Procedures for change of headquarters of microfinance institutions in Vietnam

08:30, 18/07/2018

On April 09, 2018, the State Bank of Vietnam issued Circular No. 10/2018/TT-NHNN, which specifies procedures for change of headquarters of microfinance institutions (MFIs).

According to Circular No. 10/2018/TT-NHNN of the State Bank of Vietnam, the MFI shall prepare an application as prescribed and submit it to the State Bank. In case the application is unsatisfactory, within 03 working days from the day on which the application is received, the State Bank shall request the MFI in writing to complete it;

Within 30 days from the day on which the satisfactory application is received, the State Bank shall issue the decision on amendments to the MFI’s license. In case of rejection, the State Bank shall provide written explanation.

Within 12 months from the day on which the State Bank issues the decision on amendments to the MFI’s license regarding change of the headquarters, the MFI shall operate at the new headquarters. After the aforementioned time limit, if the MFI does not operate at the new headquarters, the decision on amendments to the license will be invalid.

Notably, at least 15 days before the day on which the MFI operates at the new headquarters, the MFI shall send a notice of expected date of operation at the new headquarters to the branch of the State Bank of the province or central-affiliated city (hereinafter referred to as “the branch of the State Bank) where the headquarters is located. The MFI must not operate at the new headquarters if such headquarters fails to comply with regulations of the State bank on headquarters.

In the cases where the address is changed without changing the headquarters, the MFI shall send a notice of change of the headquarters and application form for amendments to the license regarding change of the headquarters to the State Bank.

Within 10 working days from the day on which the MFI’s application form is received, the State Bank issues the decision on amendments to the MFI’s license regarding change of the headquarters.

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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