THE STATE BANK
OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 1417/QD-NHNN
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Hanoi, July 9,
2018
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DECISION
ON APPROVAL FOR PLAN
TO SIMPLIFY BUSINESS CONDITIONS UNDER MANAGEMENT OF THE STATE BANK OF VIETNAM
GOVERNOR OF THE STATE BANK
- Pursuant to Government's Decree No.
16/2017/ND-CP dated February 17, 2017 defining the functions, tasks,
entitlements and organizational structure of the State bank of Vietnam;
- Pursuant to Resolution No. 01/NQ-CP dated
January 1, 2018 on objectives and primary courses of action to implement
socio-economic development plan and state budget estimates 2018;
- Pursuant to Resolution No. 19-2018/NQ-CP dated
May 15, 2018 on improvement of economic environment and enhancement of national
competitiveness;
- Pursuant to Dispatch No. 174/TTg-KSTT dated
February 2, 2018 of the Prime Minister on reform of inspection by specialized
agency and business conditions;
At the request of the Chief Office of the State
Bank and Director of the Legal Department,
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Article 1. Approve the plan to simplify
business conditions and the appendix of documents to be amended enclosed with
this Decision.
Article 2. Engage the following entities to
implement the plan to simplify business conditions as follows:
a) With regard to plans to simplify business
conditions prescribed in Decrees and Circulars of the State Bank which are
amended or replaced (planned to be presented to the Government or the Governor
for promulgation in quarter III of 2018), centralized units in charge of
drafting shall draft documents based on the plan approved in this Decision.
b) With regard to the plan to simplify business
conditions in conjunction with credit institution rating, the Bank Supervision
and Inspection Agency shall draft relevant legislative documents based on the
plan approved in this Decision after the Circular on rating of credit
institutions, branches of foreign banks is promulgated.
c) With regard to a plan to simplify business
conditions not falling under above cases, the Legal Department is authorized to
act as a centralized unit to formulate one Decree and one Circular to amend
multiple documents so as to implement the plan to simplify business conditions.
The time limit for submitting the Decree to the Government or the Circular to
the State Bank for promulgation shall be specified by the Government and the
Prime Minister.
d) In the course of formulating the Decree or
Circular to implement the plan to simplify business conditions referred to in
this Decision, relevant entities shall keep reviewing and proposing amendments
to regulations on simplifying business in accordance with management and
reality of law formulation at the time of drafting documents.
Article 3. This Decision comes into force on
the date of its signature.
Article 4. The Chief officers, Director of
the Legal Department and Heads of affiliates of the State bank, and relevant
units shall implement this Decision./.
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PP. GOVERNOR
DEPUTY GOVERNOR
Dao Minh Tu
PLAN
TO REDUCE AND
SIMPLIFY BUSINESS CONDITIONS UNDER MANAGEMENT OF THE STATE BANK
(Issued together with Decision No. 1417/QD-NHNN dated July 9, 2018)
No.
Business
conditions
Legal basis
Annulment and
amendment plan
Enforcement
plan
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I.
Business of commercial banks
I.1
Conditions for granting establishment and
operation licenses to joint-stock commercial banks
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Conditions applicable to a founding
shareholder (1-16)
1.
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Point a Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
repeal this condition
repeal Point a Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
2.
Make commitment in providing financial support to
the joint-stock commercial bank to deal with difficulties in case the
joint-stock commercial bank faces with problems in capital or liquidity;
repeal Point b Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
repeal this condition
repeal Point b Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
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3.
Not be a founding shareholder, owner, founding
member, strategic shareholder of another credit institution;
Point c Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
4.
Have at least 02 founding shareholders who are
corporate;
Point d Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
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repeal Point d Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
5.
Within a period of 05 years since the grant of
License, founding shareholders shall be required altogether to hold at least
50% of the charter capital upon the establishment of a joint-stock commercial
bank, of which the corporate founding shareholders are required altogether to
hold at least 50% of the total number of shares of founding shareholders;
Point dd Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
- Amend this condition as follows: “Founding
shareholders shall be required altogether to hold at least 50% of the charter
capital upon the establishment of a joint-stock commercial bank, of which the
corporate founding shareholders are required altogether to hold at least 50%
of the total number of shares of founding shareholders”
Amend Point dd Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
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6.
Have Vietnamese nationality, to have full civil
act capacity in accordance with provisions of applicable law;
Point e Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
Amend this condition as follows: “Have
Vietnamese nationality”
Amend the first dash Point e Clause 2 Article 9
of Circular No. 40/2011/TT-NHNN dated December 15, 2011
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7.
Not be a prohibited subject in accordance with
provisions of the Law on Enterprises;
Point e Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
8.
Have financial capacity to contribute capital to
the establishment of a joint-stock commercial bank; not be allowed to use
trusted capital, capital borrowed from other organizations, individuals for
capital contribution;
Point e Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
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Amend Point e Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
9.
Be the manager of an enterprise whose business is
profitable in at least 03 consecutive years prior to the year of applying for
the License issuance or to have a university qualification or higher in
economics or law profession.
Point e Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
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10.
Be established in accordance with Vietnamese law;
Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
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11.
Have sufficient financial capacity for capital
contribution to the establishment of a joint-stock commercial bank and to
commit not to use trusted fund, mobilized capital, capital borrowed from
other organizations, individuals to make capital contribution;
Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
Amend this condition as follows: “Not be
allowed to use mobilized capital, loans from other entities for capital
contribution"
Amend Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN dated December 15, 2011
12.
Fully perform the obligations of taxes, social
insurance in accordance with regulations as of the time of applying for
License issuance;
Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
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13.
The owner capital must be at least VND 500
billion in 05 consecutive years prior to the year of applying for the
License;
Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
14.
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Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
15.
