Thông tư 24/2011/TT-NHNN

Circular No. 24/2011/TT-NHNN of August 31, 2011, on implementing the scheme of administrative procedure simplification in banking establishment and operation under the resolutions of the government on the simplification of administrative procedures within the jurisdiction of the State Bank of Vietnam

Circular No. 24/2011/TT-NHNN on implementing the scheme of administrative proced đã được thay thế bởi Circular 51/2018/TT-NHNN approving the contribution of capital of shares of credit institutions và được áp dụng kể từ ngày 01/03/2019.

Nội dung toàn văn Circular No. 24/2011/TT-NHNN on implementing the scheme of administrative proced


STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No: 24/2011/TT-NHNN

Hanoi, August 31, 2011

 

CIRCULAR

ON IMPLEMENTING THE SCHEME OF ADMINISTRATIVE PROCEDURE SIMPLIFICATION IN BANKING ESTABLISHMENT AND OPERATION UNDER THE RESOLUTIONS OF THE GOVERNMENT ON THE SIMPLIFICATION OF ADMINISTRATIVE PROCEDURES WITHIN THE JURISDICTION OF THE STATE BANK OF VIETNAM

- Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

- Pursuant to the Decree No. 96/2008/ND-CP dated 26 August 2008 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;

- Pursuant to the Resolution No. 60/NQ-CP dated 17 December 2010 of the Government on the simplification of administrative procedures within the jurisdiction of the State Bank of Vietnam,

- Pursuant to the Resolution No. 25/NQ-CP dated 02 June 2010 of the Government on the simplification of 258 administrative procedures within the jurisdiction of Ministries, industries;

The State Bank of Vietnam (hereinafter shortly referred to as the State Bank) hereby announces to amend, supplement, replace or abolish some provisions at legal documents issued by the State Bank for the implementation of the scheme of administrative procedure simplification in banking establishment and operation as follows:

Article 1. To amend, supplement several articles of the Circular No. 09/2010/TT-NHNN dated 26 March 2010 of the State Bank providing for the issuance of establishment and operation license of commercial banks for implementing the scheme of simplification as mentioned in Paragraph 23 and Paragraph 24 Section III Part A of the Resolution No. 60/NQ-CP as follows:

1. To amend, supplement the Paragraph 1 Article 15 as follows:

"1. To prepare the application file in accordance with provisions in Article 6 of the Circular No. 09/2010/TT-NHNN into 08 sets (in which, there are 02 original ones) and send via post service or directly to the head office of the State Bank (Banking Inspection and Supervision Department) for approval to the bank establishment in principle; 01 set shall be sent via post service or directly to the head office of the People's Committee of the province, city (where the bank's head office is expected to locate) for approval to the location of the head office in the same local area".

2. To amend, supplement point b Paragraph 2 Article 15:

"b. To prepare the application file in accordance with provisions in Article 7 of the Circular No. 09/2010/TT-NHNN into 02 original sets and send via post service or directly to the head office of the State Bank (Banking Inspection and Supervision Department);"

3. To adjust "the maximum period of 90 days" as provided for in point d Paragraph 2 Article 15 into "the maximum period of 60 days".

4. To amend, supplement Paragraph 3 Article 18:

"3. To act as the head in receiving and appraising the Application file for issuance of License:

a. Within a period of 02 working days since the receipt of the application file, the

Banking Inspection and Supervision Department shall provide a written confirmation on the list of documents.

b. For the application file for approval in principle to the bank establishment:

- Within a maximum period of 60 days since the receipt of the application file for approval in principle, the Banking Inspection and Supervision Department shall send the Preparatory Board with a written confirmation stating that it has fully received the valid application file. In case where the application file is insufficient in accordance with applicable provisions, the State Bank shall send a dispatch to the Preparatory Board for requesting the supplement to and completion of the file.

- Within a maximum period of 90 days since the full receipt of the application file as provided for in Article 6 of this Circular, the Banking Inspection and Supervision shall be responsible for:

+ Issuing a written request for appraisement enclosing with the application file and sending to members of the Appraisement Board for consideration. The application for appraisement shall state clearly the appraisement result and proposed opinion on the issuance of the License;

+ Issuing a written request on convening the Preparatory Board to present the issues relating to the bank establishment in accordance with provisions in Paragraph 6 Article 15 of this Circular;

+ Appraising the application file, summarizing the opinion of members of the Appraisement Board and preparing a statement, asking the Chairman of the Appraisement Board to convene a meeting of members of the Appraisement Board for reviewing the application file for approval in principle to the bank establishment;

+ Submitting to the Chairman of the Appraisement Board, on the basis of the Minutes of the Appraisement Board's meeting, for submission to the Governor of the State Bank:

(i) To issue a document on approval in principle to the bank establishment if conditions provided for in this Circular are fully satisfied; or

(ii) To issue a document on not approval in principle yet to the bank establishment and ask the Preparatory Board to complete the application file or explain the related matters that are unclear in the application file; or

(iii) To issue a document on disapproval in principle to the bank establishment if the application file fails to fully satisfy conditions as provided for in the Circular No.09/2010/TT-NHNN.

c. For the application file for issuance of License:

Within a maximum period of 30 days since the receipt of the full application file in accordance with applicable provisions, the Banking Inspection and Supervision Department shall be responsible for appraising the application file and submitting to the Chairman of the Appraisement Board for submission to the Governor of the State Bank for:

- Signing the Decision on issuance of License, confirming the registration of Charter on organization and operation; or

- Issuing a document on not approval in principle yet to the issuance of License and ask the Preparatory Board to complete the application file or explain the related matters that are unclear in the application file; or

- Issuing a document on disapproval in principle to the issuance of License in case of conditions provided for in this Circular are not fully satisfied.".

