Circular No. 11/2020/TT-NHNN amends and supplements certain Articles of Circular No. 24/2017/TT-NHNN dated December 29, 2017, issued by the Governor of the State Bank of Vietnam, concerning the procedures for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; procedures for revoking representative offices’ operating Licenses of foreign credit institutions and other foreign organizations engaged in banking activities.

TCIRCULAR

AMENDING AND SUPPLEMENTING SEVERAL ARTICLES OF CIRCULAR NO. 24/2017/TT-NHNN

DATED DECEMBER 29, 2017 ISSUED BY THE GOVERNOR OF THE STATE BANK OF VIETNAM ON PROCEDURES AND REQUIREMENTS FOR WITHDRAWING LICENSES AND LIQUIDATING ASSETS OF CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS; PROCEDURES AND REQUIREMENTS FOR WITHDRAWING REPRESENTATIVE OFFICE LICENSES OF FOREIGN CREDIT ORGANIZATIONS,other foreign organizations engaged in banking activities

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

The Government promulgates this Decision to amend and supplement some articles of Decision No. 31/2007/QĐ-TTg dated March 5, 2007 of the Government on credit for households engaged in production and business activities in difficult areas and Decision No. 92/2009/QĐ-TTg dated July 8, 2009 of the Government on credit for traders operating in trade in difficult areas.

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 26/2014/NĐ-CP| DECREE NO. 07/2014/ND-CPDecree No. 43/2019/NĐ-CPDATED APRIL 7, 2014 OF THE GOVERNMENT ON THE ORGANIZATION AND OPERATIONS OF THE INSPECTION AND SUPERVISION OF THE BANKING SECTOR;

At the proposal of the Director of Banking Inspection and Supervision;

THE GOVERNOR OF THE STATE BANK OF VIETNAM ISSUES THIS CIRCULAR TO AMEND AND SUPPLEMENT SEVERAL ARTICLES OF CIRCULAR NO. 24/2017/TT-NHNN DATED DECEMBER 29, 2017 ISSUED BY THE GOVERNOR OF THE STATE BANK OF VIETNAM ON PROCEDURES AND REQUIREMENTS FOR WITHDRAWING LICENSES AND LIQUIDATING ASSETS OF CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS; PROCEDURES AND REQUIREMENTS FOR WITHDRAWING REPRESENTATIVE OFFICE LICENSES OF FOREIGN CREDIT ORGANIZATIONS AND OTHER FOREIGN ENTITIES ENGAGED IN BANKING ACTIVITIES.

ARTICLE 1. AMENDING AND SUPPLEMENTING SEVERAL ARTICLES OF CIRCULAR NO. 24/2017/TT-NHNN DATED DECEMBER 29, 2017 ISSUED BY THE GOVERNOR OF THE STATE BANK OF VIETNAM ON PROCEDURES AND REQUIREMENTS FOR WITHDRAWING LICENSES AND LIQUIDATING ASSETS OF CREDIT ORGANIZATIONS AND FOREIGN BRANCHES OF BANKS; PROCEDURES AND REQUIREMENTS FOR WITHDRAWING REPRESENTATIVE OFFICE LICENSES OF FOREIGN CREDIT ORGANIZATIONS AND OTHER FOREIGN ENTITIES ENGAGED IN BANKING ACTIVITIES (HEREINAFTER REFERRED TO AS CIRCULAR NO. 24/2017/TT-NHNN).

1. ADDING CLAUSE 3A AS FOLLOWS:

"ARTICLE 3A. AUTHORITY TO DECIDE ON WITHDRAWING LICENSES 1. THE GOVERNOR OF THE STATE BANK OF VIETNAM (HEREINAFTER REFERRED TO AS THE GOVERNOR) HAS THE AUTHORITY TO DECIDE:

a) WITHDRAWING LICENSE FROM CREDIT ORGANIZATIONS;

b) WITHDRAWING LICENSE FROM FOREIGN BANK BRANCHES THAT ARE SUBJECT TO MICRO-PERIODIC SAFETY INSPECTION AND SUPERVISION BY THE INSPECTION AND SUPERVISION AGENCY ACCORDING TO THE ASSIGNMENT OF THE GOVERNOR.

