
Chief of SBV Office, Head of the SBV Banking Supervision Agency, heads of SBV’s affiliated units, commercial banks, foreign bank branches, representative offices of foreign credit institutions or other foreign organizations performing banking activities are responsible for the implementation of this Circular.
Article 4. Effect
This Circular comes into force from March 01, 2022./.”
[79] Article 3 and Article 4 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023, stipulate as follows:
“Article 3. Responsibility for implementation
Chief of SBV Office, Head of SBV Banking Supervision Agency, heads of SBV’s affiliated units, commercial banks, foreign bank branches, representative offices of foreign credit institutions or other foreign organizations performing banking activities, and relevant organizations and individuals are responsible for the implementation of this Circular.
Article 4. Effect
1. This Circular comes into force from December 14, 2023.
...
...
...
[80] This Appendix, including Appendix 01a, Appendix 01b, and Appendix 01c, is replaced according to clause 6 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[81] This Appendix is replaced according to Article 2 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[82] This Appendix is replaced according to Article 2 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[83] This Appendix is replaced according to Article 2 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[84] This Appendix, including Appendix 01b1 and Appendix 01b2, is replaced according to Article 2 of the Circular No. 28/2021/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from March 01, 2022.
[85] This Appendix is replaced according to Clause 4 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[86] This Appendix is replaced according to clause 7 Article 2 of the Circular No. 25/2019/TT-NHNN providing amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam (SBV) prescribing the licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam, coming into force from January 17, 2020.
[87] This Appendix is replaced according to Clause 4 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[88] This Appendix is replaced according to Clause 4 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
...
...
...
[90] This Appendix is replaced according to Clause 4 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
[91] This Appendix is replaced according to Clause 4 Article 1 of the Circular No. 13/2023/TT-NHNN providing amendments to Circulars prescribing licensing, organization, operation, and application and procedures for approval of changes of commercial banks and foreign bank branches, coming into force from December 14, 2023.
File gốc của Integrated document No. 20/VBHN-NHNN dated November 10, 2023 Circular on prescribing licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam đang được cập nhật.
Integrated document No. 20/VBHN-NHNN dated November 10, 2023 Circular on prescribing licensing, organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam
Tóm tắt
| Cơ quan ban hành | Ngân hàng Nhà nước Việt Nam |
| Số hiệu | 20/VBHN-NHNN |
| Loại văn bản | Văn bản hợp nhất |
| Người ký | Đoàn Thái Sơn |
| Ngày ban hành | 2023-11-10 |
| Ngày hiệu lực | 2023-11-10 |
| Lĩnh vực | Tiền tệ - Ngân hàng |
| Tình trạng | Còn hiệu lực |