Decision No. 210/2005/QD-NHNN on adjusting the ratio of VND deposit mobilization for foreign bank branches of European Union countries operating in Vietnam

DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM

On Adjusting the Ratio of VND Deposit Mobilization for Branches of Foreign Banks

from European Union Countries Operating in Vietnam

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 12, 1997 and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam No. 10/2003/QH11 dated June 17, 2003;

Pursuant to the Law on Credit Organizations No. 02/1997/QH10 dated December 12, 1997 and the Law Amending and Supplementing Certain Articles of the Law on Credit Organizations No. 20/2004/QH11 dated June 15, 2004;

Pursuant to Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;

Pursuant to the Government Decree No. 13/1999/NĐ-CP dated March 17, 1999 on the organization and operation of foreign credit organizations and representative offices of foreign credit organizations in Vietnam;

Implementing the guidance of the Prime Minister in Official Letter No. 75/CP-QHQT dated December 16, 2004;

At the proposal of the Director of the Department of Banks and Non-Bank Financial Institutions,

DECISION:

Article 1. Branches of foreign banks from European Union (EU) countries operating in Vietnam are permitted to accept VND deposits from Vietnamese legal entities with which the bank has no credit relationship up to a maximum of 400% of the authorized capital, and from Vietnamese individuals with whom the bank has no credit relationship up to a maximum of 350% of the authorized capital.

Article 2. This Decision takes effect fifteen days after its publication in the Official Gazette and replaces Decision No. 327/2004/QĐ-NHNN dated April 1, 2004.

Article 3. The Heads of the State Bank of Vietnam’s Office, the Director of the Department of Banks and Non-Bank Financial Institutions, the Heads of relevant units under the State Bank of Vietnam, and the General Directors (Directors) of branches of foreign banks from EU countries operating in Vietnam are responsible for implementing this Decision.