Amendment to the order of voluntary termination of operation of people's credit funds in Vietnam

Nguyen Thi Diem My

17:35, 02/02/2023

On December 31, 2022, the Governor of the State Bank of Vietnam issued Circular 27/2022/TT-NHNN amending the Circular on decentralization of administrative procedures in the field of banking establishment and operation.

According to Vietnam's Circular 27/2022/TT-NHNN, the order of voluntary termination of operation of people's credit fund is as follows:

- The People's Credit Fund shall make 01 set of documents specified in Clause 1, Article 40 of Vietnam's Circular 09/2018/TT-NHNN and send it to the branch of the State Bank;

- Within 14 working days from the day on which the complete application is received, the State Bank's branch shall issue a written approval or disapproval of the people's credit fund's proposal. In the case of disapproval, the document must clearly state the reason.

(Currently, according to Vietnam's Circular 09/2018/TT-NHNN, the processing time will be 02 days, 05 days, or 14 days depending on whether the province or city has a Department of Banking Inspection and Supervision or not)

More details can be found in Vietnam's Circular 27/2022/TT-NHNN, effective on March 1, 2023.

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