Article 2. To amend, supplement several articles of the Regulation on the establishment and operation of overseas national currency exchange companies under the direct control of State-owned and people's joint stock commercial banks issued in conjunction with the Decision No. 951/2003/QD-NHNN dated 18 August 2003 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in Paragraph 27 Section III Part A of the Resolution No.60/NQ-CP as follows:

1. To abolish Paragraph 5, Paragraph 6 and Paragraph 8 in Article 4.

2. To amend, supplement Paragraph 1 Article 5:

"1. A joint stock commercial bank which establishes an underlying overseas national currency exchange company shall prepare 01 application file in accordance with provisions in Article 4 of this Regulation and send directly or via post service to the State Bank (Banking Inspection and Supervision Department).".

3. To abolish Paragraph 2 Article 5 and point a Paragraph 1 Article 13.

Article 3. To amend, supplement and abolish several articles in the provisional Regulation on joint stock commercial banks registering for listing and issuing stocks for public offer issued in conjunction with the Decision No. 787/2004/QD-NHNN dated 24 June 2004 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in Paragraphs 34, 35 Section III Part A of the Resolution No. 60/NQ-CP as follows:

1. To amend, supplement Article 5 for implementing the scheme of simplification as mentioned in Paragraph 34 of the Resolution No. 60/NQ-CP:

"Article 5.

1. The joint stock commercial bank shall prepare 01 application file as prescribed in Article 4 of this Regulation and send via post service or directly to the State Bank (Banking Inspection and Supervision Department) for consideration and settlement.

2. Within a period of 20 working days since the full receipt of the application file as prescribed, the State Bank shall review and provide written approval or disapproval to the registration for listing of stocks in the securities market by the joint stock commercial bank."

2. To abolish Article 12.

3. To amend, supplement Article 13: "Article 13.

The Banking Inspection and Supervision Department shall be responsible for receiving the application files, reviewing and submitting to the Governor of the State Bank for approval or disapproval to the registration for listing stocks at the State Securities Commission by the joint stock commercial bank.".

4. To amend, supplement Paragraph 1 Article 15: "Article 15.

1. In the implementation, if there is any difficulty, units shall reflect in writing to the State Bank (Banking Inspection and Supervision Department) for timely collection and submission to the Governor of the State Bank for decision.".

5. To abolish provisions in Section 2 of the provisional Regulation on joint stock commercial banks registering for listing and issuing stocks for public offer issued in conjunction with the Decision No. 787/2004/QD-NHNN dated 24 June 2004 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in Paragraph 35 Section III Part A of the Resolution No. 60/NQ-CP.

Article 4. To amend, supplement and abolish several articles in the Circular No.03/2007/TT-NHNN dated 05 June 2007 of the Governor of the State Bank Guiding the implementation of several articles of the Decree No. 22/2006/ND-CP dated 28 February 2006 of the Government on the organization and operation of foreign bank's branches for implementing the scheme of simplification as mentioned in Paragraphs 37, 38, 39, 40, 41, 42, 43, 44, 45 section III Part A of the Resolution No.60/NQ-CP and Paragraphs 3, 4, 5, 9, 10, 11 Section A Part XVI of the Resolution No. 25/NQ-CP as follows:

1. To amend, supplement points 7.1, 7.2 for implementing the scheme of simplification as mentioned in Paragraphs 37, 39 Section III Part A of the Resolution No. 60/NQ-CP and Paragraph 10 Section A, Part XVI of the Resolution No. 25/NQ-CP:

"7.1. The application file for issuance of License shall be made into one original including two (02) sets, one in Vietnamese and one in English, in which:

a. Documents in English must be legalized, including:

- Documents mentioned in items a, b, d, m, n point 6.1 of this Circular;

- Documents mentioned in items a, b, c, d, g, p, q point 6.2 of this Circular;

- Documents mentioned in items a, g, h point 6.3 of this Circular.

b. Vietnamese copies and the translations from English into Vietnamese must be certified by a competent State agency; particularly, for the translations of annual financial statements, it is acceptable for them to be certified by agencies, organizations which have translation competence and function. It is not required to translate Vietnamese documents, which are the original (or duplicated from the Vietnamese original) and prepared in Vietnam, into English.

7.2. Entire of the above original file shall be made in two (02) extra copies and sent, directly or via post service, to the State Bank (Banking Inspection and Supervision Department). Within a period of 20 working days since the receipt of the file, the State Bank (Banking Inspection and Supervision Department) shall provide a written confirmation of the full receipt of file or give a notice of the file condition and request to supplement information, file (in case of insufficiency and invalidity). Within a period of 10 working days after the receipt of additional information, file, the State Bank (Banking Inspection and Supervision Department) shall provide a written confirmation about the full receipt of file or keep giving a notice of the file state in accordance with hereinabove principles.".

2. To amend, supplement point a Paragraph 9 for implementing the scheme of simplification as mentioned in Paragraph 5 Section A Part XVI of the Resolution No.25/NQ-CP:

"a. An application for extension of the operation period (Appendix 01a.DGH, 01b.DGH enclosed with this Circular).".