2. THE DIRECTOR OF THE STATE BANK OF VIETNAM BRANCH HAS THE AUTHORITY TO DECIDE:

a) WITHDRAWING LICENSE FROM FOREIGN BANK BRANCHES LOCATED IN THE LOCAL AREA, EXCEPT THOSE FOREIGN BANK BRANCHES AS PROVIDED FOR IN POINT b, SUB-CLAUSE 1 OF THIS ARTICLE;

b) WITHDRAWING LICENSE FROM REPRESENTATIVE OFFICES IN THE LOCAL AREA."

2. AMENDING AND SUPPLEMENTING SUB-CLAUSE 1 OF ARTICLE 7 AS FOLLOWS:

"1. APPROVAL OF DISSOLUTION PROPOSALS:

a) CREDIT ORGANIZATIONS AND FOREIGN BANK BRANCHES MUST:

(i) ENGAGE AN ENTERPRISE THAT HAS BEEN ISSUED A CERTIFICATE OF ELIGIBILITY FOR BUSINESS IN VALUATION SERVICES UNDER THE LEGISLATION ON VALUATION TO CONDUCT ASSESSMENT OF ASSET VALUES AND DETERMINE THE EQUITY VALUE OF THE ENTERPRISE IN THE MOST RECENT YEAR BEFORE THE YEAR OF DISSOLUTION APPLICATION AND THE MOST RECENT QUARTER BEFORE THE DISSOLUTION APPLICATION DATE ACCORDING TO THE LEGISLATION;

(ii) DEVELOP A PLAN FOR LIQUIDATING ASSETS IN ACCORDANCE WITH POINT b, SUB-CLAUSE 4 OF THIS ARTICLE AND BASED ON THE RESULTS OF ASSET VALUATION AND THE DETERMINATION OF THE EQUITY VALUE OF THE ENTERPRISE AS PROVIDED FOR IN POINT a(i) OF THIS SUB-CLAUSE;

(iii) PREPARE ONE (01) SET OF DOCUMENTS IN ACCORDANCE WITH SUB-CLAUSE 4 OF THIS ARTICLE AND SUBMIT DIRECTLY AT THE ONE-STOP SHOP OR SEND THROUGH POSTAL SERVICE TO THE STATE BANK OF VIETNAM IN CASE OF LICENSE WITHDRAWAL AS PROVIDED FOR IN SUB-CLAUSE 1 OF ARTICLE 3A OF THIS CIRCULAR OR THE STATE BANK OF VIETNAM BRANCH IN CASE OF LICENSE WITHDRAWAL AS PROVIDED FOR IN POINT a OF SUB-CLAUSE 2 OF ARTICLE 3A OF THIS CIRCULAR;

b) WITHIN FIFTEEN (15) DAYS FROM THE DATE OF RECEIVING COMPLETE LEGAL DOCUMENTS AS PROVIDED FOR IN SUB-CLAUSE 4 OF THIS ARTICLE, THE INSPECTION AND SUPERVISION AGENCY SHALL REVIEW THE DOCUMENTS AND ISSUE A WRITTEN REQUEST FOR COMMENTARY OR SUBMIT A WRITTEN REQUEST FOR COMMENTARY TO THE GOVERNOR:

(i) THE STATE BANK OF VIETNAM BRANCH ON THE CURRENT STATUS OF ORGANIZATION AND OPERATIONS, ABILITY TO PAY ALL DEBTS AND OTHER FINANCIAL OBLIGATIONS; OPINION ON LIQUIDATING ASSETS, DISSOLUTION, LICENSE WITHDRAWAL, AND RECOMMENDATIONS FOR RELATED MEASURES REGARDING LIQUIDATING ASSETS, DISSOLUTION, AND LICENSE WITHDRAWAL; IMPACT OF DISSOLUTION AND LICENSE WITHDRAWAL ON THE STABILITY OF THE CREDIT ORGANIZATION SYSTEM IN THE LOCAL AREA;

(ii) THE PEOPLE'S COMMITTEE ON THE OPINION ON DISSOLUTION AND LICENSE WITHDRAWAL; IMPACT OF DISSOLUTION AND LICENSE WITHDRAWAL ON POLITICAL, ECONOMIC, AND SOCIAL STABILITY IN THE LOCAL AREA;

