Decree No. 179-CP amends and supplements the regulations on the establishment and operation of representative offices of foreign economic organizations in Vietnam. The Ministry of Trade is responsible for issuing permits to foreign economic organizations (excluding credit institutions and banks), while the State Bank oversees administrative state management over credit institutions and banks.
Scope of application
Foreign economic organizations wishing to establish representative offices in Vietnam, including credit institutions and banks.
Key points
- The Ministry of Trade is responsible for examining, extending, supplementing, revoking, or canceling permits for foreign economic organizations (excluding credit institutions and banks).
- The State Bank is responsible for examining, extending, supplementing, revoking, or canceling permits for credit institutions and banks establishing representative offices in Vietnam.
- This Decree takes effect from the date of signing and abolishes previous provisions contrary to this Decree.
- The Governor of the State Bank, the Minister of Trade, Ministers, Heads of Ministries equivalent to ministries, Heads of government agencies, Chairmen of People's Committees of provinces and centrally governed cities are responsible for implementing this Decree.
- The State Bank shall coordinate with the Ministry of Trade to guide the implementation of the Regulations accompanying Decree No. 82-CP and the amendments and supplements provided for in this Decree applicable to the representative offices of foreign credit institutions and banks in Vietnam.
🌐 Social impact of this document
- Positive impact: Reducing the burden of administrative procedures for businesses when only one authority (the Ministry of Trade) or the State Bank is required.
- Negative impact: It may increase the time and effort in the process of obtaining permits if contact must be made with both authorities.
❓ Frequently asked questions
Which agency is responsible for examining permit applications for foreign economic organizations?
The Ministry of Trade is responsible for examining permit applications for foreign economic organizations (excluding credit institutions and banks).
What responsibilities does the State Bank have regarding the representative offices of credit institutions and banks?
The State Bank is responsible for examining, extending, supplementing, revoking, or canceling permits for credit institutions and banks establishing representative offices in Vietnam.
When does this Decree take effect?
This Decree takes effect from the date of signing.
What will happen to previous provisions contrary to this Decree?
Previous provisions contrary to this Decree are abolished.
Who is responsible for implementing this Decree?
The Governor of the State Bank, the Minister of Trade, Ministers, Heads of Ministries equivalent to ministries, Heads of government agencies, Chairmen of People's Committees of provinces and centrally governed cities are responsible for implementing this Decree.
Full text
DECREE
AMENDMENTS AND SUPPLEMENTS TO THE REGULATIONS ON THE ESTABLISHMENT AND OPERATION OF FOREIGN ECONOMIC ORGANIZATIONS' REPRESENTATIVE OFFICES IN VIETNAM ISSUED WITH DECREE NO. 82-CP OF AUGUST 2, 1994
_____________________________
THE GOVERNMENT
Pursuant to the Government Organization Law dated September 30, 1992;
Pursuant to the State Bank Law dated May 23, 1990;
At the proposal of the Governor of the State Bank,
DECREE
Article 1.
ARTICLE 4 OF THE REGULATIONS ON THE ESTABLISHMENT AND OPERATION OF FOREIGN ECONOMIC ORGANIZATIONS' REPRESENTATIVE OFFICES IN VIETNAM ISSUED WITH DECREE NO. 82-CP OF AUGUST 2, 1994, IS AMENDED AND COMPLEMENTED AS FOLLOWS:
The Ministry of Commerce shall be responsible for examining and issuing, extending, supplementing, revoking, or cancelling permits for foreign economic organizations (excluding credit institutions and banks) to establish representative offices in Vietnam.
The State Bank shall be responsible for examining and issuing, extending, supplementing, revoking, or cancelling permits for credit institutions and banks to establish representative offices in Vietnam; it shall also be responsible for administrative state management over all activities of these representative offices.
Article 2.
BASED ON THE REGULATIONS ON THE ESTABLISHMENT AND OPERATION OF FOREIGN ECONOMIC ORGANIZATIONS' REPRESENTATIVE OFFICES IN VIETNAM ISSUED WITH DECREE NO. 82-CP OF AUGUST 2, 1994 BY THE GOVERNMENT, THE STATE BANK SHALL COORDINATE WITH THE MINISTRY OF COMMERCE TO ISSUE GUIDELINES FOR IMPLEMENTING THE REGULATIONS ACCOMPANYING DECREE NO. 82-CP AND THE AMENDMENTS AND SUPPLEMENTS IN THIS DECREE TO APPLY TO THE REPRESENTATIVE OFFICES OF FOREIGN CREDIT INSTITUTIONS AND BANKS IN VIETNAM.
Article 3.
THIS DECREE SHALL TAKE EFFECT FROM THE DATE OF SIGNATURE. ALL PRIOR PROVISIONS CONTRARY TO THIS DECREE ARE ABROGATED.
Article 4.
THE GOVERNOR OF THE STATE BANK, THE MINISTER OF COMMERCE, THE MINISTERS, HEADS OF GOVERNMENTAL AGENCIES AT THE MINISTERIAL LEVEL, HEADS OF GOVERNMENTAL AGENCIES UNDER THE GOVERNMENT, CHAIRMEN OF THE PEOPLE'S COMMITTEES OF PROVINCES AND MUNICIPALITIES DIRECTLY UNDER THE CENTRAL GOVERNMENT SHALL BE RESPONSIBLE FOR ENFORCING THIS DECREE.
DEPUTY PRIME MINISTER
VICE-PRESIDENT OF THE GOVERNMENT
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