In case where the enterprise dealing in the business
that requires legal capital, there must be a guarantee that the owner capital
minus the legal capital equals to committed contributed capital at the
minimum basing on the figures in the audited financial report of the year
preceding to the year of applying for the License;
- For the case of a state-owned enterprise, it
must obtain a written approval to the participation in capital contribution
to the establishment of a joint-stock commercial bank as provided for by
applicable laws;
- For the case of an organization that is granted
with a License for the establishment and operation in banking, securities,
insurance field, it is obliged to contribute capital in accordance with
provisions of applicable laws;
Point g Clause 2 Article 9 of Circular No. 40/2011/TT-NHNN
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16.
For the case of a commercial bank:
+ The total assets must be VND 100,000 billion at
the minimum, to fully comply with regulations on risk management and making
provision in accordance with regulations at the time of applying for the
License and as of the issuance of the License;
+ Not to break the prudential ratios in banking
activities as provided for by the State Bank in 05 consecutive years before
to the year of applying for the License and as of the issuance of the
License;
+ Observe conditions, the limit on purchase,
holding of shares of a credit institution as provided for in paragraph 6
Article 103 of the Law on credit institutions;
+ Observe the minimum capital adequacy ratio when
contributing capital to the establishment of a joint-stock commercial bank.
Point g Clause 2 Article 9 of Circular No.
40/2011/TT-NHNN
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1.2.
Establishment of branches in country of
commercial bank (17-34)
For commercial banks with operational
duration of 12 months or more (counted from the date of starting activities
till the time of request):
17.
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Point a Clause 1 Article 6 of Circular No. 21/2013/TT-NHNN
- Amend these conditions as follows:
a) Regarding rated commercial banks:
(1) According to rating of credit institutions.
(2) If rating criteria specified in the Circular
draft fails to meet state management requirements in licensing money transfer
companies, these conditions shall be amended further.
b) Regarding commercial banks not eligible for
rating, regulations of law in force shall apply)
Amend Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN (after issuance of Circular on rating of credit
institutions).
18.
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Point b Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
19.
Comply with limitations to ensure safety in
operation of credit institutions specified in Articles 126, 127, 128, 129;
Clause 1 Article 130 and Article 135 of law on credit institutions and guides
of state bank for this provision uninterruptedly during 12 months before the
request month;
Point c Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
20.
Conduct properly and fully provisions on
classification of debts, setting up of risk provision in accordance with
provision of state bank; the rate of bad debts in comparison with the total
outstanding balance at time of December 31 of the previous year adjacent to
the request year does not exceed 3% or other rate under decision of the
Governor of State bank in each period;
Point d Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
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21.
At the time of request, Board of Directors,
Member assembly, and control board have quantity and structure in accordance
with provisions of law, are not lacked General Director;
Point dd Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
22.
At the time of request, the commercial bank has
internal auditing division and internal control system ensuring compliance
with Article 41 Article 41 of Law on credit institutions and relevant
provisions of current law;
Point e Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
23.
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Point g Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
24.
Meet conditions about quantity of branches
permitted to establish as prescribed in Article 7 of this Circular;
(1) Quantity of branches of a commercial bank
permitted to establish must ensure: VND 300 billion x N1 + VND 50 billion x
N2 < C
In which:
- C means the real value of the charter capital
of commercial bank till the time of request (counted by billion VND).
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- N2 means quantity of branches which have been
established and request for establishment at Hanoi suburban, Ho Chi Minh
suburban; and other provinces and centrally-run cities.
(2) A commercial bank is entitled to establish 10
branches at each Hanoi urban area or Ho Chi Minh urban area at maximally.
(3) For commercial banks with operational
duration of 12 months or more (counted from the date of starting activities
till the time of request), they are permitted to establish not exceeding five
(05) branches in one (01) financial year.
(4) When a commercial bank terminate
operation of branches at Hanoi urban area, Ho Chi Minh urban area, it is
permitted to establish branches in localities of other provinces and
centrally-run cities with quantity corresponding to quantity of branches
terminated operation, apart from the maximum quantity of branches permitted
to establish in one (01) year specified in Clause (3).
Point h Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
25.
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Point i Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
repeal this condition
Repeal Point i Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN
For commercial banks with operational
duration of less than 12 months (counted from the date of starting activities
till the time of request), apart from conditions prescribed in Points dd, e,
g, h, I Clause 1 Article 6 of Circular No. 21/2013/TT-NHNN, the following
conditions must be satisfied:
26.
The real value of charter capital at time of
request is not lower than the legal capital;
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27.
The business operation has interest till the time
of request;
Point b Clause 2 Article 6 of Circular No.
21/2013/TT-NHNN
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Comply with limitations to ensure safety in
operation of credit institutions specified in Articles 126, 127, 128, 129;
Clause 1 Article 130 and Article 135 of law on credit institutions and guides
of state bank for this provision uninterruptedly from the day of starting
activities till the time of request;
Point c Clause 2 Article 6 of Circular No.
21/2013/TT-NHNN
29.
Conduct properly and fully provisions on
classification of debts, setting up of risk provision in accordance with
provision of state bank; the rate of bad debts in comparison with the total
outstanding balance at time of request does not exceed 3% or other rate under
decision of the Governor of State bank in each period;
Point d Clause 2 Article 6 of Circular No.
21/2013/TT-NHNN
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Conditions for establishment of transaction
offices, apart from conditions prescribed in Clause 1 Article 6 of Circular
No. 21/2013/TT-NHNN
30.
The tentative branch managing transaction office
must meet conditions:
a) The minimum operational duration is 12 months
counted from the date of starting activities till the time of request;
b) The rate of bad debts in comparison with the
total outstanding balance at time of December 31 of the previous year
adjacent to the request year does not exceed 3% or other rate under decision
of the Governor of State bank in each period;
c) Not be sanctioned administrative violations in
monetary and banking sector by form of fine during 12 months before the time
of request.
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31.
Meet conditions about quantity of transaction
offices permitted to establish as prescribed in Article 11 of this Circular.
1. Quantity of transaction offices of a
commercial bank at Hanoi urban area and Ho Chi Minh urban area do not exceed
twice quantity of its existing branches at each area.