(iii) SOME MINISTRIES, SECTORS, UNITS UNDER THE STATE BANK OF VIETNAM RELATING TO LIQUIDATING ASSETS, DISSOLUTION, AND LICENSE WITHDRAWAL (IF NECESSARY);

c) WITHIN FIFTEEN (15) DAYS FROM THE DATE OF RECEIVING COMPLETE LEGAL DOCUMENTS AS PROVIDED FOR IN SUB-CLAUSE 4 OF THIS ARTICLE, THE STATE BANK OF VIETNAM BRANCH SHALL REVIEW THE DOCUMENTS AND ISSUE A WRITTEN REQUEST FOR COMMENTARY OR SUBMIT A WRITTEN REQUEST FOR COMMENTARY IN ACCORDANCE WITH POINT b(ii), b(iii) OF THIS SUB-CLAUSE;

d) WITHIN FIFTEEN (15) DAYS FROM THE DATE OF RECEIVING THE REQUEST FOR COMMENTARY, THE AUTHORITIES AND UNITS AS PROVIDED FOR IN POINT b, c OF THIS SUB-CLAUSE SHALL ISSUE THEIR COMMENTARY AND SEND IT TO THE INSPECTION AND SUPERVISION AGENCY OR THE STATE BANK OF VIETNAM BRANCH;

đ) WITHIN FIFTEEN (15) DAYS FROM THE END OF THE COMMENTARY PERIOD, THE INSPECTION AND SUPERVISION AGENCY OR THE STATE BANK OF VIETNAM BRANCH SHALL SUMMARIZE THE COMMENTARIES, IF THE LIQUIDATION PLAN DEMONSTRATES THE ABILITY TO PAY ALL DEBTS AND OTHER FINANCIAL OBLIGATIONS AND ENSURES THE RIGHTS OF DEBTORS AND CREDITORS, THE INSPECTION AND SUPERVISION AGENCY SHALL REVIEW AND SUBMIT TO THE GOVERNOR OR THE DIRECTOR OF THE STATE BANK OF VIETNAM BRANCH:

(i) ISSUE A WRITTEN APPROVAL OF DISSOLUTION, INCLUDING THE CONTENT OF APPROVING THE LIQUIDATION PLAN, REQUIRING THE CREDIT ORGANIZATION OR FOREIGN BANK BRANCH TO ESTABLISH A LIQUIDATION BOARD, IMPLEMENT ASSET LIQUIDATION ACCORDING TO THE APPROVED LIQUIDATION PLAN; ESTABLISH A LIQUIDATION MONITORING TEAM; OR

(ii) ISSUE A WRITTEN REQUEST FOR THE CREDIT ORGANIZATION OR FOREIGN BANK BRANCH TO REPORT AND EXPLAIN THE RELATED CONTENTS;

e) WITHIN TEN (10) WORKING DAYS FROM THE DATE OF RECEIVING THE REPORT AND EXPLANATION OF THE CREDIT ORGANIZATION OR FOREIGN BANK BRANCH AS PROVIDED FOR IN POINT đ(ii) OF THIS SUB-CLAUSE, THE INSPECTION AND SUPERVISION AGENCY SHALL SUBMIT TO THE GOVERNOR OR THE DIRECTOR OF THE STATE BANK OF VIETNAM BRANCH TO IMPLEMENT THE PROVISIONS OF POINT đ(i) OF THIS SUB-CLAUSE.

e) Within ten (10) working days from the date of receipt of the report and explanation of the credit institution or foreign bank branch as specified in point đ(ii) of this Clause, the Banking Inspection and Supervision Authority shall submit to the Governor or the Director of the State Bank of Vietnam branch for implementation of the provisions set forth in point đ(i) of this Clause;

g) In cases where the liquidation plan does not demonstrate the ability to pay off all debts and other financial obligations, the Banking Inspection and Supervision Authority shall examine and submit to the Governor or the Governor of the State Bank branch a document rejecting approval for dissolution, stating the reasons therein.”

3. Clause 3 of Article 7 shall be amended and supplemented as follows:

“3. Revoking the License in the case provided for in Clause 1 of Article 3a:

a) Within fifty (50) days from the date of receipt of the document of the Liquidation Oversight Team as stipulated in points c and d of Clause 2 of this Article, the Banking Inspection and Supervision Authority shall examine and submit to the Governor:

(i) A decision to terminate liquidation and revoke the License in the case provided for in Clause 1 of Article 13 of this Circular; or

(ii) A decision to terminate liquidation to carry out bankruptcy procedures in accordance with the law in the case provided for in Clause 2 of Article 13 of this Circular. The State Bank shall revoke the License after the Judge appoints the Administrator or the enterprise managing and liquidating assets; or

