In the Draft Circular providing guidance on the policies for collection and payment of fees for the issuance of establishment and operation permits for credit institutions; permits for the establishment of representative offices of foreign credit institutions and other foreign organizations with banking activities; permits for the provision of intermediary payment services for non-bank organizations, the Ministry of Finance has proposed the following fee rates:
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- Fees for the issuance of the establishment and operation license for credit institutions include:- Fees for issuance and extension of the establishment and operation license for banks are 140,000,000 VND- Fees for issuance and extension of the establishment and operation license for non-bank credit institutions, microfinance institutions, and people's credit funds are 70,000,000 VND- Fees for the issuance of the establishment license of a representative office of a foreign credit institution or other foreign organizations engaging in banking activities are 1,000,000 VND- Fees for the issuance of the license to provide intermediary payment services for non-bank organizations are 10,000,000 VND for the initial issuance and 5,000,000 VND for reissuance.
The above fee rates apply to one license and are charged in Vietnamese Dong (VND).
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These are fixed amounts that organizations and individuals must pay when state agencies provide public services, serving state management tasks as stipulated in the Fee Schedule issued together with the Law on Fees and Charges. The draft regulation specifies that the State Bank of Vietnam shall perform the task of organizing the collection and payment of fees for entities that are granted licenses for the establishment and operation of credit institutions; licenses for the establishment of representative offices of foreign credit institutions, and other foreign organizations engaging in banking activities; licenses to provide intermediary payment services for non-bank organizations.
The proposed fee rates are based on the provisions of the Law on Fees and Charges, with a predetermined principle that does not aim to cover costs but ensures fairness, transparency, and equality regarding the rights and obligations of citizens. Naturally, all these fees are state budget revenues and are not subject to taxes. The fee-collecting agency must remit 100% of the total collected fees to the state budget according to the current State Budget Schedule.
With such fee regulations, relevant organizations and individuals are required to fulfill their obligations correctly. Specifically: The fee-collecting agency must declare and submit fees monthly, finalize fees annually in accordance with tax management laws, and promptly remit all collected fees to the state budget. The payer must fulfill their obligation to pay the fees correctly, fully, and promptly according to legal provisions.
The expected fee rates will be applied from January 01, 2017.
The Ministry of Finance is seeking comments on this draft on the Ministry's Electronic Portal.
Read the full draft here.
