Press Release on issuance of Circular No.57/2024/TT-NHNN
Hanoi, December 24, 2024 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 57/2024/TT-NHNN stipulating the dossiers, the sequences and the procedures for granting a license for the first time to a commercial bank, a foreign bank branch, or a representative office of a foreign bank.
The new Circular is composed of 4 Chapters with 17 Articles, specifically as follows:
- Chapter I: comprising of 5 Articles, from Article 1 to Article 5, stipulating the scope of regulation; the subjects of application; the interpretation of terms; the legal status of non-bank credit institutions; the operational duration.
- Chapter II: regulating the licensing, and comprising of 8 Articles (from Article 6 to Article 13), explaining about the license; the procedures for granting a license; payment for the licensing fees; the conditions of the total assets and the financial situation of a foreign credit institution when requesting for a license; the principles of compiling a dossier; the common documents required for a license application; the required documents for a license application for a limited liability non-bank credit institution.
- Chapter III: responsibilities of the relevant entities, comprising of 2 Articles (Article 14 and Article 15), stipulating the responsibilities of the SBV entities; and the responsibilities of other relevant entities and individuals.
- Chapter IV: enforcement, comprising of 2 Articles (Article 16 and Article 17), stipulating the entry into force and the implementation arrangements.
The Circular takes effect from December 24, 2024.
Translated by LH