3. To abolish point g in Paragraph 9 for implementing the scheme of simplification as mentioned in Paragraph 38 Section III Part A of the Resolution No. 60/NQ-CP.

4. To amend, supplement Paragraph 18 for implementing the scheme of simplification as mentioned in Paragraph 39 Section III Part A of the Resolution No. 60/NQ-CP:

"18. Transformation file

18.1. Transforming a joint venture bank to a 100% foreign owned bank

File for transformation of a joint venture bank into a 100% foreign owned bank shall include documents as stated in items a, b, c, d, e, g, h, o, p in Paragraph 6.2 Section III Part I of the Circular No. 03/2007/TT-NHNN Besides, the joint venture bank that has a demand for transformation must submit:

a. An application for the transformation of the joint venture bank into the 100% foreign owned bank signed by Chairman of the Board of Directors of the joint venture bank;

b. Minutes (or Resolution) of the meeting of the Board of Directors of the joint venture bank agreeing to the transformation from the joint venture bank into the operation model of a 100% foreign owned bank;

c. Contract (or commitment) of the capital transfer of the Vietnamese party in the joint venture to the foreign assignee.

The capital assignment must ensure that a foreign bank shall hold more than 50% of 100% foreign owned bank’s charter capital.

18.2. Transforming a 100% foreign owned bank to a joint venture bank

File for transformation of a 100% foreign owned bank to a joint venture bank shall include documents as stated in items a, b, c, d, e, g, h, o, p Paragraph 6.2 Section III Part I of the Circular No. 03/2007/TT-NHNN Besides, the 100% foreign owned bank that has a demand for transformation must submit:

a. An application for the transformation of the 100% foreign owned bank into a joint venture bank signed by Chairman of the Board of Directors of the 100% foreign owned bank;

b. Minutes (or Resolution) of the meeting of the Board of Directors of the 100% foreign owned bank consenting to the transformation from the 100% foreign owned bank into the operation model of a joint venture bank;

c. Contract (or commitment) of the capital assignment to the Vietnamese party in the joint venture;

The capital assignment must ensure the ratio as provided for in Article 46 of the Decree (the capital contribution level of the foreign party shall not exceed 50%, at the maximum, of the charter capital of the joint venture bank).

5. To amend, supplement item a point 23.1 for implementing the scheme of simplification as mentioned in Paragraph 11 Section A Part XVI of the Resolution No. 25/NQ-CP:

"a. Application for the change of name, which is supported by the signature of the Chairman of Board of Directors of the joint venture bank, 100% foreign owned bank, or the competent person of the foreign bank (in respect of a foreign bank's branch) (Appendix 02a.DGH, 02b.DGH enclosed herewith)".

6. To abolish item c in point 23.1 for implementing the scheme of simplification as mentioned in Paragraph 11 Section A Part XVI of the Resolution No. 25/NQ-CP.

7. To amend, supplement item c in point 23.2 for implementing the scheme of simplification as mentioned in Paragraph 3 Section A Part XVI of the Resolution No.25/NQ-CP:

"c. In the event where the 100% foreign owned bank, joint venture bank increases its capital due to the changes in capital contribution members, it shall be required to supplement the file in accordance with provisions in point 57.3 of the Circular No.03/2007/TT-NHNN".

8. To abolish item d point 23.2 for implementing the scheme of simplification as mentioned in Paragraph 3 Section A Part XVI of the Resolution No. 25/NQ-CP.

9. To amend, supplement point a Paragraph 24 for implementing the scheme of simplification as mentioned in Paragraph 11 Section A Part XVI of the Resolution No.25/NQ-CP:

“a. Application files for changes as mentioned above shall be made in 01 set and sent via post service or directly to the State Bank (Banking Inspection and Supervision Department). Within a period of 30 working days since the full receipt of the valid application file, the State Bank shall provide a written approval or disapproval to the application for changes as above said. In case of disapproval, the State Bank shall provide support reasons.”.

10. To abolish item d point 57.2 for implementing the scheme of simplification as mentioned in Paragraph 41 Section III Part A of the Resolution No. 60/NQ-CP.

11. To amend, supplement point 57.3 for implementing the scheme of simplification as mentioned in Paragraph 42 Section III Part A of the Resolution No. 60/NQ-CP:

“57.3. The application file for transfer to a new partner other than the 100% foreign owned bank or the joint venture bank:

In this case, the new partner shall be required to submit an application for receiving the transfer of contributed capital in the 100% foreign owned bank, the joint venture bank and submit one (01) set of application file via post service or directly to the State Bank (Banking Inspection and Supervision Department), enclosing with documentations its ability to fully satisfy the conditions for establishment and operation of a 100% foreign owned bank, joint venture bank as prescribed in point 5.3 Section III Part I of this Circular and as required by the State Bank.

