Decree No. 179-CP amends and supplements the regulation on 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 manages administrative state control over credit institutions and banks.
Scope of application
Foreign economic organizations establishing representative offices in Vietnam, the Ministry of Trade, the State Bank, the Governor of the State Bank, the Minister of Trade, heads of ministries equivalent to ministries, heads of government agencies, Chairmen of provincial People's Committees under the central government.
Key points
- The Ministry of Trade is responsible for examining and issuing, extending, supplementing, revoking, or canceling permits for foreign economic organizations (excluding credit institutions and banks) to establish representative offices in Vietnam.
- The State Bank is responsible for examining and issuing, extending, supplementing, revoking, or canceling permits for credit institutions and banks to establish representative offices in Vietnam; managing administrative state control over all activities of these representative offices.
🌐 Social impact of this document
- Positive impact: Reducing the administrative burden for foreign economic organizations by only needing to contact one regulatory agency (the Ministry of Trade) to obtain a permit.
- Negative impact: Strengthening the State Bank's management over credit institutions and banks, which may create difficulties in establishing representative offices.
❓ Frequently asked questions
Which type of organization is the Ministry of Trade responsible for issuing permits to?
The Ministry of Trade is responsible for examining and issuing, extending, supplementing, revoking, or canceling permits for foreign economic organizations (excluding credit institutions and banks).
How does the State Bank manage administrative state control over the activities of representative offices?
The State Bank is responsible for examining and issuing, extending, supplementing, revoking, or canceling permits for credit institutions and banks to establish representative offices in Vietnam; managing administrative state control over all activities of these representative offices.
When does this decree take effect?
This decree takes effect from the date of signature.
How are previous regulations contrary to this decree abolished?
All previous regulations 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 provincial People's Committees under the central government are responsible for implementing this decree.
Full text
DECREE
OF THE GOVERNMENT 179-CP ON NOVEMBER 2, 1994 AMENDING AND SUPPLEMENTING THE REGULATIONS ON ESTABLISHING AND OPERATING FOREIGN ECONOMIC ORGANIZATIONS' REPRESENTATIVE OFFICES IN VIETNAM ISSUED TOGETHER WITH DECREE NUMBER 82-CP ON 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, extending, supplementing, revoking, or cancelling permits for credit institutions and banks establishing 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 Establishing and Operating Foreign Economic Organizations' Representative Offices in Vietnam issued together with Decree Number 82-CP dated August 2, 1994 of the Government, the State Bank shall coordinate with the Ministry of Trade to guide the implementation of the Regulations accompanying Decree Number 82-CP and the amendments and supplements provided for in this Decree, applicable to 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 Trade, the 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 enforcing this Decree.
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