Publicity of banking operations according to Vietnam’s current regulations

Bich Hoa

09:04, 12/12/2013

On June 16, 2010, the National Assembly of Vietnam promulgated the Law on Credit Institutions 2010 of Vietnam consisting of 10 chapters and 163 articles, of which one of the notable contents is the regulation on publicity of operation of credit institutions.

Specifically, according to Article 25 of the Law on Credit Institutions 2010 of Vietnam, a credit institution, foreign bank branch or representative office of a foreign credit institution or another foreign institution engaged in banking operations shall publicize in the medium of communication of the State Bank and a Vietnamese daily newspaper for three consecutive issues or a Vietnamese e-newspaper for at least 30 days before starting operation the following information:

One, its name and its head office address;

Two, the numbers and dates of its license and business or operation registration certificate and its licensed business activities;

Three, its charter or allocated capital;

Four, its representative at law. director general (director) or chief representative;

Five, the list of its founding shareholders or capital contributors with their respective capital contributions or of its owners;

Six, the tentative inauguration date.

View more: The Law on Credit Institutions 2010 officially takes effect from January 01, 2011.

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