What are the procedures for licensing in case of conversion of microfinance programs and projects in Vietnam?
- What are the procedures for licensing in case of conversion of microfinance programs and projects in Vietnam?
- How much is the fee for issuance of licenses in case of conversion of microfinance programs and projects in Vietnam?
- What is the time limit for settlement of the application for license in case of conversion of microfinance programs or projects in Vietnam?
What are the procedures for licensing in case of conversion of microfinance programs and projects in Vietnam?
Pursuant to Part II of the Appendix issued together with Decision No. 658/QD-NHNN in 2023 stipulating the steps for licensing in case of conversion of microfinance programs and projects as follows:
Step 1: The organization transforming microfinance programs and projects shall make 01 (one) set of dossiers of application for a license and send it to the State Bank of Vietnam.
Step 2: Within 10 (ten) days from the date of receipt of the application file for a License, the State Bank of Vietnam shall send a written notice to the organization converting the microfinance program or project to certify that it has fully received the valid documents; In case the dossier is incomplete, the State Bank of Vietnam shall make a written request for supplementation and completion.
Step 3: Within 05 (five) working days from the date of receiving a written confirmation of complete and valid dossiers, the State Bank of Vietnam shall send a written request for comments from:
- The People's Committee of the province or city directly under the Central Government where the organization of transformation of a microfinance program or project is expected to have its head office, regarding the transformation into a microfinance institution;
- The People's Committee of the province or city directly under the Central Government where the organization of transformation of the microfinance program or project is implementing the microfinance program or project on the operational efficiency of the program or project microfinance for local development;
- The branch of the State Bank of Vietnam where the organization of transformation of the microfinance program or project is expected to locate its head office on the establishment of the microfinance institution, the list of personnel expected to be elected or appointed as a member; members of the Board of members, members of the Control Board, the General Director (Director) of the microfinance institution (if necessary);
- The branch of the State Bank of Vietnam where the microfinance program or project is proposed to be converted has affiliated units that are operating in terms of meeting regulations on operating network;
- Ministry of Foreign Affairs, Ministry of Public Security on participation in capital contribution to establish microfinance institutions of foreign banks.
Step 4: Within 15 (fifteen) days from the date of receiving the written request of the State Bank of Vietnam, the units that are consulted shall have written opinions.
Step 5: Within 80 (eighty) days from the date of receipt of complete and valid dossiers, the State Bank of Vietnam shall grant the License; approve the list of personnel expected to be elected or appointed as a member of the Board of members, member of the Supervisory Board, the General Director (Director); approval of the operating network (in case the regulations on the operating network of the microfinance organization are met); in case of refusal to grant the License, the State Bank of Vietnam shall send a written explanation clearly stating the reason.
What are the procedures for licensing in case of conversion of microfinance programs and projects in Vietnam?
How much is the fee for issuance of licenses in case of conversion of microfinance programs and projects in Vietnam?
Pursuant to Part II of the Appendix issued together with Decision No. 658/QD-NHNN in 2023 as follows:
Procedures for licensing in case of conversion of microfinance programs and projects
...
- Fee: VND 200,000.
- Name of application form, declaration form:
+ An application form for a License made according to the form in Appendix No. 01b issued together with Circular No. 03/2018/TT-NHNN dated February 23, 2018;
+ Curriculum vitae according to the form in Appendix 02 issued together with Circular No. 03/2018/TT-NHNN dated February 23, 2018
+ A list of related persons according to the form in Appendix 04 issued together with Circular No. 03/2018/TT-NHNN dated February 23, 2018
...
Thus, according to the above regulations, the fee for issuance of licenses in case of conversion of a microfinance program or project is VND 200,000.
What is the time limit for settlement of the application for license in case of conversion of microfinance programs or projects in Vietnam?
Pursuant to Part II of the Appendix issued together with Decision No. 658/QD-NHNN in 2023 as follows:
Procedures for licensing in case of conversion of microfinance programs and projects
...
- Number of documents: 01 set.
- Time limit for settlement: 80 days from the date of receipt of complete and valid dossiers.
- Objects of administrative procedures: Organization of transformation of microfinance programs and projects.
- Agency implementing administrative procedures: State Bank of Vietnam of Vietnam.
- Results of administrative procedures: Decision to amend and supplement the License.
- Fee: VND 200,000.
- Name of application form, declaration form:
+ An application form for a License made according to the form in Appendix No. 01b issued together with Circular No. 03/2018/TT-NHNN dated February 23, 2018;
+ Curriculum vitae according to the form in Appendix 02 issued together with Circular No. 03/2018/TT-NHNN dated February 23, 2018
+ A list of related persons according to the form in Appendix 04 issued together with Circular No. 03/2018/TT-NHNN dated February 23, 2018
...
Thus, according to the above provisions, the time limit for settlement of the application for a license in the case of conversion of a microfinance program or project is 80 days from the date the competent authority receives a complete and valid application.
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