2. Quantity of transaction offices of a
commercial bank at Hanoi suburban, Ho Chi Minh suburban and in provinces and
centrally-run cities do not exceed three times quantity of its existing
branches at each area.
3. Commercial banks may decide quantity of
transaction offices managed by one branch in line with the management
capability of each branch and provisions in Clauses 1, 2 Article 11 of
Circular No. 21/2013/TT-NHNN.
Clause 3 Article 10 of Circular No.
21/2013/TT-NHNN
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Conditions for establishment of branches in
foreign countries, banks invested 100% of capital in foreign countries, apart
from conditions prescribed in Clause 1 Article 6 of Circular No.
21/2013/TT-NHNN (except for Point b, h Clause 1 Article 6):
32.
The minimum operational duration is three (03)
years counted from the date of starting activities till the time of request.
Clause 2 Article 8 of Circular No.
21/2013/TT-NHNN
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33.
The total assets reach VND 100,000 billion
business or more according to the audited consolidated financial statement at
time of December 31 of the previous year adjacent to the request year.
Clause 3 Article 8 of Circular No.
21/2013/TT-NHNN
34.
The business operation has interest under the
audited consolidated financial statement and separate financial statements of
the previous year adjacent to the request year;
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I.3
Conditions for establishment of representative
offices, non-business units in country and representative offices in foreign
countries
Conditions applicable to a founding member,
owner as a foreign credit institutions (35-41)
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Not to seriously violate provisions on banking
activities and other provisions of applicable laws of its native country
within 05 latest consecutive years prior to the year applying for the license
till the issuance of the license;
Point a Clause 2 Article 10 of Circular No.
40/2011/TT-NHNN
36.
Have experience in international operation, is
rated from average and stable upwards by international credit rating
organizations, can prove the ability to perform financial commitments and
operate normally even when economic situation, condition faces adverse
changes;
Point b Clause 2 Article 10 of Circular No.
40/2011/TT-NHNN
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37.
Be profitable in the 05 consecutive years
preceding the year of applying for the License and as of the time of
obtaining the License;
Point c Clause 2 Article 10 of Circular No.
40/2011/TT-NHNN
38.
The total assets must be approximately USD 10
billion at the end of the year preceding the year of applying for the
license;
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39.
Be assessed by a competent agency of the native
country in respect of the capital adequacy ratio, other prudential ratios, to
fully comply with regulations on risk management and making provision as
provide for by the native country in the year before the year of applying for
the license till the issuance of license;
Point dd Clause 2 Article 10 of Circular No.
40/2011/TT-NHNN
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Not to be the owner, founding member, strategic
shareholder of another Vietnamese credit institution.
Point e Clause 2 Article 10 of Circular No.
40/2011/TT-NHNN
41.
Within a period of 05 years since the issuance of
the License, founding members shall be required altogether to hold 100% of
the charter capital of a joint-venture bank, 100% foreign owned bank.
Clause 4 Article 10 of Circular No.
40/2011/TT-NHNN
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I.4
Conditions for issuance of establishment
license to a foreign bank’s branch in Vietnam
Conditions applicable to a parent bank (42-43)
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42.
Fully satisfy conditions as provided for at
points a, b, c, dd paragraph 2 Article 10 of Circular 40/2011/TT-NHNN
Point a Clause 2 Article 11 of Circular No.
40/2011/TT-NHNN
43.
Total assets of parent bank as of the year
consecutively preceding the year of applying for the license are at least
equal to USD 20 billion.
Point b Clause 2 Article 11 of Circular No.
40/2011/TT-NHNN
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I.5
Conditions for approving establishing,
acquisition of subsidiary companies, associate companies of commercial banks
Conditions for establishment of a money
transfer company affiliated to a joint-stock commercial bank (44-49)
44.
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Clause 1 Article 3 Regulation on establishment
and operation of money transfer companies affiliated to joint-stock
commercial banks of the state and the people issued together with Decision
No. 951/2003/QD-NHNN dated August 18, 2003 of the Governor of the State Bank (hereinafter
referred to as Regulation No. 951)
45.
It has had sound financial position and gained
profits for 2 last years, and overdue outstanding debt of less than 3%;
Clause 2 Article 3 of Regulation No. 951
- Simplify these conditions as follows:
(1) The establishment of a money transfer company
affiliated to a joint-stock commercial bank shall be based on the rating of
the credit institution (the State Bank has drafted a Circular on credit
institution rating).
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Promulgate a Circular No. in replacement of
Decision No. 951/2003/QD-NHNN dated August 18, 2003 of the Governor of the
State Bank (after promulgating a Circular on credit institution rating).
46.
The administration board and internal inspection
system run in an effective manner;
Clause 3 Article 3 of Regulation No. 951
47.
Do not violate regulations on adequacy ratio in
banking operation and other laws and regulations, incur no penalty for
administrative violations in monetary sector and banking operation for at
least 1 year until the time when the bank applies for establishment of
affiliated money transfer company;
Clause 5 Article 3 of Regulation No. 951
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48.
The information system meets management
requirements;
Clause 4 Article 3 of Regulation No. 951
49.
Allowed to perform foreign currency transactions
by the State Bank
Clause 6 Article 3 of Regulation No. 951
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Conditions for the establishment of assets
management companies of commercial banks (50-51)
50.
Having operated for at least 3 years since the
date of operation commencement;
Clause 1 Article 3 of Regulation on the
establishment of asset management companies under commercial banks issued
together with Decision No. 1389/2001/QD-NHNN dated November 7, 2001 of the
Governor of the State Bank (hereinafter referred to as Regulation 1389)
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Having demand for the establishment of asset
management companies.
Clause 2 Article 3 of Decision No.
1389/2001/QD-NHNN
repeal this condition
Promulgate Circular in replacement of Decision
No. 1389/2001/QD-NHNN dated November 7, 2001 of the Governor of the State
Bank
Conditions for establishment of a
securities company of commercial bank (52-57)
52.
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Clause 1 Section 1 Chapter 2 of Circular No.
04/1999/TT-NHNN5
53.
It has gained profits and had overdue outstanding
debt of less than 5% of total loans
Clause 2 Section 1 Chapter 2 of Circular No.
04/1999/TT-NHNN5
Simplify these conditions as follows:
(1) The establishment of a securities company
affiliated to a commercial bank shall be based on the rating of the credit
institution (the State Bank has drafted a Circular on credit institution
rating).
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Promulgate a Circular in replacement of Circular
No. 04/1999/TT-NHNN5 dated November 2, 1999 of the Governor of the State Bank
on guidelines for establishment of securities companies of commercial banks (after
promulgating a Circular on credit institution rating).
54.
The administration board and internal inspection
system run in an effective manner;
Clause 3 Section 1 Chapter 2 of Circular No.
04/1999/TT-NHNN5
55.
Do not violate regulations on adequacy ratio in
banking operation and other regulations and laws.
Clause 4 Section 1 Chapter 2 of Circular No. 04/1999/TT-NHNN5
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56.
Have a charter capital not less than legal
capital as per the law.
Clause 5 Section 1 Chapter 2 of Circular No.
04/1999/TT-NHNN5
57.
Have adequate facilities for securities trading.
Clause 6 Section 1 Chapter 2 of Circular No. 04/1999/TT-NHNN5
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I.6
58.
Clause 1, Article 8 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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59.
There are internal rules on professional
procedures and risk management process applied to each foreign exchange
transaction conducted on demand.
Clause 2, Article 8 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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60.
Fully satisfy conditions as provided for at
Article 8 of Circular No. 21/2014/TT-NHNN (39-40)
Clause 1, Article 9 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
61.
There are internal rules for selecting partners
and appropriate transaction limits applied to each of the partners, the
partners with whom the permitted credit institution enters into foreign
exchange transactions (other than payment deposits) must be overseas
financial institutions that are rated Baa3/P-3 or above by Moody’s Investor
Service, BBB-/A-3 or above by Standard & Poor’s, or BBB-/F3 or above by
Fitch Ratings.
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62.
Conditions prescribed in Clause 2 Article 9 do
not apply to the case that the commercial bank make deposits (other than
current deposit) at branches, subsidiary companies of the commercial bank abroad.
Total deposit balance of a commercial bank at all branches, subsidiary
companies of the commercial bank abroad not exceeding 10% of charter capital.
Clause 3, Article 9 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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Conditions for conducting other foreign
exchange transactions on the domestic and international market (63-68)
63.
Some of or all of elementary foreign exchange
transactions on the domestic or international market are permitted;
Point a Clause 1, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
64.
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Point b Clause 1, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
65.
There are internal rules for selecting partner
organization, appropriate transaction limits applied to each of partners;
Point c Clause 1, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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66.
Regulations on banking prudential ratios must be
complied with in the year preceding the year in which the permit is applied
for and up to the time of submitting the application;
Point d Clause 1, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
67.
There is no penalties for administrative
violations against regulations on foreign exchange transactions in the year preceding
the year in which the permit is applied for and up to the time of submitting
the application;
Point dd Clause 1, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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68.
The business operation of the commercial banks
has been profitable for 02 (two) years preceding the year in which the permit
is applied for according to audited financial statement.
Point e Clause 1, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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69.
The permit with limited duration is issued by the
State bank;
Point a Clause 2, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
repeal this condition
Amend Point a Clause 2 Article 10 of Circular No.
21/2014/TT-NHNN
70.
No penalties for administrative violations on
foreign exchange transactions are incurred while conducting foreign exchange
transactions with limited duration;
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71.
Regulations on banking prudential ratios are
complied with in the year preceding the year in which permit extension is
applied for and up to the time of submitting the application extension;
Point c Clause 2, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
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The business operation of the commercial banks
has been profitable for 2 years preceding the year in which permit extension
is applied for according to audited financial statement.
Point d Clause 2, Article 10 of Circular No.
21/2014/TT-NHNN (amended by Circular No. 28/2016/TT-NHNN)
Conditions for written certification of
registration of trusteeship for outward portfolio investment if trust
organizations are commercial banks (73-77)
73.
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Point b, Clause 2, Article 23, Section II of
Decree No. 135/2015/ND-CP
Amend this condition as follows: adjust from 05
consecutive years to 03 consecutive years.
Amend Point b, Clause 2, Article 23, Section II
of Decree No. 135/2015/ND-CP
74.
Fulfill all financial duties for the Government
and incur no tax debts against the government's treasury;
Point c, Clause 2, Article 23, Section II of
Decree No. 135/2015/ND-CP
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75.
Have internal regulations on the management of
the activities of holding trusteeship for outward portfolio investments,
including the identification and management of risks related to the holding
of trusteeship for outward portfolio investments;
Point d, Clause 2, Article 23, Section II of
Decree No. 135/2015/ND-CP
76.
Have facilities, techniques and human resources
to guarantee the holding of trusteeship for outward portfolio investments
according to the laws;
Point dd, Clause 2, Article 23, Section II of
Decree No. 135/2015/ND-CP
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Repeal Point dd, Clause 2, Article 23, Section II
of Decree No. 135/2015/ND-CP
77.
Conform to the effective regulations of
specialized laws on financial safety norms and safety guaranteeing ratio for
the activities of trust organizations.
Point e, Clause 2, Article 23, Section II of
Decree No. 135/2015/ND-CP
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78.
Have permission to conduct foreign exchange
activities in international markets;
Point a, Clause 4, Article 14 of Decree No.
135/2015/ND-CP
79.
Gain profit in 05 consecutive years preceding the
year when the application for the certificate of outward portfolio investment
registration is submitted. Such profit shall be shown in audited financial
statements that bear only essential remarks according to the regulations of
Ministry of Finance. Financial statements must be audited by independent
auditing organizations not defined in Vietnam State Bank’s list of auditing
organizations ineligible for auditing credit institutions and foreign banks'
branches;
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Amend this condition as follows: adjust from 05
consecutive years to 03 consecutive years.
