Application forms for approval of Commercial banks in Vietnam

Nguyen Nhu Mai

10:02, 05/07/2022

Governor of the State Bank of Vietnam issued Circular 06/2022/TT-NHNN amending Circular 50/2018/TT-NHNN about the application, order and procedures for approving the modified content of commercial banks, expenses foreign bank branches.

The adjustments to the application forms for approval to modify certain contents of commercial banks and foreign bank branches in Vietnam are as follows:

Dossier shall be submitted to the State Bank of Vietnam or a branch of the State Bank in a decentralized province or city (collectively referred to as the "State Bank") via postal service or via One-Window System.

(Currently, Circular 50/2018/TT-NHNN stipulates that documents can be sent to the State Bank by direct mail or by post.)

At the same time, Circular 06/2022/TT-NHNN also requires that within 15 working days from the date of receiving the written request for modification of the location of the commercial bank's head office, the head office of the foreign bank's branch in License to be sent to the State Bank in Vietnam:

- The State Bank shall decide to amend the location of the commercial bank's head office and the location of the foreign bank's branch office in the License.

- In case of refusal to amend or supplement the License, the State Bank shall reply in documents and clearly state the reasons therefor. (New rules added)

Circular 06/2022/TT-NHNN takes effect from August 15, 2022, Vietnam.

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