Procedures for granting the License for establishment and operation of Joint Stock Commercial Banks in Vietnam

Procedures for granting the License for establishment and operation of Joint Stock Commercial Banks in Vietnam
Lê Trương Quốc Đạt

On November 24, 2023, the State Bank of Vietnam issued Decision 2183/QD-NHNN on the announcement of administrative procedures amended and supplemented to re-regulate the Circular 13/2023/TT-NHNN implemented at the Single-Window Department within the scope of management functions of the State Bank of Vietnam.

The procedures for granting the License for establishment and operation of Joint Stock Commercial Banks in Vietnam are as follows:

Step 1: The preparatory board submits the application dossier directly or by post to the State Bank of Vietnam, prepared according to the regulations in Circular 40/2011/TT-NHNN.

Step 2: Within 60 days from the date of receiving the application dossier, the State Bank of Vietnam sends a written confirmation to the preparatory board, acknowledging the receipt of the complete and valid dossier for preliminary approval. In the event that the application dossier is incomplete, the State Bank of Vietnam sends a written request to the preparatory board for supplementation and completion of the dossier according to the regulations.

Step 3: Within 90 days from the date of sending the confirmation of receipt of the complete and valid dossier, the State Bank of Vietnam issues a written approval in principle for the establishment of a commercial bank or a branch of a foreign bank. In cases of disapproval, the State Bank of Vietnam sends a written response to the preparatory board, stating the reasons for the disapproval.

Step 4: Within 60 days from the date of receiving the written approval in principle for the establishment of a commercial bank or a branch of a foreign bank, the preparatory board submits the required documents specified in Circular 40/2011/TT-NHNN directly or by post to the State Bank of Vietnam for supplementation.

Step 5: Within 2 days from the date of receiving the complete supplementary documents, the State Bank of Vietnam confirms in writing that it has received the complete documents.

Step 6: Within 30 days from the date of receiving the complete supplementary documents, the State Bank of Vietnam proceeds to grant the License as prescribed. In the event that the license is not granted, the State Bank of Vietnam sends a written response to the preparatory board, stating the reasons for not granting the License.

For more information, please refer to Decision 2183/QD-NHNN, effective from December 14, 2023.

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