Organization and operation of overseas financial institutions in Vietnam?
Please let us about organization and operation of overseas bank’s branch, joint-venture bank, bank of 100 per cent foreign capital, overseas credit institute’s representative office?
On 05 June 2007, the State Bank promulgated Circular No.03/2007/TT-NHNN (“Circular”) guiding the implementation of some articles of Decree No. 22/2006/ND-CP dated 28/02/2006 on framework of organization and operation of overseas bank’s branch, joint-venture bank, bank of 100 per cent foreign capital, overseas credit institute’s representative office in Vietnam.
Accordingly, this Circular specifically regulates on conditions, dossiers, procedures for granting Certificate as well as framework of organization and operation of overseas bank’s branch, joint-venture bank, bank of 100 per cent foreign capital, overseas credit institute’s representative office in Vietnam.
Concurrently, it provides measures to adjust organization and operation with respect to the case of overseas bank’s branch and subsidiary branch, joint venture bank currently in operation at Vietnam having or not having the need to operate pursuant to new timing (maximum of 99 years) as regulated in this Circular.
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Tel: (84.4) 5373262
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