Amend Point b, Clause 4, Article 14 of Decree No.
135/2015/ND-CP
80.
Fulfill all financial duties for the Government
and incur no tax debts against the government's treasury;
Point c, Clause 4, Article 14 of Decree No.
135/2015/ND-CP
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Have internal procedures and systems for internal
control, audit, risk identification and management related to the proprietary
trading of outward portfolio investment;
Point d, Clause 4, Article 14 of Decree No. 135/2015/ND-CP
82.
Have facilities, techniques and human resources
to guarantee the proprietary trading of outward portfolio investments
according to the laws;
Point dd, Clause 4, Article 14 of Decree No.
135/2015/ND-CP
repeal this condition
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83.
Conform to the effective regulations of Vietnam
State Bank on limits and safety guaranteeing ratios in the sector of banking;
Point e, Clause 4, Article 14 of Decree No.
135/2015/ND-CP
84.
Abide by the laws on the management and use of
state capitals (for commercial banks and general financial companies with
state-owned capital).
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repeal this condition
Repeal Point g, Clause 4, Article 14 of Decree
No. 135/2015/ND-CP
II
Business of non-bank credit institutions
II.1
Conditions for licensing joint stock
non-bank credit institutions
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Regulations applicable to founding
shareholders (85-89)
85.
At least two founding shareholders as
organizations;
Clause 1 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
repeal this condition
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86.
Be responsible for legality of contributed
capital;
Clause 2 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
repeal this condition
Repeal Clause 2 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
87.
Undertake to provide financial support to
non-bank credit institutions for difficulties in capital, solvency and
liquidity
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repeal this condition
Repeal Clause 3 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No. 15/2016/TT-NHNN)
88.
Do not join other credit institutions established
and operating in Vietnam as a strategic shareholder, founding shareholder,
owner or founding member
Clause 4 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
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Secure sufficient financial resources in order to
establish non-bank credit institutions; do not use capital in trust, raised
capital or loans provided by foreign credit institutions, branches of foreign
banks, other organizations or individuals as contributed capital
Clause 5 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
Amend this condition as follows: “Not allowed
to used mobile capital, loans from other entities for capital contribution”
Amend Clause 5 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
Other conditions applicable to founding
shareholders as individuals (90-91)
90.
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Point a Clause 6 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
Amend this condition as follows: “Be a
Vietnamese citizen”.
Amend Point a Clause 6 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
91.
Not banned from establishing enterprises
according to the Law on Enterprises, the Law on Cadres and Civil Servants
Point b Clause 6 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
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Other conditions applicable to founding
shareholders as organizations (92-96)
92.
Established under laws of Vietnam
Point a Clause 7 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
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Have a profitable business for three straight
years preceding the year of submission of applications for the license
Point b Clause 7 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
94.
Have fulfilled its tax and social insurance
obligations as prescribed to the time of submission of applications for the
license
Point c Clause 7 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
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95.
For organizations as Vietnamese enterprises
(except Vietnamese commercial banks):
- Have at least VND 500 billion in owner’s equity,
at least VND 1,000 billion in total assets for three straight years preceding
the year in which the application for the license is submitted. For
enterprises operating in the areas requiring a certain level of legal
capital, ensure that the amount remaining after the legal capital is
subtracted from the owner’s equity according to the audited financial
statement of the year preceding the time the application is submitted is not
smaller than the promised capital contribution.
- For enterprises licensed to operate in the
areas of securities, insurance, the contribution of capital must be compliant
with relevant law provisions.
Point d Clause 7 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
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For Vietnamese commercial banks:
- Have at least VND 100,000 billion in total
assets; comply fully with regulations on risk management and establishment of
provisions at the time of submission of applications for licensing;
- Do not violate minimum safety limits, ratios
for transactions according to regulations of the State Bank in the year
preceding the year of submission of applications for licensing and to the
time of submission of supplements for consideration and issuance of licenses;
- Ensure minimum capital adequacy ratio after
contributing capital for establishment of non-bank credit institutions;
- Not penalized for administrative violations
against regulations in currencies and banking for two straight years
preceding the year of submission of applications for licensing and to the
time of submission of supplements for consideration and issuance of licenses.
Point dd Clause 7 Article 11 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
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Conditions for licensing limited liability
non-bank credit institutions
For founding members as Vietnamese enterprises
(except Vietnamese commercial banks) (97-98)
97.
Requirements as prescribed in Points b, c, d, dd,
g(i), g(iii), Clause 2, Article 11 of Circular No. 30/2015/TT-NHNN dated
December 25, 2015
Point a Clause 1 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
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98.
Have at least VND 1.000 billion in owner’s
equity, at least VND 2,000 billion in total assets for three straight years
preceding the year in which the application for the license is submitted. For
enterprises operating in the areas requiring a certain level of legal
capital, ensure that the amount remaining after the legal capital is
subtracted from the owner’s equity according to the audited financial
statement of the year preceding the time the application is submitted is not
smaller than the promised capital contribution;
Point b Clause 1 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
99.
For enterprises licensed to operate in the areas
of securities, insurance, the contribution of capital must be compliant with
relevant law provisions.
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100.
Owners, founding members of Vietnamese commercial
banks shall comply with Clauses 2, 3, 4, 5 and Points b, c, dd Clause 7
Article 11 of Circular No. 30/2015/TT-NHNN dated December 25, 2015.
Clause 2 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
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For owners, founding members as foreign credit
institutions (101-108)
101.
Requirements as prescribed in Points b, Clause 7,
Article 11 of Circular No. 30/2015/TT-NHNN dated December 25, 2015
Point a Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No. 15/2016/TT-NHNN)
102.
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Point b Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
103.
Do not seriously violate regulations on banking
activities and other provisions of the home country for five straight years
preceding the year of submission of applications for licensing and to the
time of submission of supplements for consideration and issuance of licenses
Point c Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
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104.