Additionally, the 100% foreign owned bank, joint venture bank shall submit the State Bank (Banking Inspection and Supervision Department) with following documents:

a. An application for the transfer of contributed capital, which is signed by the Chairman of the Board of Directors. This application shall specify:

- Reason of the transfer;

- Report on the appraisal of legal status, financial condition of the new partner, ability to satisfy the prescribed conditions for participating in the 100% foreign owned bank, joint venture bank of the new partner

- Other proposals (if any) concerning the amendment of, supplement to the Charter, name, location of head office, adjustment of contents in the establishment and operation Licence of the 100% foreign owned bank, the joint venture bank, joint venture contract; change in members of the Board of Directors, Controllers Committee, General Director (Director) of the 100% foreign owned bank, the joint venture bank; and other contents that need amending, supplementing relating to this capital transfer.

b. Resolution of the Board of Directors of the 100% foreign owned bank, joint venture bank on agreeing to the capital transfer.

c. A contract (commitment, agreement) on the capital transfer between the transferor and the transferee;

12. To amend, supplement points a, b in Paragraph 58 for implementing the scheme of simplification as mentioned in Paragraphs 41, 42, 43 Section III Part A of the Resolution No. 60/NQ-CP:

"a. Related documents in the file of capital transfer which are prepared in foreign country (if any) must be made in English and legalized (except for cases provided for in point 7.1 section III part I of this Circular). Vietnamese copies and translations from English into Vietnamese shall be certified.

b. The joint venture bank, 100% foreign owned bank shall prepare 01 set of file and send directly or via post service to the State Bank (Banking Inspection and Supervision Department). Within a period of 30 working days since the full receipt of the valid file, and 90 days for the case of assigning capital to the new partner outside the 100% foreign owned bank, joint venture bank, the State Bank shall provide a written approval or disapproval to the application for the capital transfer and accompanied changes. In case of disapproval, the State Bank shall clearly state the reason thereof in writing.".

13. To amend, supplement item a point 69.1 and item a point 69.2 for implementing the scheme of simplification as mentioned in Paragraph 44 Section III Part A of the Resolution No. 60/NQ-CP:

a. To amend, supplement item a point 69.1: "a. The authorized representative of the foreign credit institution shall send, directly or via post service, an application for the change of the representative office’s name to the State Bank (Banking Inspection and Supervision Department), which states clearly the reason for the change of name (due to the integration, merger, splitting, acquisition of the foreign credit institution…), enclosing with a written approval or acceptance to the change of name by the competent authority of the home country authorizing the foreign credit institution to change its name.".

b. To amend, supplement item a point 69.2: "a. The authorized representative of the foreign credit institution shall send the State Bank (Banking Inspection and Supervision Department), directly or via post service, an application for the change of the representative office’s location, which states clearly the reason for the change of location (01 original copy).".

14. To supplement point c to Paragraph 71 for implementing the scheme of simplification as mentioned in Paragraph 45 Section III Part A of the Resolution No. 60/NQ-CP Paragraph 9 Section A Part XVI of the Resolution No. 25/NQ-CP:

"c. Where the representative office has completed the obligations, procedures as prescribed above, it shall submit, directly or via post service, 01 set of certified copies of related documents proving the completion of obligations, procedures to the State Bank (Banking Inspection and Supervision Department). Within a period of five (05) working days since the date where the representative office fully submit the required documents, the State Bank shall make decision on closure and revocation of the representative office's License.".

15. To amend, supplement point a Paragraph 72 for implementing the scheme of simplification as mentioned in Paragraph 45 Section III Part A of the Resolution No.60/NQ-CP:

"a. In this case, within 60 days at the minimum prior to the expected date of terminating operation of the representative office, the foreign credit institution shall send, directly or via post service, an application to the State Bank (Banking Inspection and Supervision Department).".

16. To supplement the Circular No. 03/2007/TT-NHNN with Appendixes No. 01a.DGH, 01b.DGH, 02a.DGH and 02b.DGH enclosed with this Circular.

Article 5. To amend, supplement and abolish several articles of the Regulation on issuance of establishment and operation license of joint stock non-banking credit institutions issued in conjunction with the Decision No. 40/2007/QD-NHNN dated 02 November 2007 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in Paragraphs 46, 47 Section III Part A of the Resolution No. 60/NQ-CP as follows:

1. To abolish Paragraph 10 Article 14.

2. To amend, supplement Paragraphs 1, 2 Article 22:

"To prepare 01 set of application file (original file) in accordance with provisions in Article 13 of this Regulation and send, directly or via post service, to the State Bank (Banking Inspection and Supervision) for approval in principle;

1. Upon the availability of the written approval in principle of the State Bank, the Preparatory Board shall be responsible for:

a. Convening the first General Shareholders' Meeting for adopting contents in line with provisions in Paragraph 2 Article 4 of this Regulation;

b. Preparing sets of documents as prescribed in Article 14 of this Regulation and submitting 02 sets (original ones) directly or via post service to the State Bank (Banking Inspection and Supervision Department).".

3. To replace the form of Application for Establishment and Operation License of a joint stock non-banking credit institution at the Appendix No. 01 issued in conjunction with the Decision No. 40/2007/QD-NHNN with the Appendix No. 03.DGH enclosed with this Circular.

Article 6. To amend, supplement and abolish several paragraphs at the Circular No.06/2002/TT-NHNN dated 23 December 2002 on guiding the implementation of the Decree No. 79/2002/ND-CP dated 04 October 2002 of the Government on the organization and operation of finance companies for implementing the scheme of simplification as mentioned in Paragraph 48 Section III Part A of the Resolution No.60/NQ-CP as follows:

1. To amend, supplement point 4.1:

"4.1. Charter capital of a Finance company shall be contributed in Vietnamese dong or freely convertible foreign currency, providing that it must be converted to Vietnamese dong at the average exchange rate in the inter-bank market at the time of capital contribution".

