The Governor of the State Bank of Vietnam (SBV) issued Decision No. 1787/QĐ-NHNN on September 7 to publicize new administrative procedure under its jurisdiction.
Accordingly, the SBV officially publicizes one newly issued administrative procedure in the field of establishment and operations of credit institutions: Procedure of approving debt purchasing. The newly issued administrative procedure is formulated in line with Circular No. 09/2015/TT-NHNN dated July 17, 2015 on debt trading of credit institutions and foreign bank branches, which took effect from September 1, 2015.
According to the provisions of the execution of this administrative procedure, when having the need of getting approval of debt purchasing, credit institutions and foreign bank branches are required to submit one dossier in accordance with Article 6 of Circular No. 09/2015/TT-NHNN to the SBV (the Banking Supervision Agency). Within 40 working days from the date of receiving registration dossier from credit institutions and foreign bank branches, the SBV will consider for approval of debt purchasing of credit institutions and foreign bank branches by revising their license. That document will be an integral part of their license. In case of disapproval, the SBV shall have to send written notice to credit institutions and foreign bank branches.
LH