(iii) Issue a document requesting the credit organization or foreign bank branch to report and explain issues that need clarification related to the asset liquidation process (if any);

b) Within ten (10) working days from the date of receipt of the report and explanation of the credit organization or foreign bank branch as stipulated in point a(iii) of this Clause, the Banking Inspection and Supervision Authority shall examine and submit to the Governor in accordance with point a(i) or point a(ii) of this Clause;

c) Within sixty (60) days from the date of receipt of the document of the Liquidation Oversight Team as stipulated in points c and d of Clause 2 of this Article, the Governor shall issue a decision or document as stipulated in point a of this Clause.”

4. Clause 3a of Article 7 shall be added as follows:

“3a. Revoking the License in the case provided for in point a of Clause 2 of Article 3a:

a) Within forty (40) days from the date of receipt of the document of the Liquidation Oversight Team as stipulated in point c of Clause 2 of this Article, the Governor of the State Bank branch:

(i) Issues a decision to terminate liquidation and a decision to revoke the License; or

(ii) Shall issue a document requesting the foreign bank branch to report and explain issues that need clarification related to the asset liquidation process (if any);

b) Within ten (10) working days from the date of receipt of the report and explanation of the foreign bank branch as stipulated in point a(ii) of this Clause, the Governor of the State Bank branch shall implement the provisions at point a(i) of this Clause.”

5. Article 8 shall be amended and supplemented as follows:

“Article 8. Procedures and steps for revoking the License of credit organizations and foreign bank branches whose Licenses are revoked

1. Based on the inspection conclusion or the results of banking supervision containing information about the dissolution or revocation of the License of credit organizations and foreign bank branches or the decision of the competent authority regarding the dissolution of supervised credit institutions, the Banking Inspection and Supervision Authority shall examine and submit to the Governor a document or the Governor of the State Bank branch shall issue a document requesting the credit organization or foreign bank branch to liquidate assets; establish the Liquidation Board and the Liquidation Oversight Team.

2. The asset liquidation shall be carried out in accordance with the provisions at points b, c, and d of Clause 2 of Article 7, Section 2 Chapter II of this Circular and relevant laws.

3. The procedure for revoking the License of credit organizations and foreign bank branches whose Licenses are revoked shall be implemented in accordance with the provisions at Clause 3 and Clause 3a of Article 7 of this Circular.”

6. Clause 2 of Article 9 shall be amended and supplemented as follows:

“2. Within seven (07) working days from the date the decision to revoke the License takes effect:

a) For the case of revoking the License as prescribed in Clause 1 of Article 3a of this Circular, the State Bank shall be responsible for publishing on the State Bank’s electronic portal the revocation of the License of credit organizations and foreign bank branches and sending the decision to revoke the License to the People's Committee, the National Financial Supervisory Council, the Ministry of Finance, the credit organization or foreign bank branch, and the State Bank branch for serving state management work and publishing on the electronic portal of the State Bank branch (if any);

b) For the case of revoking the License as prescribed in point a of Clause 2 of Article 3a of this Circular, the State Bank branch shall be responsible for publishing on the electronic portal of the State Bank branch (if any) the revocation of the License of the foreign bank branch and sending the decision to revoke the License to the People's Committee, the National Financial Supervisory Council, the Ministry of Finance, the foreign bank branch, and the State Bank for serving state management work and publishing on the State Bank’s electronic portal.”

7. Article 10 shall be amended and supplemented as follows:

“Article 10. Composition, tasks, and powers of the Liquidation Board

1. Composition of the Liquidation Board of credit organizations

a) The composition of the Liquidation Board includes the Chairman of the Board of Directors, the Chairman of the Board of Members; at least one (01) independent member of the Board of Directors (if any); the Head of the Supervisory Board, General Director (Director), Chief Accountant; some other members among the members of the Board of Directors, Board of Members, Supervisory Board (if any); major shareholders, owners, contributors, and five (05) customers with the largest deposit balances at the credit organization (with customer consent) at the time of dissolution request. At the time of establishment and during the operation of the Liquidation Board of the credit organization, in case of absence of the Chairman of the Board of Directors, the Chairman of the Board of Members, the competent authority shall decide to select one of the members of the Board of Directors, Board of Members to replace and participate in the Liquidation Board; in case of absence of the Head of the Supervisory Board, General Director (Director), Chief Accountant, the competent authority shall decide to select a replacement to participate in the Liquidation Board;