2. To amend, supplement points 7.2, 7.3, 7.7:

a. To amend, supplement points 7.2, 7.3:

7.2. The charter capital shall be at least equal to legal capital in accordance with provisions of applicable laws;

7.3. Founding members shall be organizations, individuals that have financial prestige and capacity, specifically as follows:

a. For organizations:

- For Vietnamese enterprises that are not credit institutions:

+ Their owner's capital shall be VND 500 billion, at the minimum, in the year consecutively preceding the year of applying for establishment of the limited liability finance company with two members and more. In the event where an economic group applies for establishment of a limited liability finance company with one member, its owner's capital shall be equal to VND 1000 billion at the minimum and there is a commitment that it will provide financial support to the finance company in case where the finance company encounters difficulty in capital or solvency;

+ Their business in the year consecutively preceding the year of applying for establishment of the finance company is profitable;

+ The contributed capital for establishment shall satisfy following requirement: owner's capital, after excluding the difference between long term investments and long term loans, must be equal, at the minimum, to the committed contributed capital (method of determination shall be implemented as provided for in the Appendix No. 04.DGH enclosed with this Circular).

- For Vietnamese credit institutions, following requirements must be ensured:

+ To maintain the prudential ratios in activities in conformity with provisions of applicable laws after contributing capital to the finance company;

+ Total Assets to be equal to VND 50,000 billion at the minimum, the ratio of bad debts over the total outstanding loans is less than 3% at the time of applying for contributing capital for the establishment of the finance company;

+ Not to violate provisions on prudence in activities in conformity with regulations of the State Bank within a period of 06 consecutive months before the time of applying for the establishment of the finance company;

+ The business is performed on a healthy and safe basis and profitable in the year consecutively preceding the year of applying for the establishment of the finance company.

- For foreign credit institutions participating in the establishment of a joint venture finance company or 100% foreign owned finance company:

+ Total Assets to be equal to USD 10 billion at the end of the year before the time of applying, except otherwise as provided for in the bilateral investment Agreement between Vietnam and the home country;

+ The business is performed on a healthy and safe basis and profitable in the year consecutively preceding the year of applying for the establishment of the finance company;

+ In case where the foreign credit institution is a bank, besides conditions as prescribed above, it must be a prestigious bank and be ranked as medium and stable or higher by an international rating institution; and its ratio of bad debt is less than 3%.

b. For individuals:

- To have Vietnamese nationality and not be a prohibited subject in accordance with provisions in Paragraph 2 Article 13 of the Law on Enterprises 2005;

- To have a fair financial capacity for contributing capital to the establishment of the finance company;

- Not to be a person who is being prosecuted for criminal liability or is bearing a conviction;

- To have a university qualification or higher with speciality in economics or law;

- To commit to provide financial support to the finance company in case where the finance company encounters difficulty in capital or solvency.”.

b. To amend, supplement point 7.7:

“7.7. Other conditions in accordance with provisions of the Law on Credit Institutions.”.

3. To abolish point 8.7.

4. To amend, supplement point 12.3:

“12.3. Organizations, individuals applying for the issuance of License shall be required to submit two (02) sets of original application files as provided for in points 12.1 and 12.2, via post service or directly, to the State Bank (the Banking Inspection and Supervision Department).”.

Article 7. To amend, supplement points 10.2, 10.3 of the Circular No. 06/2005/TT-NHNN dated 12 October 2005 of the State Bank on guiding the implementation of several contents of the Decree No. 16/2001/ND-CP dated 02 May 2001 of the Government on the organization and operation of finance companies and the Decree No. 65/2005/ND-CP dated 19 May 2005 of the Government on the amendment of, supplement to several articles of the Decree No. 16/2001/ND-CP for implementing the scheme of simplification as mentioned in Paragraph 48 Section III Part A of the Resolution No. 60/NQ-CP as follows:

“10.2. For a finance company that is an underlying company of a credit institution: The application file for issuance of License shall be made in two (02) sets and sent directly or via post service to the State Bank (the Banking Inspection and Supervision Department).

10.3. For a joint venture finance company and 100% foreign owned finance company: The application file for issuance of License shall be made in two (02) sets (one set in Vietnamese and one set in English) and sent directly or via post service to the State Bank (the Banking Inspection and Supervision Department).”.

Article 8. To amend, supplement and abolish several articles of the Regulation on factoring activity of credit institutions issued in conjunction with the Decision No.1096/2004/QD-NHNN dated 06 September 2004 of the Governor of the State Bank and the Decision No. 30/2008/QD-NHNN dated 16 October 2008 of the Governor of the State Bank on the amendment, supplement of several articles of the Regulation on factoring activity of credit institutions issued in conjunction with the Decision No. 1096/2004/QD-NHNN for implementing the scheme of simplification as mentioned in Paragraph 57 of the Resolution No. 60/NQ-CP and Paragraph 14 Section A Part XVI of the Resolution No. 25/NQ-CP as follows:

1. To amend, supplement Paragraph 1 Article 4 of the Regulation on factoring activity of credit institutions issued in conjunction with the Decision No. 1096/2004/QD-NHNN:

“1. Factoring units: shall be credit institutions as prescribed in point 2.1 Paragraph 2 Article 1 of this Regulation.”.

2. To abolish Article 5, Article 8 and Article 9 of the Regulation on factoring activity of credit institutions issued in conjunction with the Decision No. 1096/2004/QD-NHNN and Paragraphs 4 and 5 Article 1 of the Decision No. 30/2008/QD-NHNN.

