Legal representative is required to reside in Vietnam?
Based on Clause 2 of Article 12 of the Law on Credit Institutions 2010, the provisions are as follows:
The legal representative of a credit institution must reside in Vietnam. In cases of absence from Vietnam, they must authorize in writing another person who is a manager or executive of the credit institution residing in Vietnam to perform their rights and obligations.
Thus, that person must have either permanent or temporary residency in Vietnam, and if they wish to leave the territory of Vietnam, they must authorize in writing another person who is a manager or executive of the credit institution residing in Vietnam.
Sincerely!
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