Application for approval for suspension of business activities of microfinance institutions in Vietnam

16:40, 27/06/2018

On April 09, 2018, the State Bank of Vietnam issued Circular No. 10/2018/TT-NHNN, which specifies application for approval for suspension of business activities of microfinance institutions (MFIs).

According to Circular No. 10/2018/TT-NHNN of the State Bank of Vietnam, the application includes:

- An application form for approval for suspension of business activities, containing at least:

+ Duration and expected time for suspension of business activities;

+ Reasons for suspension of business activities;

- A decision on approval for suspension of business activities issued by the Board of Members;

- Documentary evidence for necessity for suspension of business activities;

- A plan for management of risks that arise due to suspension of business activities, including expected solutions for minimizing effects of suspension of business activities on rights and interests of clients.

Notably, this application shall apply in case of suspension of business activities for at least 05 working days, except for suspension due to force majeure event.

View more details at Circular No. 10/2018/TT-NHNN of the State Bank of Vietnam, effective from June 01, 2018.

-Thao Uyen-

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