Article 9. To amend, supplement and abolish several paragraphs in the Circular No.02/2008/TT-NHNN dated 02 April 2008 of the State Bank on guiding the implementation of the Decree No. 28/2005/ND-CP dated 09 March 2005 of the Government on the organization and operation of small and medium financial institutions in Vietnam and the Decree No. 165/2007/ND-CP dated 15 November 2007 of the Government on the amendment, supplement and abolishment of several articles of the Decree No. 28/2005/ND-CP for implementing the scheme of simplification as mentioned in paragraphs 62, 63 Section III Part A of the Resolution No. 60/NQ-CP as follows:

1. To abolish point 10.4 for implementing the scheme of simplification as mentioned in Paragraph 62 Section III Part A of the Resolution No. 60/NQ-CP.

2. To supplement point 11.4 for implementing the scheme of simplification as mentioned in Paragraph 62 Section III Part A of the Resolution No. 60/NQ-CP:

“11.4. The small sized financial institution applying for the issuance of License shall submit its application file in line with provisions in points 11.1 and 11.2 via post service or directly to the State Bank (the Banking Inspection and Supervision Department).

3. To amend, supplement Paragraph 16 for implementing the scheme of simplification as mentioned in Paragraph 63 Section III Part A of the Resolution No. 60/NQ-CP:

“16. Extension of the License

16.1. At least 60 (sixty) days before the expiry of the License, the small sized financial institution shall submit one (01) set of original application file for extension of the License, via post service or directly, to the State Bank (the Banking Inspection and Supervision Department). This application file for extension shall include:

a. An application for extension to be sent to the Governor of the State Bank, which is signed by the Chairman of the Board of Directors;

b. A written consent of the Conference of Members (Owners) to the extension of the License;

c. A Resolution of the Board of Directors on the extension of the License;

d. A report on the operation condition in the latest 3 years signed by the Chairman of the Board of Directors, which states clearly the operation result, the implementation of targets of operational prudence in conformity with provisions of the State Bank, operation network, main type of customers, number of member customers, assessment on the social impact brought about by the institution, a summary of the achieved and under- achieved goals as against the plan and the expected strategy of operation in the coming time;

dd. An expected operation plan in the first 3 years after the extension of the License, clearly stating the matters as provided for in Paragraph 10 point 10.3 of this Circular/

16.2. The State Bank shall be entitled to ask the applying institution to explain and/or supplement documents for the purpose of clarifying contents in the application file for extension as stated in point 16.1 of this paragraph.

16.3. Within a period of 30 (thirty) days since the full receipt of the application file for extension as stipulated in point 16.1 of this paragraph, the State Bank shall consider and decide to approve or refuse the extension of License for the small sized financial institution. In case of refusal, the State Bank shall a document explaining the reason of thereof.

16.4. The extension of operation period shall be reviewed by the State Bank on a case-by- case basis. The extended period shall be equal to the period provided for in the previous License at the maximum.

16.5. Within a period of 15 (fifteen) working days since the extension date of the License, the small sized financial institution shall publish the contents as prescribed in Paragraph 15 point 15.1 item h of this Circular on a Central or local newspaper in three consecutive editions.”.

4. To replace the Appendix No. 02 issued in conjunction with the Circular No.02/2008/TT-NHNN with the Appendix No. 05.DGH enclosed with this Circular for implementing the scheme of simplification as mentioned in point c Paragraph 62 Section III Part A of the Resolution No. 60/NQ-CP.

Article 10. To amend, supplement and abolish several paragraphs of the Circular No. 07/2007/TT-NHNN of the State Bank on guiding the implementation of several contents of the Decree No. 69/2007/ND-CP dated 20 April 2007 of the Government on the purchase of shares at Vietnamese commercial banks by foreign investors, for implementing the scheme of simplification as mentioned in Paragraph 7 Section A Part XVI of the Resolution No. 25/NQ-CP of the Government as follows:

1. To abolish point 5.5.

2. To amend, supplement point 8.2:

"8.2. To prepare 03 sets of application files (01 original set and 02 duplicated sets) in accordance with provisions in Paragraph 5 of this Circular and send, directly or via post service, to the State Bank (the Banking Inspection and Supervision Department).".

3. To change the provision on "07 working days" to "05 working days" in Paragraph 10 and Paragraph 11.

Article 11. Implementation provision

This Circular shall be effective from 14 October 2011.

Article 12. Implementation organization

Director of the Administrative Department, Head of related units of the State Bank, General Managers of State Bank’s branches in provinces, cities under the central Government’s management and Chairman of Board of Directors (Board of Members), General Director (Director) of credit institutions and other related organizations, individuals shall be responsible for organizing the implementation of this Circular.

 

 

GOVERNOR OF THE STATE BANK




Nguyen Van Binh

 

APPENDIX 01A.DGH

NAME OF CREDIT INSTITUTION
-------

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------

No: ………..

…, date ……

 

APPLICATION FOR THE EXTENSION OF THE OPERATION PERIOD

FOREIGN BANK'S BRANCH

To: the Governor of the State Bank of Vietnam

On ….date ……., Bank ……. (name of the foreign bank) was granted by the Governor of the State Bank of Vietnam with the License for opening a foreign bank's branch No. … in …. (province/city where the head office of the foreign bank's branch is located). Thereby, the operation period of the foreign bank's branch (Name of the foreign bank's branch) shall expire in … Based on the demand of operation, cooperation, investment and business with credit institutions, economic organizations of Vietnam, the Bank … (name of the foreign bank) hereby would like to submit the Governor of the State Bank with an application and the related file for extension of the operation period for the foreign bank's branch (name of the foreign bank's branch) in Vietnam.

