Amendments to procedures for granting a license to establish a people's credit fund in Vietnam

The Governor of the State Bank of Vietnam issued Circular 01/2023/TT-NHNN dated March 1, 2023 amending Circular 04/2015/TT-NHNN regulating people's credit funds.

According to Vietnam's Circular 01/2023/TT-NHNN, the order of granting a license to establish a people's credit fund is added as follows:

Step 1: Accept in principle the establishment in Clause 1, Article 12 of Vietnam's Circular 04/2015/TT-NHNN as amended by Circular 21/2019/TT-NHNN.

Step 2: SBV branch exploits necessary information in the national database on population when reviewing and appraising information on residence.

In case it is not possible to exploit the necessary information in the national database on population, the branch of the State Bank of Vietnam has the right to request the Preparatory Board to provide a copy of one of the valuable papers proving information about residence according to the provisions of the law on exploitation and use of information about residence to settle administrative procedures and provide public services. (New content added)

Step 3: Within 90 days from the date of receiving the written approval in principle from the branch of the State Bank:

- The Preparatory Committee to organize the Founding Congress;

- The Preparatory Board prepares a dossier of application for a license;

Note: Past the above time limit, if the State Bank branch does not receive or receives the documents in part, the written approval in principle is no longer valid.

Step 4: Grant of License

Vietnam's Circular 01/2023/TT-NHNN takes effect from the date of signing and promulgation.

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