Application on change of name of microfinance institutions in Vietnam

16:10, 17/05/2018

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

According to Circular No. 10/2018/TT-NHNN of the State Bank of Vietnam, an application on change of name of microfinance institutions includes:

- An application form for approval for change of name, containing at least: name specified in the license, name expected to be changed in compliance with relevant regulations of law on naming and reasons for change;

- A decision on approval for change of name issued by the Board of Members.

Concurrently, Circular No. 10/2018/TT-NHNN also stipulates procedures for granting approval as follows:

- 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.

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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