What information must a People's Credit Fund posat its headquarters in Vietnam?
What information must a People's Credit Fund posat its headquarters in Vietnam?
Pursuant to Article 30 of Circular 29/2024/TT-NHNN stipulating the obligations of a people's credit fund:
Article 30. Obligations of People's Credit Fund
- Conduct business activities in accordance with the operational content stated in the approved License.
- Contribute capital to the cooperative bank in accordance with the law.
- Deposit money at the cooperative bank for capital adjustment as per the regulations of the State Bank regarding cooperative banks.
- Participate in the People's Credit Fund System Safety Guarantee Fund as prescribed by law.
- Provide reports to the cooperative bank for the purposes of capital adjustment, inspection, supervision, internal audit, and management of the System Safety Guarantee Fund of the People's Credit Fund in accordance with the internal regulations issued by the cooperative bank as per the regulations of the State Bank on cooperative banks.
- Undergo inspection, supervision, and internal audit by the cooperative bank as stipulated by the State Bank on cooperative banks.
- The People's Credit Fund must display and retain information as required in Clause 1, Article 49 of the Law on Credit Institutions at its main office and send a written report to the State Bank branch within 07 working days from the date the People's Credit Fund receives the provided information. Annually, the People's Credit Fund must disclose information specified in points a, b, and d, Clause 1, Article 49 of the Law on Credit Institutions to the General Assembly of Members of the People's Credit Fund.
Thus, the People's Credit Fund must display and retain the following information at its main office and submit a written report to the State Bank branch within 07 working days from the date the People's Credit Fund receives the provided information:
- Name, enterprise code, address of the head office of the enterprise, or any economic organization where itself or together with related persons, holds ownership of capital contribution or shares amounting to 05% or more of the charter capital, including authorized or entrusted capital contributions or shares to other organizations or individuals.
- Name, enterprise code, address of the head office of the enterprise, or any economic organization where it and related persons are members of the Board of Directors, Members' Council, controllers, members of the Supervisory Board, General Director (Director).
- Information about related persons as individuals, including: full name; personal identification number; nationality, passport number, date of issue, place of issue for foreigners; relationship with the information provider.
- Information about related persons as organizations, including: name, enterprise code, address of the head office of the enterprise, enterprise registration certificate number or equivalent legal documents; legal representative, relationship with the information provider.
What information must a People's Credit Fund posat its headquarters in Vietnam? (Internet image)
What rights does the People's Credit Fund in Vietnam have?
According to Article 29 of Circular 29/2024/TT-NHNN stipulating the rights of a people's credit fund in Vietnam are as follows:
- Receive support from the cooperative bank in product and service development; professional training.
- Receive support from the cooperative bank in banking activities as prescribed by law.
- Receive support from the cooperative bank in performing internal audits according to the regulations of the State Bank on cooperative banks.
- Receive funding from the State, organizations, individuals domestically and abroad.
- Request borrowers to provide documents on production, business, service, living conditions related to the loan and other information as prescribed by law.
- Refuse requests from organizations or individuals that are contrary to the law.
- Exercise other rights as prescribed by law.
Does People's Credit Fund receive deposits in Vietnam?
Pursuant to Article 126 of Law on Credit Institutions 2024 regulating the operation of a people's credit fund:
Article 126. Operations of People's Credit Fund
- People's Credit Fund accepts deposits in Vietnamese Dong.
- People's Credit Fund provides loans in Vietnamese Dong.
- People's Credit Fund offers money transfer services, performs collection and payment on behalf of its members and customers, excluding the opening of payment accounts for customers.
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Based on the above regulations, a People's Credit Fund is allowed to accept deposits in Vietnamese Dong. At the same time, the People's Credit Fund can also provide loans in Vietnamese Dong.
