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

Amendment to the order of voluntary termination of operation of people's credit funds in Vietnam
Nguyễn Thị Diễm My

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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