Press Release on issuance of Circular No.10/2025/TT-NHNN
Hanoi, June 24, 2025. The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 10/2025/TT-NHNN stipulating the reorganization, revocation of licenses, and asset liquidation of the people's credit funds. The issuance of this Circular is to provide guidance for Paragraph 4 of Article 27, Paragraph 4 of Article 36, Article 201, and Paragraph 1 of Article 204 of the 2024 Law on Credit Institutions.
The new Circular will enter into force on August 15, 2025.
The new Circular is composed of 05 Chapters with 37 Articles, specifically as follows:
Chapter I: Consisting of 05 Articles (from Article 1 to Article 5), stipulating the scope of application; the subjects of application; the interpretation of terms and terminology; the authority to approve the reorganization of a people's credit fund, revoke a license, supervise the asset liquidation of a people's credit fund; the principles for preparing and submitting the relevant documents.
Chapter II: Consisting of 09 Articles (from Article 6 to Article 14), stipulating the principles for the reorganization of a people's credit fund; the areas of responsibility and the operational scope of a people's credit fund after the reorganization; the conditions for the reorganization of a people's credit fund; the reorganization council; the disclosure of information on the reorganization of a people's credit fund; the application for the approval of the reorganization of a people's credit fund; the reorganization plan; the procedures for approval of the reorganization of a people's credit fund; the merger or consolidation of a people's credit fund under special control.
Chapter III: Consisting of 17 Articles (from Article 15 to Article 31), stipulating the prohibited acts in the process of revocation of the license and the asset liquidation of a people’s credit fund; the principles of the revocation of the license and the asset liquidation of a people’s credit fund; the revocation of the license of a people’s credit fund which is dissolved voluntarily; the revocation of the license in case of dissolution of a people’s credit fund under special control; the revocation of the license in case of dissolution of a people’s credit fund intervened at an early stage and all of its liabilities have been received by a credit institution; the revocation of the license of a people’s credit fund as categorized in points a, c, d, and dd of Paragraph 1, Article 36, and Paragraph 1 of Article 202 of the Law on Credit Institutions; the revocation of the license in case of a reorganization or bankruptcy of a people's credit fund; the disclosure of information on the license revocation and the procedures for termination of the legal entity status; the time limit for the liquidation; the termination of the liquidation; the liquidation council; the duties and powers of the liquidation council; the liquidation plan for the assets of a people's credit fund; the handling of secured debts and the order of the asset distribution; the liquidation supervisory team; the operational mechanism of the liquidation supervisory team; the duties and powers of the liquidation supervisory team.
Chapter IV: Consisting of 3 Articles (from Article 32 to Article 34), stipulating the responsibilities of the people's credit funds, the responsibilities of the SBV regional branches, the responsibilities of the SBV entities.
Chapter V: Consisting of 3 Articles (from Article 35 to Article 37), stipulating the transitional regulations; the entry into force; the responsibilities for the implementation arrangements./.
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