Protection of client interests: Responsibility of credit institutions in Vietnam

08:35, 05/05/2012

The Law on Credit Institutions 2010 of Vietnam was promulgated on June 16, 2010 and officially effective from January 01, 2011, of which one of the notable contents is the regulation on protection of client interests.

Specifically, according to Article 10 of the Law on Credit Institutions 2010 of Vietnam, credit institutions and foreign bank branches shall:

One, preserve and insure deposits at relevant institutions under law and publicize their deposit preservation and insurance in their head offices and branches;

Two, create favorable conditions for clients to deposit and withdraw money and guarantee the full and due payment of principals and interests of deposits;

Three, refuse the investigation, blocking, seizure or transfer of deposits of clients, unless it is so requested by competent state agencies under law or so consented by clients;

Four, publicize deposit interest rates, service charges and rights and obligations of clients for each product and service provided;

Five, publicize official transaction time and may not halt transactions during this time. When halting transactions during official transaction time, a credit institution or foreign bank branch shall post notices of such halt at transaction places at least 24 hours before the halt.

Credit institutions and foreign bank branches may not halt transactions for more than one working day, except the case defined at Point f Clause 1, Article 29 of the Law on Credit Institutions 2010 of Vietnam.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

41 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn