Change of Operation Area Due to Division and Separation of Administrative Boundaries from June 1, 2015

Accordingly, the change of the scope of operation due to the division and separation of administrative boundaries for communes not adjacent to the commune where the headquarters is located is implemented as follows:

- Cease operations in communes not adjacent to the commune where the headquarters is located;- Within a period of 30 days from the date the Administrative Boundary Adjustment Document by the Competent State Authority takes effect or 30 days from September 1, 2017 (for cases where the Administrative Boundary Adjustment Document takes effect before September 1, 2017), the people's credit fund must formulate a plan to cease operations in communes not adjacent to the commune where the headquarters is located, and submit it to the State Bank branch in the province or centrally-run city where there is no Banking Inspection and Supervision Department or to the Banking Inspection and Supervision Department where the people’s credit fund is headquartered. The termination plan must include at least the following contents:

- The Administrative Boundary Adjustment Document by the Competent State Authority;- Current status of operations in the non-adjacent commune;- Plan and handling measures, including reorganization in the form of division and separation according to the provisions of law to cease operations in the non-adjacent commune within a maximum period of 36 months from the date the Administrative Boundary Adjustment Document comes into effect or from September 1, 2017 (for cases where the Administrative Boundary Adjustment Document takes effect before September 1, 2017).

See details Circular 06/2017/TT-NHNN effective from September 1, 2017.

-Thao Uyen-

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