Have experience of international activities,
rated by international credit rating agencies as capable for ensuring
financial commitments and normal operation even though economic situations
and conditions change for the worse
Point d Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
105.
Rated by competent agencies of the home country
as capable of ensuring capital adequacy ratio, other safety ratios, comply
fully with regulations on risk management and establishment of provisions as
prescribed by the home country in the year preceding the year of submission
of applications for licensing and to the time of submission of supplements
for consideration and issuance of licenses
Point dd Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
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106.
Not being strategic shareholders, owners or
founding members of other credit institutions established and operating in
Vietnam
Point e Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
107.
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Point g Clause 3 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 2 Article 1 of Circular No.
15/2016/TT-NHNN)
108.
Within five years since receipt of the license,
owners and founding members shall together own 100% of charter capital of
non-bank credit institutions as limited liability companies.
Clause 4 Article 12 of Circular No.
30/2015/TT-NHNN (amended by Clause 3 Article 1 of Circular No.
15/2016/TT-NHNN)
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II.3
The general conditions for a financial
company to conduct banking operations (109-112)
109.
Its banking operations are indicated in its
establishment and operation license granted by the State Bank (below referred
to as the license).
Clause 1 Article 5 of Decree No. 39/2014/ND-CP dated
May 7, 2014
repeal this condition
Repeal Clause 1, Article 5 of Decree No. 39/2014/ND-CP
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It has a contingent of professionally qualified
employees, physical facilities, technologies, means, equipment and internal
regulations in accordance with law for conducting banking operations
indicated in the license.
Clause 2 Article 5 of Decree No. 39/2014/ND-CP dated
May 7, 2014
111.
For banking operations related to foreign
exchange activities, it shall comply with the law on foreign exchange
management.
Clause 3 Article 5 of Decree No. 39/2014/ND-CP dated
May 7, 2014
repeal this condition
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112.
It satisfies all professional conditions for
banking operations prescribed by the State Bank.
Clause 4 Article 5 of Decree No. 39/2014/ND-CP
II.4.
The general conditions for a financial
company to issue deposit certificates, promissory notes, bills or bonds to
raise capital from organizations
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113.
The conditions prescribed in Article 5 of Decree
No. 39/2014/ND-CP
Clause 1 Article 6 of Decree No. 39/2014/ND-CP
114.
Their minimum operation duration, operation and
business results are prescribed by the State Bank.
Clause 2 Article 6 of Decree No. 39/2014/ND-CP
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Repeal Clause 2, Article 6 of Decree No.
39/2014/ND-CP
115.
Their long-term valuable paper issuance plans are
approved by the Shareholders’ General Meeting, the Board of Directors or the
Members’ Council in accordance with law.
Clause 3 Article 6 of Decree No. 39/2014/ND-CP
repeal this condition
Repeal Clause 3, Article 6 of Decree No.
39/2014/ND-CP
II.5
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116.
The conditions prescribed in Article 5 of Decree
No. 39/2014/ND-CP
Clause 1 Article 7 of Decree No. 39/2014/ND-CP
117.
They do not fall into the cases in which the
State Bank applies methods to minimize, terminate or suspend the borrowing of
loans on the inter-bank market and have no overdue debts at credit
institutions and other foreign bank branches under the State Bank’s
regulations.
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repeal this condition
Repeal Clause 2, Article 7 of Decree No.
39/2014/ND-CP
II.6
The general condition for a financial
company to borrow loans from the State Bank in the re-financing form
(118-120)
118.
The conditions prescribed in Article 5 of Decree
No. 39/2014/ND-CP
Clause 1 Article 8 of Decree No. 39/2014/ND-CP
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119.
They satisfy all the conditions for borrowing
loans in the form of re- financing prescribed by the State Bank.
Clause 2 Article 8 of Decree No. 39/2014/ND-CP
repeal this condition
Repeal Clause 2, Article 8 of Decree No. 135/2015/ND-CP
120.
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Clause 3 Article 8 of Decree No. 39/2014/ND-CP
repeal this condition
Repeal Clause 3, Article 8 of Decree No. 135/2015/ND-CP
II.7
The general conditions for a financial
company to provide bank guarantee (121-122)
121.
The conditions prescribed in Article 5 of Decree
No. 39/2014/ND-CP dated May 7, 2014
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Amended as the amendment plan prescribed in
Article 5 (109, 111)
122.
They satisfy all the conditions on the guaranteed
and the guarantors prescribed by the State Bank.
Clause 2 Article 10 of Decree No. 39/2014/ND-CP dated
May, 2014
repeal this condition
Repeal Clause 2, Article 10 of Decree No.
39/2014/ND-CP
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The general conditions for a financial
company to provide factoring (123-124)
123.
The conditions prescribed in Article 5 of Decree
No. 39/2014/ND-CP dated May 7, 2014
Point a Clause 1 Article 11 of Decree No.
39/2014/ND-CP dated May 7, 2014
Amended as the amendment plan prescribed in
Article 5 (109, 111)
124.
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Point b Clause 1 Article 11 of Decree No.
39/2014/ND-CP dated May 7, 2014
repeal this condition
Repeal Point b Clause 1, Article 11 of Decree No.
39/2014/ND-CP
II.9
Financial companies established and
operating before the effective date of Decree No. 39/2014/ND-CP may add
factoring operation if meeting all the conditions prescribed in Clause 1 of
Article 11 of Decree No. 39/2014/ND-CP and the following conditions:
(125-129)
125.
Conducting profitable business operation in the
year preceding the year of requesting the operation addition;
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126.
Having a minimum operation duration and factoring
operation plan prescribed by the State Bank;
Point b Clause 2 Article 11 of Decree No.
39/2014/ND-CP
repeal this condition
Repeal Point b Clause 2, Article 11 of Decree No.