b) The Chairman of the Board of Directors, the Chairman of the Board of Members shall be the Chairman of the Liquidation Board. At the time of establishment and during the operation of the credit institution's Liquidation Board, in case of absence of the Chairman of the Board of Directors, the Chairman of the Board of Members, the person chosen by the competent authority to participate in the Liquidation Board according to point a of this Clause shall assume the position of Chairman of the Liquidation Board;

c) In case the credit institution has a new Chairman of the Board of Directors, a new Chairman of the Board of Members, then the new Chairman of the Board of Directors, the new Chairman of the Board of Members shall assume the position of Chairman of the Liquidation Board instead of the person holding the position of Chairman of the Liquidation Board as stipulated in point b of this Clause.

2. Composition of the Liquidation Board of foreign bank branches:

a) The Liquidation Board includes the General Director (Director), Chief Accountant, at least one (01) member designated by the parent bank, and five (05) customers with the largest deposit balances at the foreign bank branch (if the customer agrees) at the time of dissolution request. At the time of establishment and during the operation of the foreign bank branch's Liquidation Board, in case of absence of the General Director (Director), the Chief Accountant, the competent authority of the parent bank shall choose a replacement to participate in the Liquidation Board;

b) The General Director (Director) of the foreign bank branch shall be the Chairman of the Liquidation Board. At the time of establishment and during the operation of the foreign bank branch's Liquidation Board, in case of absence of the General Director (Director), the person chosen by the competent authority of the parent bank to participate in the Liquidation Board according to point a of this Clause shall assume the position of Chairman of the Liquidation Board;

c) In case the foreign bank branch has a new General Director (Director), then the new General Director (Director) shall assume the position of Chairman of the Liquidation Board instead of the person holding the position of Chairman of the Liquidation Board as stipulated in point b of this Clause.

3. Credit institutions, foreign bank branches shall decide on the composition of the Liquidation Board as prescribed in Clause 1 and Clause 2 of this Article for cases where credit institutions, foreign bank branches voluntarily dissolve.

4. The Governor or the Director of the State Bank of Vietnam Branch shall decide on the composition of the Liquidation Board of credit institutions, foreign bank branches whose licenses are revoked as follows:

a) The composition as prescribed in Clause 1 and Clause 2 of this Article based on the proposal of the credit institution, foreign bank branch; or

b) Another composition decided by the Governor based on the proposal of the Banking Supervision Authority or by the Director of the State Bank of Vietnam Branch in case the credit institution, foreign bank branch does not propose the composition as prescribed in Clause 1 and Clause 2 of this Article.

5. Duties and powers of the Liquidation Board:

a) To use the seal of the credit institution, foreign bank branch during the liquidation process of the credit institution, foreign bank branch's assets in accordance with the provisions of the law;

b) Review all items of assets and liabilities, off-balance sheet items of the credit institution, foreign bank branch's balance sheet, prepare a list and amount of creditors and debtors up to the date of asset liquidation of the credit institution, foreign bank branch and a list of assets of the credit institution, foreign bank branch to be disposed of;

c) Carry out asset liquidation in accordance with this Circular and relevant laws, take every measure to recover debts and assets of the credit institution, foreign bank branch;

d) Within the first five (05) working days of each month or at any time, report to the Asset Liquidation Oversight Team on the situation of asset liquidation, asset distribution, and other issues arising;

đ) Costs related to the activities of the Liquidation Board shall be borne by the credit institution, foreign bank branch. Accounting for costs must comply with the current accounting regulations;

e) The Liquidation Board completes its tasks when the credit institution ceases to exist as a legal entity, the foreign bank branch ceases operations in accordance with the law.”

8. Clause 4 of Article 12 is amended and supplemented as follows:

“4. Within forty (40) days from the date of receipt of the document of the Liquidation Board or the Asset Liquidation Oversight Team as prescribed in Clause 2 of this Article, the State Bank or the State Bank Branch shall issue a document approving or disapproving the request for extension of the liquidation period.”

9. Clause 1 of Article 13 is amended and supplemented as follows:

“1. All debts and other financial obligations have been fully paid off in accordance with Clause 1 and Clause 2 of Article 11 of this Circular.”

