Vietnam: When shall a branch of a non-bank credit institution be dissolved?

10:26, 21/02/2019

This content is specified in Circular No. 53/2018/TT-NHNN issued by the State Bank of Vietnam on December 31, 2018.

According to Circular No. 53/2018/TT-NHNN of the State Bank of Vietnam (SBV), a branch, representative office or administrative unit shall have its operations terminated or shall be dissolved in the following circumstances:

- Implicit termination of operation or dissolution;

- Voluntary termination of operation or dissolution; or

- Compulsory termination of operation or dissolution.

Besides, Circular No. 53/2018/TT-NHNN also stipulates that the related non-bank credit institution shall:

- settle issues concerning assets, rights, obligations and related benefits of the branch, transaction office, representative office or administrative unit that has its operation terminated or that is dissolved in accordance with applicable laws;

- keep documents, vouchers and other papers of the branch, representative office or administrative unit that has its operation terminated or that is dissolved and all documents concerning such termination of operation or dissolution;

- carry out legal procedures for termination of operation or dissolution of the branch, representative office or administrative unit in accordance with applicable laws.

View details at Circular No. 53/2018/TT-NHNN of the State Bank of Vietnam, effective from March 01, 2019.

-Thao Uyen-

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