Vietnam: Rules for preparing and submitting applications for approval for changes of commercial banks

According to Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam, rules for preparing and submitting applications for approval for changes are as follows:

- 01 application shall be prepared in Vietnamese language.  In case documents included in the application are prepared in a foreign language, they shall be consular legalized as prescribed by Vietnamese law (except for the cases in which consular legalization is exempted by the law on consular legalization) and translated into Vietnamese language. Translations from a foreign language into Vietnamese language shall be notarized or signature of the translator shall be notarized as prescribed by law.

- For the copied documents, commercial banks and foreign branch banks (FBBs) shall submit copies from the master registers or certified true copies or copies presented together with their originals for comparison purposes. In case the applicant submits copies presented together with their originals for comparison purpose, the person comparing the documents must affix his/her confirmation and signature onto the copies and is held liable for the accuracy of the copies against the originals.

- The application form shall be signed by the legal representative of the commercial bank or FBB. If the application is signed by an authorized person, it must be enclosed with a power of attorney made as prescribed by law.

- The application shall be submitted, directly or by post, to the State Bank of Vietnam (through the Banking Supervision Agency) or the authorized State Bank branch of a province or city (hereinafter referred to as “the State Bank”).

View more details at Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam, effective from February 15, 2019.

-Thao Uyen-

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