10. Clause 2 of Article 16 is amended and supplemented as follows:

“2. The Head of the Asset Liquidation Oversight Team and members shall be responsible before the Governor or the Director of the State Bank Branch for the performance of their duties.”

11. Clause 5 of Article 16 is amended and supplemented as follows:

“5. The Asset Liquidation Oversight Team completes its tasks when the Governor or the Director of the State Bank Branch makes a decision to terminate the liquidation of assets of the credit institution, foreign bank branch.”

12. Clause 7 of Article 17 is amended and supplemented as follows:

“7. The Asset Liquidation Oversight Team is subject to the direction of the Governor or the Director of the State Bank Branch.”

13. Article 18 is amended and supplemented as follows:

“Article 18. Procedures and formalities for revoking the Representative Office License

1. For representative offices requesting to cease operations:

a) The representative office prepares one (01) set of documents in accordance with Article 19 of this Circular and submits directly to the One-Stop Service Center or sends through postal service to the State Bank Branch;

b) Within five (05) working days from the date of receiving complete valid documents as prescribed in Article 19 of this Circular, the State Bank Branch shall review the documents and send a letter to solicit opinions from related units of the State Bank regarding the cessation of operations, license revocation, and recommendations for related measures concerning the cessation of operations and license revocation (if necessary);

c) Within seven (07) working days from the date of receipt of the State Bank Branch's request, the units solicited for opinions as prescribed in point b of this Clause shall submit their opinions in writing to the State Bank Branch;

d) Within twenty (20) days from the expiration date of the period for comments, the Governor of the State Bank branch shall:

(i) Issue a decision to revoke the License, require the representative office to liquidate the lease contract for the premises and settle all other obligations and debts (if any) with relevant individuals and organizations, complete procedures to terminate operations, close the representative office, return the Business Registration Certificate, and surrender the seal in accordance with the provisions of the law; or

(ii) Issue a document requesting the representative office to report and explain matters related thereto (if any);

d) Within five (05) working days from the date of receipt of the report and explanation of the representative office as stipulated in point d(ii) of this Clause, the Governor of the State Bank branch shall implement as provided in point d(i) of this Clause.

2. For representative offices whose Licenses have been revoked:

In cases where the application dossier for the License of the representative office contains false information to meet the conditions for issuance of the License; or the representative office operates outside the scope specified in the License; or the foreign credit organization or other foreign organization engaged in banking activities has been dissolved, declared bankrupt, or had its License revoked or its operations suspended by the competent authority of the country where it is headquartered, the Governor of the State Bank branch shall implement as provided in point d(i) of Clause 1 of this Article.

3. For representative offices that do not request an extension of their operating period as prescribed by the State Bank, within ten (10) working days from the expiration date of the period for submitting the application dossier for an extension of the operating period, the Governor of the State Bank branch shall issue a document requiring the representative office to liquidate the lease contract for the premises and settle all other obligations and debts (if any) with relevant individuals and organizations, complete procedures to terminate operations, close the representative office, return the Business Registration Certificate, and surrender the seal in accordance with the provisions of the law.

4. For representative offices that request an extension of their operating period but are not approved in writing by the State Bank branch, at the document responding to the representative office regarding the non-approval of the extension of the operating period, the Governor of the State Bank branch shall require the representative office to liquidate the lease contract for the premises and settle all other obligations and debts (if any) with relevant individuals and organizations, complete procedures to terminate operations, close the representative office, return the Business Registration Certificate, and surrender the seal in accordance with the provisions of the law.”

14. Clause 1 of Article 20 is amended and supplemented as follows:

“1. Within seven (07) working days from the effective date of the decision to revoke the License, the State Bank branch shall be responsible for publishing on the electronic information website of the State Bank branch (if available) the revocation of the License of the representative office and sending the decision to revoke the License to the People's Committee, the representative office, and the State Bank for state management purposes and publication on the electronic information portal of the State Bank.”

15. Clause 3 of Article 20 is added as follows:

“3. For representative offices that do not request an extension of their operating period as prescribed by the State Bank or request an extension but are not approved in writing by the State Bank branch, within seven (07) working days from the date the License expires, the State Bank branch shall be responsible for publishing on the electronic information website of the State Bank branch (if available) the expiration of the operating period of the representative office and issuing a notification about the expiration of the operating period of the representative office to the People's Committee and the State Bank for state management purposes and publication on the electronic information portal of the State Bank.”

