Legal Counselling

Vietnam: 07 information must be announced before the date of operation commencement

17:25, 05/10/2014

Recently, the Government of Vietnam has issued the Decree No. 88/2014/NĐ-CP on credit rating services.

thông tin DN xếp hạng tín nhiệm phải công bố thông tin trước ngày hoạt động, Nghị định 88/2014/NĐ-CP

According to Article 18 of the Decree No. 88/2014/NĐ-CP of Vietnam’s Government, a credit rating agency shall announce in the mass media and on its website at least ten (10) working days before the planned date of credit rating operation commencement the following information:

1. Its name and address of its head office.

2. Address of its website.

3. Business eligibility certificate.

4. Paid-up charter capital.

5. List and capital contribution portions of shareholders or capital-contributing members holding over 5% of its paid-up charter capital.

6. Name of its at-law representative.

7. Planned date of credit rating operation commencement.

Besides, this Decree also stipulates criteria and conditions for general directors or directors of agencies as follows:

- Having full civil act capacity as provided in the Civil Code.

- Not being officials or public employees as defined in the Law on Officials and the Law on Public Employees.

- Possessing a university or higher degree in economics, finance, banking, accounting, audit, statistics or business administration.

- Having at least ten (10) years’ working experience in any of the fields prescribed in Clause 3 of this Article.

- Lawfully residing in Vietnam during their term of office.

View more details at the Decree No. 88/2014/NĐ-CP of Vietnam’s Government, effective from November 15, 2014.

Ty Na

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