Procedure for Reissuance of Certificate of Eligibility for Voluntary Pension Fund Service Business

Requirements and Conditions for Implementation:

- Being a legally established enterprise in Vietnam permitted to operate in the fields of: Life insurance, fund management as per industry-specific legal regulations, and meeting the following conditions:- For life insurers, they must qualify to offer pension insurance products according to legal regulations on pension insurance business;- For fund management companies, they must have at least 5 years of experience in fund management; a minimum total asset value of 1,000 billion VND, and actively managing open-end funds or bond funds.- Not being an organization undergoing restructuring or under special control/supervision as decided by the competent state authority.- Having a draft Charter of the fund for each proposed pension fund.- Having a preliminary contract with service providers, including:- An organization for pension fund asset custody;- A bank responsible for supervising pension fund management activities and managing individual retirement accounts.- Having a business plan for pension fund management services, including the following basic contents:- Management plans and strategies for the next 5 years;- Projected revenues and expenses for the next 5 years;- IT infrastructure plan for managing each individual retirement account, ensuring the implementation of activities such as contribution, investment, expense payment, taxes, penalties, and payouts to relevant parties;- A standard framework contract for participating in the pension fund.- Having at least 5 employees with at least 5 years of direct experience in pension fund management, securities investment fund management, or contractual insurance fund management. Among these, at least 3 professional staff must hold fund management licenses issued by the State Securities Commission or be members of the Chartered Financial Analysts (CFA) Institute.- Having a risk management process and an internal control system.

Step 1: Prepare Documentation

Documents required for each case:

(i) In the case of lost or damaged Certificate of Eligibility for Business:

- The original Certificate of Eligibility for Business (except in the case of loss);- Application for reissuance of the Certificate of Eligibility for Business.

(ii) In the case where a pension fund management company reorganizes the business (splits, separates, consolidates, merges, or converts the business type) and continues to meet the conditions stipulated in Article 34 of Decree 88/2016/ND-CP:

- Application for reissuance of the Certificate of Eligibility for Business;- Copy of the sector-specific operation license (a copy derived from the original register, a notarized copy by the competent government authority, or a presentation of the original for comparison);- Copy of the preliminary contract with the custody organization, supervising bank;- Business plan for fund management services:- Pension fund management plans and strategies for the next 5 years;- Projected revenues and expenses for the next 5 years;- IT infrastructure plan for managing each individual retirement account, ensuring contribution, investment, expense payment activities, payouts to participants and employers, and personal income tax payments;- Standard framework contract for participating in the pension fund.- Documents proving at least 5 employees meeting the qualifications, including the following basic documents:- Copy of the employment contract (notarized copy by the competent government authority or presentation of the original for comparison);- Employee's resume confirmed by the competent authority or organization (clearly stating the work history and any certificates or degrees, if available);- Copy of certificates as per Clause 6 Article 34 of Decree 88/2016/ND-CP, including: fund management licenses issued by the State Securities Commission or membership of the Chartered Financial Analysts (CFA) Institute.- Risk management process and internal control system.

Step 2: Submit Documentation

- In the case of lost or damaged Certificate of Eligibility for Business: within 5 working days from the receipt of the application for reissuance of the Certificate of Eligibility for Business, the Ministry of Finance will consider reissuing the Certificate of Eligibility for Business.- In the case where a pension fund management company reorganizes the business (splits, separates, consolidates, merges, or converts the business type) and continues to meet the conditions stipulated in Article 34 of Decree 88/2016/ND-CP: within 15 working days from the receipt of a complete and valid dossier, the Ministry of Finance will coordinate with the Ministry of Labour - Invalids and Social Affairs to appraise, review the dossier to reissue the Certificate of Eligibility for Business. In case of denial, the Ministry of Finance will notify the enterprise in writing and clearly state the reasons.

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