According to the Circular, the opening procedure for operations of credit institutions is as follows:
- Licensed non-bank credit institutions may only begin their operations from their opening day.
- Licensed non-bank credit institutions must meet the requirements prescribed in Clause 2 Article 26 of the Law on Credit Institutions to open their operations.
- Licensed non-bank credit institutions must send written notices of the satisfaction of requirements for opening in person or by post to provincial or municipal branches of the State Bank of Vietnam where they are headquartered and the State Bank of Vietnam (via the One-Stop-Shop Department) at least 15 days before their expected opening day.
(Previously, according to Circular No. 30/2015/TT-NHNN licensed non-bank credit institutions must send written notices of the satisfaction of requirements for opening at least 15 days before their expected opening day in person or by post to:
+ Bank Supervision and Inspection Authorities in areas where they are headquartered (for areas where Departments of Bank Supervision and Inspection are established);
+ Provincial or municipal branches of the State Bank of Vietnam in areas where they are headquartered if they are not in the proximity of any Department of Bank Supervision and Inspection)
- Non-bank credit institutions must conduct their opening within 12 months after they are licensed. If they fail to conduct their opening after the mentioned period, the State Bank of Vietnam shall revoke the licenses.
Circular No. 05/2023/TT-NHNN of the State Bank of Vietnam comes into force as of August 6, 2023.
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Above are the summary and notification of new documents for customers of THU VIEN PHAP LUAT. For more information, please send an email to [email protected].
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