Legal Counselling

Headquarters of microfinance institutions must be situated in the territory of Vietnam

09:20, 03/03/2018

On February 23, 2018, the State Bank of Vietnam issued Circular No. 03/2018/TT-NHNN, which specifies name and headquarters of microfinance institutions (MFIs).

According to Circular No. 03/2018/TT-NHNN of the State Bank of Vietnam, the name of an MFI must be in line with the provisions of the Law on Enterprises and relevant provisions of law. The name of the MFI is set in accordance with the legal form; the corresponding type is as follows:

- Single-member limited liability MFI and its own name;

- Limited liability MFI and its own name.

Concurrently, Circular No. 03/2018/TT-NHNN also stipulates that the headquarters of the MFI must satisfy the regulations on the headquarters of the enterprise according to the provisions of the Enterprise Law and the following conditions:

- It is the working place of the council of members, the executive board, which is specified in the license and enterprise registration as per the law;

- It must be situated in the territory of Vietnam with a designated address including the building’s name and number, alley, street or village, hamlet, commune, district-level town, suburban district, urban district, provincial city, province or central-affiliated city; telephone number, fax number and email address (if any);

- It fully meets the conditions for ensuring the property safety and compatibility with the operation requirements of the MFI.

View more details at Circular No. 03/2018/TT-NHNN of the State Bank of Vietnam, effective from April 15, 2018.

-Thao Uyen-

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