SBV announces administrative procedures under the jurisdiction of the SBV

Accordingly, the State Bank of Vietnam promulgated one (1) amended and supplemented administrative procedure which shall fall under the jurisdiction of the SBV in the field of establishment and operations of credit institutions, which is implemented at the SBV branches in the provinces and centrally-controlled cities, specifically: Procedures for granting licenses for the establishment and operations of People's credit funds.

The SBV also announced two (2) new administrative procedures which shall fall under the management functions of the SBV in the field of establishment and operations of credit institutions, which are implemented at the SBV branches in the provinces and centrally-controlled cities, including: (i) Procedures for commencing the operations of People's credit funds; (ii) Procedures for changing the geographical area of operations of People's credit funds due to division or demarcation of administrative boundaries starting from June 1st, 2015.

The SBV announced one (1) administrative procedure which has been abolished from the management functions of SBV in the field of establishment and operations of credit institutions, which are implemented at the SBV branches in the provinces and centrally controlled cities, specifically: Procedures for re-granting or renewal of the establishment and operation licenses of the Local People’s Credit Funds (in case the license of a people's credit fund is lost or damaged).

The legal basis of the aforementioned new, amended and supplemented administrative procedures is stipulated in Circular No. 04/2015/TT-NHNN dated March 31st, 2015 and Circular No. 06/2017/TT-NHNN dated July 5th, 2017 issued by the SBV Governor with regard to people's credit funds.

The Decision No. 2621/QD-NHNN took effective from September 1st, 2017.

VA