New regulations on the name and headquarters of microfinance institutions in Vietnam

Le Truong Quoc Dat

14:11, 12/07/2024

This is the content of Circular 33/2024/TT-NHNN dated June 30, 2024, stipulating the dossiers, procedures for granting Licenses, organization, and operation of microfinance institutions issued by the Governor of the State Bank of Vietnam.

New regulations on the name and headquarters of microfinance institutions in Vietnam

The name and headquarters of microfinance institutions are regulated as follows:

- The name of the microfinance institution must comply with the regulations of the Enterprise Law 2020 and related legal provisions. The name of the microfinance institution is defined according to the corresponding legal form as follows:

+ One-member limited liability microfinance institution and its unique name;

+ Limited liability microfinance institution and its unique name.

- The headquarters of the microfinance institution must meet the regulations for the headquarters of enterprises according to the Enterprise Law 2020 and the following conditions:

+ It is the workplace of the Board of Members, Executive Board, recorded in the License as per legal regulations, and used for transactions with customers;

+ Must be located within the territory of Vietnam, with an address that includes the building name, house number, alley, lane, street, hamlet, village, commune, ward, commune-level town, district, district-level town, provincial city, province, centrally-run city; phone number, fax number, and email (if any);

+ The microfinance institution must legally own or use the premises;

+ Ensure convenient transactions with customers and have a vault that meets technical standards according to the provisions of the State Bank of Vietnam;

+ Ensure asset safety and compliance with the operational requirements of the microfinance institution;

+ Have an information technology system that connects the headquarters with branches, transaction offices, and ensures safety, security, and the requirements for reporting and statistics.

More details can be found in Circular 33/2024/TT-NHNN, which comes into force in Vietnam from July 1, 2024, except for Clause 6, Article 24, and Article 25 of Circular 33/2024/TT-NHNN, which comes into force in Vietnam from August 15, 2024.

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