The State Bank of Vietnam (SBV) issued Decision No.1885/QD-NHNN on September 6th, 2017 to revise the License of Industrial Bank of Korea - Ho Chi Minh branch.
Accordingly, the SBV Governor approved on revising the contents of License No.04/GP-NHNN dated January 8th, 2008 for Industrial Bank of Korea - Ho Chi Minh City branch as follows:
(i) Revising the content in Article 5 of License No. 04/GP-NHNN dated January 8th, 2008 from “Industrial Bank of Korea - Ho Chi Minh branch is allowed to carry out professional banking operations in Vietnamese dongs and in foreign currencies; conducting foreign exchange activities as a commercial bank in accordance with the provisions of Law on Credit Institutions and other legal provisions on the operation of commercial banks” into “Industrial Bank of Korea - Ho Chi Minh branch is authorized to conduct commercial banking activities in accordance with the laws and regulations of the State Bank of Vietnam, including the following activities: ”
(ii) Removing the contents stated in Item 4 of Article 5 of License No. 04/GP-NHNN dated January 8th, 2008: "Buying and selling foreign currencies"; "Providing services of transferring money from abroad into Vietnam, transferring money from Vietnam abroad in accordance with the provisions of Vietnamese law"; "Conducting gold trading and other foreign exchange activities in the domestic and international markets when permitted by the SBV".
(iii) Amending Item 5 of Article 5 of License No. 04/GP-NHNN dated January 8th, 2008 issued by the Governor of the State Bank of Vietnam to the Industrial Bank of Korea - Ho Chi Minh branch: "Trading and providing foreign exchange services on the domestic market and in the international market within the scope prescribed by the SBV".
Industrial Bank of Korea – Ho Chi Minh branch is responsible for providing the mentioned-above services in compliance with laws on foreign exchange and other relevant regulations; implementing procedures in line with Item 3 of Article 18 of Circular No. 40/2011/TT-NHNN dated December 15th, 2011 on granting license to commercial banks, foreign bank branches and representative offices of foreign credit institutions and other foreign credit institutions with banking operations in Vietnam (as revised by Circular No. 08/2015/TT-NHNN dated June 30th, 2015).
This Decision took effect from the date of signing and is an integral part of License No. 04/GP-NHNN dated January 8th, 2008 for Industrial Bank of Korea – Ho Chi Minh branch.
VA