39/2014/ND-CP
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Complying with regulations on safety ratios in
banking activities, classification of debts and deduction for setting up risk
provisions in all quarters of the year preceding the year of requesting the
operation addition;
Point c Clause 2 Article 11 of Decree No. 39/2014/ND-CP
128.
The ratio of non-performing loans is below the
level prescribed by the State Bank;
Point d Clause 2 Article 11 of Decree No.
39/2014/ND-CP
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129.
Not being sanctioned for administrative
violations in the monetary and banking fields in the year preceding the time
of requesting the operation addition.
Point dd Clause 2 Article 11 of Decree No.
39/2014/ND-CP
II.10
Financial companies established and
operating before the effective date of Decree No. 39/2014/ND-CP may add
issuance of credit cards if meeting all the conditions prescribed in Clause 1
of Article 12 and the following conditions: (130-132)
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130.
The conditions prescribed in Point c, d, dd
Clause 2 Article 11 of this Decree;
Point a Clause 2 Article 12 of Decree No.
39/2014/ND-CP
131.
Having profitable business operation for at least
two consecutive years preceding the year of requesting the operation
addition;
Point b Clause 2 Article 12 of Decree No.
39/2014/ND-CP
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132.
Having a minimum operation duration and a credit
card issuance operation plan prescribed by the State Bank.
Point c Clause 2 Article 12 of Decree No.
39/2014/ND-CP
repeal this condition
Repeal Point c Clause 2, Article 12 of Decree No.
39/2014/ND-CP
II.11
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133.
The conditions prescribed in Clauses 1, 2, 4
Article 5 of Decree No. 39/2014/ND-CP
Point a Clause 1 Article 13 of Decree No.
39/2014/ND-CP
Simplify this conditions as follows: The
conditions prescribed in Clauses 2, 4 Article 5 of Decree No. 39/2014/ND-CP;
Amend Point a, Clause 1, Article 13 of Decree No.
39/2014/ND-CP
134.
They have internal regulations on process,
procedures and principles of client identification to strictly supervise and
prevent the abuse of financial companies for money laundering, terrorism
financing and other criminal activities.
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repeal this condition
Repeal Point b Clause 1, Article 13 of Decree No.
39/2014/ND-CP
II.12
Financial companies established and
operating before the effective date of this Decree may add the operation of
financial leasing if meeting all the conditions prescribed in Clause 1
Article 13 of Decree No. 39/2014/ND-CP dated May 7, 2014 and the following
conditions (117-118)
135.
The conditions prescribed at Points a and b,
Clause 2, Article 12 of Decree No. 39/2014/ND-CP;
Point a Clause 2 Article 13 of Decree No.
39/2014/ND-CP
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136.
Having a minimum operation duration and a
financial leasing plan prescribed by the State Bank.
Point b Clause 2 Article 13 of Decree No.
39/2014/ND-CP
repeal this condition
Repeal Point b Clause 2, Article 13 of Decree No.
39/2014/ND-CP dated May 7, 2014
III
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III.1
Issuance of establishment licenses to
cooperatives banks (137-159)
137.
Having charter capital at least equal to legal
capital as prescribed by the Government at the time when the cooperative bank
is applied for establishment.
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138.
Regarding people's credit funds and other credit
institutions: Do not fall under entities subject to special control as
prescribed in Clause 3 Article 146 of the Law on credit institutions at the
time when it is applied for being a member.
Clause 1 Article 34 of Circular No.
31/2012/TT-NHNN
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Regarding other legal entities: They have gained
profits in the year preceding the year when they apply for being members.
Clause 2 Article 34 of Circular No.
31/2012/TT-NHNN
140.
Entities prescribed in Clause 1, Clause 2 Article
34 of Circular No. 31/2012/TT-NHNN must contribute full capital as prescribed
in Article 31 of Circular No. 31/2012/TT-NHNN, and submit a request and
appoint a legal representative to participate.
Clause 3 Article 34 of Circular No.
31/2012/TT-NHNN
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President of the Board of Directors must meet
the following standards:
141.
He/she has worked in the banking sector for at
least 05 years;
Point a Clause 1 Article 23 of Circular No.
31/2012/TT-NHNN
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142.
He has held management or administration position
in a banking-related organization for at least 02 years;
Point b Clause 1 Article 23 of Circular No.
31/2012/TT-NHNN
143.
He/she has obtained a bachelor's degree or higher
in economics, finance, accounting, banking or law.
Point c Clause 1 Article 23 of Circular No.
31/2012/TT-NHNN
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A members of Board of Directors must meet the
following standards:
144.
He/she has worked in the banking sector for at
least 02 years;
Point a Clause 2 Article 23 of Circular No.
31/2012/TT-NHNN
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145.
He/she has held management or administration
position in a banking-related organization for at least 01 years;
Point b Clause 2 Article 23 of Circular No.
31/2012/TT-NHNN
146.
He/she has obtained a bachelor's degree or higher
in economics, finance, accounting, banking or law,
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147.
The President and members of Board of Directors
may not hold positions prescribed in Article 33 and Article 34 of the Law on
credit institutions
Clause 3 Article 23 of Circular No.
31/2012/TT-NHNN
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Standards for a member of Control Board
148.
He/she has worked in accounting, audit, finance,
banking sector for at least 03 years;
Point a Clause 1 Article 23 of Circular No.
31/2012/TT-NHNN
149.
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Point b Clause 1 Article 23 of Circular No.
31/2012/TT-NHNN
150.
Full-time members of Control Board must reside in
Vietnam during their incumbent time and may not currently hold other
positions at other credit institutions or enterprises.
Clause 2 Article 23 of Circular No.
31/2012/TT-NHNN
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151.
Members of Control Board may not hold positions
prescribed in Article 33 and Article 34 of the Law on credit institutions.
Clause 3 Article 23 of Circular No.
31/2012/TT-NHNN
Standards for General
Director
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He/she has worked in the banking sector for at
least 05 years;
Clause 1 Article 25 of Circular No.
