Socialist Republic of Vietnam

STATE BANK OF VIETNAM

No. 1380-2001-QD-NHNN Hanoi, 5 November 2001


DECISION ON AMENDMENT OF AND ADDITION TO OPERATING LICENCES GRANTED TO JOINT VENTURE BANKS OPERATING IN VIETNAM


The Governor of the State Bank

Pursuant to the Law on the State Bank and the Law on Credit Institutions dated 12 December 1997;

Pursuant to Decree 15-CP of the Government dated 2 March 1993 on duties, powers and responsibilities for State administration of ministries and ministerial equivalent bodies;

Pursuant to Decree 13-1999-ND-CP of the Government dated 17 March 1999 on organization and operation of foreign credit institutions and representative offices of foreign credit institutions in Vietnam;

Pursuant to the directive of the Prime Minister of the Government in Official Letter 1367-CP-QHQT dated 17 November 1998 assigning the State Bank to investigate relaxation of restrictions on receipt of deposits by joint venture banks;

On the proposal of the Director of the Department of Banks and Non-Banking Credit Institutions;

Decides:


Article 1

To add to clause 1 of Section A of Item II in Article V of the operating licences of joint venture banks as follows:

"To receive deposits in the form of opening foreign currency accounts sourced from Vietnamese individuals with a maximum not to exceed fifty (50) per cent of the charter capital of the joint venture bank".

Article 2

This Decree shall be of full force and effect after fifteen (15) days from the date of its signing.

Article 3

The Head of the Office, the Director of the Department of Banks and Non-Banking Credit Institutions, heads of units belonging to the State Bank, and general directors of joint venture banks operating in Vietnam shall be responsible for implementation of this Decision.


The Governor of the State Bank
Deputy Governor


TRAN MINH TUAN