16. Article 21 is amended and supplemented as follows:

“Article 21. Responsibilities of Related Units

1. Credit organizations, foreign bank branches, and representative offices shall be responsible for providing full and truthful information on the organizational structure and operations of credit organizations, foreign bank branches, and representative offices; implementing reporting systems and complying with legal regulations concerning asset liquidation, dissolution, and revocation of Licenses as prescribed in this Circular.

2. The Banking Inspection and Supervision Authority shall be responsible for handling complaints related to the process of asset liquidation, dissolution, and revocation of Licenses of credit organizations and foreign bank branches as stipulated in Clause 3a of this Circular beyond the authority of the Liquidation Oversight Team; submitting issues arising beyond its authority during the process of asset liquidation, dissolution, and revocation of Licenses of credit organizations and foreign bank branches to the Governor for consideration and resolution.

3. The State Bank branch shall be responsible for handling complaints related to the process of asset liquidation, dissolution, and revocation of Licenses of foreign bank branches and representative offices as stipulated in Clause 3a of this Circular beyond the authority of the Liquidation Oversight Team; appointing representatives to join the Liquidation Oversight Team when requested in cases of License revocation as stipulated in Clause 3a of this Circular; submitting issues arising beyond its authority during the process of asset liquidation, dissolution, and revocation of Licenses of foreign bank branches and the process of revocation of Licenses of representative offices to the Governor for consideration and resolution; participating in opinions upon request of the Banking Inspection and Supervision Authority as stipulated in point b(i) of Clause 1 of Article 7 of this Circular.

4. The State Bank branch where the credit organization is headquartered and the State Bank branch where the credit organization has a branch shall be responsible for coordinating with the Banking Inspection and Supervision Authority in the process of asset liquidation, dissolution, and revocation of Licenses of credit organizations.

5. Relevant Departments, Bureaus, and units under the State Bank shall be responsible for participating in opinions upon request of the Banking Inspection and Supervision Authority and the State Bank branch within the time limit prescribed in Articles 7 and 18 of this Circular.”

Article 2.

1. Replace the phrase “State Bank branch for provinces and cities without Banking Inspection and Supervision Bureau or Banking Inspection and Supervision Office for provinces and cities with Banking Inspection and Supervision Bureau” at point b, c, d, clause 2, Article 7, clause 2, Article 12 Circular No. 24/2017/TT-NHNN and the phrase “State Bank branch for provinces and cities without Banking Inspection and Supervision Bureau, Banking Inspection and Supervision Office” at clause 4, 5, 6, Article 17 Circular No. 24/2017/TT-NHNN with the phrase “Banking Inspection and Supervision Bureau or State Bank branch”.

2. Replace the phrase “Report on the results of asset valuation, appraisal, determination of enterprise value” at point đ, clause 4, Article 7 Circular No. 24/2017/TT-NHNN with the phrase “Report on the results of asset appraisal, determination of enterprise equity value”.

3. Replace the phrase “State Bank” at point a, clause 1, Article 9, point a, clause 2, Article 14 Circular No. 24/2017/TT-NHNN with the phrase “State Bank or State Bank branch”.

4. Replace the phrase “point d(i)” at clause 1, Article 9 Circular No. 24/2017/TT-NHNN with the phrase “point đ(i)”.

5. Replace the phrase “Governor of the State Bank (hereinafter referred to as Governor)” at Article 6 Circular No. 24/2017/TT-NHNN and the phrase “Governor” at clause 1, Article 14, clause 3, Article 17 Circular No. 24/2017/TT-NHNN with the phrase “Governor or Director of State Bank branch”.

6. Replace the phrase “termination of liquidation” at point b, c, d, clause 2, Article 7, clause 2, Article 12, Article 13 Circular No. 24/2017/TT-NHNN with the phrase “cessation of liquidation”.

7. Repeal point đ, clause 2, Article 7, clause 3, Article 12 Circular No. 24/2017/TT-NHNN.

This Circular takes effect from December 25, 2025/.             

The Head of the Office, the Head of Banking Inspection and Supervision, the Heads of units under the State Bank; the Directors of State Bank branches in centrally governed provinces and cities; credit organizations, foreign bank branches, representative offices of foreign credit organizations, other foreign organizations engaged in banking activities shall be responsible for organizing the implementation of this Circular.

Article 4. Implementation provisions

This Circular takes effect from December 17, 2020./.