31/2012/TT-NHNN
repeal this condition
Repeal Clause 1 Article 25 of Circular No.
31/2012/TT-NHNN
153.
He/she has held management or administration
position in a banking-related organization for at least 03 years;
Clause 2 Article 25 of Circular No.
31/2012/TT-NHNN
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154.
He/she has obtained a bachelor's degree or higher
in economics, finance, accounting, banking, business administration or law.
Clause 3 Article 25 of Circular No.
31/2012/TT-NHNN
155.
He/she has resided in Vietnam during incumbent
time.
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156.
He/she may not hold positions prescribed in
Article 33 and Article 34 of the Law on credit institutions.
Clause 5 Article 25 of Circular No.
31/2012/TT-NHNN
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Having a charter in accordance with the Law on
credit institutions, the Law on Cooperatives and other regulations of
relevant law provisions.
Clause 4 Article 8 of Circular No.
31/2012/TT-NHNN
158.
Having an establishment scheme and a feasibility
business plan for the first 03 years of operation.
Clause 5 Article 8 of Circular No.
31/2012/TT-NHNN
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159.
Having a headquarters, facilities and IT system
fit for operation of the cooperatives bank.
Clause 6 Article 8 of Circular No.
31/2012/TT-NHNN
repeal this condition
Repeal Clause 6 Article 8 of Circular No.
31/2012/TT-NHNN
III.2
Conditions for issuing establishment and
operation licenses to people's credit funds (160-195)
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160.
Have a minimum charter capital which is equal to
the statutory capital prescribed by the Government on the date of submission
of application.
Clause 1 Article 10 of Circular No.
04/2015/TT-NHNN
161.
Have at least 30 members that satisfy the
requirements in Article 31 hereof and have sufficient financial resources in
order to contribute capital to establish the people’s credit fund.
Clause 2 Article 10 of Circular No.
04/2015/TT-NHNN
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Conditions for becoming a member as individual
162.
Vietnamese citizens aged 18 or older who are
capable of civil acts and have permanent residence registered in the area of
operation of the people's credit fund;
Point a Clause 1, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN dated September 1,
2017)
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163.
Officials working at organizations and agencies
which are headquartered in the geographic scope of the people’s credit fund. Members
of the people's credit fund who are officials are not allowed to hold the positions
of President and members of the board of directors; Head and members of the
Control Board; Director, Deputy Director; Chief accountant and other
professional titles, except for cases prescribed at Point e, Clause 2,
Article 20 hereof;
Point b Clause 1, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
164.
He/she is not the subject specified below:
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- Officials working in branches and lines of
business related to state secrets in accordance with law provisions;
- Officers, non-commissioned officers,
professional army men in the people’s armed force units;
Point c Clause 1, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
165.
Other conditions as prescribed in the Charter of
the people’s credit fund.
Point d Clause 1, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
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Repeal Point d Clause 1, Article 31 of Circular
No. 04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
166.
Conditions for becoming a member as household:
+ Household with permanent residence in the area
of operation of the people’s credit fund; household members shall have the
same property to serve production and business services of such household;
+ The representative of the household must be
authorized in written by the members of the household in accordance with the
provisions of law and must comply with the regulations specified in Clause 1
this Article.
Clause 2, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
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167.
Conditions for becoming a member as juridical
person
+ Juridical person (except for Social Fund and
Charity Fund) which is operating normally and is headquartered in the area of
operation of the people's credit fund;
+ The person signing the application for capital
contribution to the people's credit fund must be the legal representative of
the juridical person. The legal representative of a juridical person may
authorize another individual to act as a representative at the people's
credit fund in accordance with relevant laws.
Clause 3, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
168.
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Clause 4, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
169.
Each entity may be a member of 01 people’s credit
fund.
Clause 5, Article 31 of Circular No.
04/2015/TT-NHNN (amended by Circular No. 06/2017/TT-NHNN)
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Conditions and standards of members of the
Board of directors
170.
Is an individual member or a representative of
the contributed capital of juridical persons
Point a Clause 1 Article 20 of Circular No.
04/2015/TT-NHNN
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Not belong to any cases specified in Article 33,
34 of the Law on credit institutions. Members of the Board of directors must
not concurrently hold the positions of the chief accountant and treasurer of
the people’s credit fund;
Point b Clause 1 Article 20 of Circular No. 04/2015/TT-NHNN
172.
Have at least 02 years of experience in the field
of economics, accounting, audit, banking and law or have a diploma (or
certificate) proving that he/she has been professionally trained in the field
of people's credit fund;
Point c Clause 1 Article 20 of Circular No.
04/2015/TT-NHNN
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173.
Comply with the provisions of law; not be
penalized for administrative violations against regulations on the field of
economics, accounting, audit and banking for 24 months preceding the time of
election.
Point d Clause 1 Article 20 of Circular No.
04/2015/TT-NHNN
The president of the Board of directors must
meet the following requirements:
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174.
Is an individual member of the people’s credit
fund except for cases prescribed in Point e Clause 2 Article 20 of Circular
No. 04/2015/TT-NHNN
Point a Clause 2 Article 20 of Circular No.
04/2015/TT-NHNN
175.
Meet the requirements prescribed in Point b, d
Clause 1 Article 20 of Circular No. 04/2015/TT-NHNN;
Point b Clause 2 Article 20 of Circular No.
04/2015/TT-NHNN
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176.
Have at least 02 years of experience in the field
of economics, finance, accounting, audit, banking and law;
Point c Clause 2 Article 20 of Circular No.
04/2015/TT-NHNN
177.
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Point d Clause 2 Article 20 of Circular No.
04/2015/TT-NHNN
178.
Meet one of the following conditions: (i) Have at
least a bachelor’s degree in economics, finance, accounting, audit, banking
or law; (ii) Have at least a post-secondary diploma in one of the fields of
economics, accounting, audit, banking, business administration and law or
have a diploma (or certificate) proving that he/she has been professionally
trained in the field of people