Bank … (name of the foreign bank) hereby undertakes:

- For the accuracy, truthfulness of contents in the application file for extension of the operation period.

- To keep strictly implementing provisions of laws of Vietnam and of the State Bank of Vietnam.

 

 

Chairman of the Board of Directors
(Or an authorized representative of the foreign CI)

 

APPENDIX NO. 01B.DGH

NAME OF CREDIT INSTITUTION
-------

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------

No: ………..

…, date ……

 

APPLICATION FOR THE EXTENSION OF THE OPERATION PERIOD
JOINT VENTURE BANK, 100% FOREIGN OWNED BANK

To: the Governor of the State Bank of Vietnam

On ….date ……., Bank ……. (name of the joint venture bank, 100% foreign owned bank) was granted by the Governor of the State Bank of Vietnam with the Establishment and Operation License No. Thereby, the operation period of the Bank (name of the branch) shall expire in …

Based on the minutes of the capital contributing members' meeting… (or a document of he parent bank… ), the Bank (name of the joint venture bank, 100% foreign owned bank) and the demand of operation, cooperation, investment and business in Vietnam, the Bank … (name of the bank) hereby would like to submit the Governor of the State Bank with an application and the related file for extension of the operation period.

Bank … (name of the joint venture bank, 100% foreign owned bank) hereby undertakes:

- For the accuracy, truthfulness of contents in the application file for extension of the operation period.

- To keep strictly implementing provisions of laws of Vietnam and of the State Bank of Vietnam.

 

 

Chairman of the Board of Directors

 

APPENDIX NO. 02A.DGH

NAME OF CREDIT INSTITUTION
-------

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------

No: ………..

…, date ……

 

APPLICATION FOR THE CHANGE OF NAME

FOREIGN BANK'S BRANCH

To: the Governor of the State Bank of Vietnam

On ….date ……., Bank ……. (name) was granted by the Governor of the State Bank of Vietnam with the License for opening a foreign bank's branch No. … Now, the Bank (name) has a demand for changing the name of the foreign bank's branch in Vietnam. The Bank (name) hereby would like to submit the Governor of the State Bank with an application and the related file for changing the name of the foreign bank's branch in Vietnam with following contents:

- Name of the foreign bank's branch stated in the License:

- Name proposed to be change:

- Reason of the change:

The Bank (name) hereby undertakes that the change of name shall not affect the operation of the foreign bank's branch in Vietnam.

 

 

Chairman of the Board of Directors
(Or an authorized representative of the foreign CI)

 

APPENDIX NO. 02B.DGH

NAME OF CREDIT INSTITUTION
-------

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------

No: ………..

…, date ……

 

APPLICATION FOR THE CHANGE OF NAME

JOINT VENTURE BANK, 100% FOREIGN OWNED BANK

To: the Governor of the State Bank of Vietnam

On ….date ……., Bank ……. (name of the joint venture bank, 100% foreign owned bank) was granted by the Governor of the State Bank of Vietnam with the Establishment and Operation License No.

Based on the minutes of the capital contributing members' meeting… (or a document of the parent bank… ), the Bank (name of the joint venture bank, 100% foreign owned bank) hereby would like to submit the Governor of the State Bank with an application and the related file for changing the name of the foreign bank's branch in Vietnam with following contents:

- Name of the foreign bank's branch stated in the License:

- Name proposed to be change:

- Reason of the change:

The Bank (name of the joint venture bank, 100% foreign owned bank) hereby undertakes that the change of name shall not affect the operation of the foreign bank's branch in Vietnam.

 

 

Chairman of the Board of Directors
(Or an authorized representative of the foreign CI)

 

APPENDIX NO. 03.DGH

Preparatory Board for
Establishment of Joint stock Non- banking CIs
-------

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------

 

…, date ……

 

APPLICATION FOR THE ISSUANCE OF THE ESTABLISHMENT AND OPERATION LICENSE OF A JOINT STOCK NON-BANKING CREDIT INSTITUTION

To: the Governor of the State Bank

- Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

- Pursuant to the Decree No. 79/2002/ND-CP dated 04 October 2002 of the Government on the organization and operation of joint stock non-banking credit institutions (for the case of establishment of a joint stock finance company); or

- Pursuant to the Decree No. 16/2001/NQ-CP dated 02 May 2001 of the Government on the organization and operation of finance leasing companies, Pursuant to the Decree No.65/2005/NQ-CP dated 19 May 2005 of the Government on the amendment, supplement of several Articles of the Decree No. 16/2001/NQ-CP dated 02 May 2001 of the Government on the organization and operation of finance leasing companies (for the case of establishment of a joint stock finance leasing company);

- Pursuant to the Regulation on the issuance of the Establishment and Operation License of joint stock non-banking credit institutions issued in conjunction with the Decision No.40/2007/QD-NHNN dated 02 November 2007 of the Governor of the State Bank of Vietnam;

- Based on the Minutes of the first General Shareholders' Meeting of the joint stock non- banking credit institution dated … on the agreement to the establishment of the joint stock non-banking credit institution, adoption of the Charter on organization and operation, election of members of the Board of Directors, members of Controllers Committee;

- Based on the Minutes of the meeting of the joint stock non-banking credit institution's Board of Directors dated … on the election of the title Chairman of the Board of Directors, title General Director (Director); Minutes of the meeting of the joint stock non- banking credit institution's Controllers Committee dated… on the election of the title Chief of the Controllers Committee.

