Press Release on issuance of Circular No.01/2025/TT-NHNN
Hanoi, April 29, 2025. The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 01/2025/TT-NHNN stipulating the first time issuance and the reissuance of licenses of the People's Credit Funds.
The new Circular will enter into force on June 15, 2025.
The new Circular is composed of 4 Chapters with 21 Articles, specifically as follows:
- Chapter I: Comprising of 7 Articles (from Article 1 to Article 7), stipulating the scope of application; the subjects of application; the interpretation of terms and terminology; the authority to issue for the first time and reissue licenses, the provision of copies from the original license register; the principles for preparing and submitting the relevant documents; the licenses; and the payment of the licensing fees."
- Chapter II: Comprising of 6 Articles (from Article 8 to Article 13), stipulating the required documents for the issuance of a License for the first time; the procedures for the issuance of a License for the first time; the commencement of operations; the principles for the reissuance of a License; the required documents and the procedures for applying for the reissuance of a License; the notification of the first time issuance or the reissuance of a License to the relevant business registration authority.
- Chapter III: Comprising of 6 Articles (from Article 14 to Article 19), stipulating the responsibilities of the Preparatory Committee; the responsibilities of the Head of the Preparatory Committee; the responsibilities of other entities and individuals related to the establishment of the People's Credit Fund (PCF); the responsibilities of the People's Credit Fund; the responsibilities of the SBV regional branches; and the responsibilities of the Co-operative Bank.
- Chapter IV: Comprising of 2 Articles (from Article 20 to Article 21), stipulating the entry into force; and the implementation arrangements.
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