On behalf of the shareholders, the Preparatory Board of the joint stock non-banking credit institution hereby request the Governor of the State Bank of Vietnam:

I. To grant the Establishment and Operation License of the joint stock non-banking credit institution as follows:

1. Name of the joint stock non-banking credit institution:

- Full name in Vietnamese

- Abbreviated name in Vietnamese

- Full name in English

- Abbreviated name in English

- Trading name (if any)

2. Address of the head office, telephone, fax, email

3. Area of operation:

4. Operation contents:

5. Period of operation:

6. Charter capital:

II. To confirm the registration of the Charter on organization and operation of the joint stock non-banking credit institution.

Upon the availability of the Establishment and Operation License, we shall proceed with the business registration, publication of operation information and notice of the conditions for opening the operation in accordance with provisions of applicable laws.

We undertake to fully satisfy conditions provided for in Article 8 and Article 12 of the Regulation on issuance of the establishment and operation license of joint stock non- banking credit institution issued in conjunction with the Decision No. 40/2007/QD-NHNN dated 02 November 2007.

We undertake to strictly comply with provisions of applicable laws, of the State Bank of Vietnam and the Charter on organization and operation of the joint stock non-banking credit institution; if violating, we shall take full responsibility to the law.

 

 

On behalf of the Preparatory Board for
Establishment of Joint stock Non-banking CIs
Head of the Board
(Signature, full name)

 

Enclosure:

APPENDIX 04.DGH

METHOD OF CALCULATING THE FINANCIAL CAPACITY OF VIETNAMESE ENTERPRISES THAT ARE NOT CREDIT INSTITUTIONS

a. General formula

Financial capacity for contributing capital for the establishment of the finance company

=

Owner's capital

-

Difference between long term investments and long term debts

b. Specific formula

A = E-LI

LI = LA - LD

Of which:

+ A: Financial capacity for contributing capital for the establishment of the finance company.

+ E: Owner's capital.

+ LI: Difference between the long term investments and long term debts.

+ LA: Long term assets.

+ LD: Long term debts. c. Conclusion:

* If A  amount of capital committed to contribute for the establishment of the finance company, the financial capacity of that enterprise shall be deemed as competent.

* If A < amount="" of="" capital="" committed="" to="" contribute="" for="" the="" establishment="" of="" the="" finance="" company,="" the="" financial="" capacity="" of="" that="" enterprise="" shall="" be="" deemed="" as="">

 

APPENDIX NO. 05.DGH

CURRICULUM VITAE

Main contents of the curriculum vitae shall include:

1. Personal information:

- Registered full name:

- Commonly used full name:

- Other known name(s):

- Date of birth:

- Native country:

- Nationality and method of obtaining the nationality (place of birth, marriage, nationality acquisition):

- Permanent address in the family registered book, address in the Identity card and current residence address:

- Number of Identity card (or passport/other equivalent personal identity documents):

- Date of issue and place of issue of Identity card (or passport/other equivalent personal identity documents):

- Name and address of banks of which you use services in the past 5 years (if any):

2. Qualifications or certificate of education level, professional level, foreign language level, place and duration of study:

3. Current occupation and position, working experience in the past 10 years (to specify name and address of each workplace, main works, working position and duration):

4. To clearly state whether you were a major shareholder (directly or indirectly holding at least 10% of the charter capital or voting share capital) of another organization in the past 10 years; If yes, to state clearly name and main contents of operation of that organization, amount of contributed capital and your rights and benefits at that organization.

5. Have you or the organization where you participate in the capacity of an owner or manager (holding the position from Deputy General Director (Deputy Director) or equivalent position and higher) ever been dealt with disciplinary measure, warned, criticized by the public opinion, declared to be bankrupt by the court or was a subject of investigation, judgment of a competent authority? If yes, please to make clear.

6. Have you ever been dismissed or prohibited from doing professional work or from holding a certain position in any country? If yes, please to make clear.

7. Have you ever defaulted at the maturity and been forced to pay debt under the order of a competent authority? If yes, please to make clear.

8. Family relationship: to specify full name, age, profession, position, workplace of parents, adoptive parents (if any), parents in-law, spouse, children, adoptive children (if any), brothers, sisters.

9. Other information that you may deem as related to the assessment of the State Bank of your moral status and management, operation capacity (especially in case where the omission of this information may result in the inaccurate assessment).

10. Commitments to the law:

- I undertake to take full responsibility to the law if providing, intentionally or unintentionally, false information during the submission of application and related files for the issuance of establishment and operation license of the small sized financial institution.

- I assure that the information declared above is full and correct and there is no other event relating to the contents of this declaration that the State Bank should be informed.

- I assure that I do not belong to the subjects as stipulated in Article 18 of the Decree No.

28/2005/ND-CP dated 09 March 2005 of the Government on the organization and operation of small sized financial institutions in Vietnam.

- I undertake to inform the State Bank of any change relating to the information declared above that may arise during the time when the State Bank reviews the application file.

11. Date/month/year - Signature (to state the full name) of the declarant.

12. Confirmation of the head of unit or the competent authority (if the individual is working at an entity) or of the People's Committee of the commune, ward where the individual's permanent residence address is registered (if the individual is not working at an entity).

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