Circular No. 22/2022/TT-NHNN amending and supplementing certain Articles of Circular No. 05/2018/TT-NHNN dated March 12, 2018, issued by the Governor of the State Bank of Vietnam on the files, procedures, and formalities for approving changes and lists of candidates for election and appointment of personnel of credit organizations that are cooperatives.

Pursuant to the Law on Credit Organizations dated June 16, 2010;

Pursuant to the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

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 some articles of Circular No. 05/2018/TT-NHNN dated March 12, 2018, issued by the Governor of the State Bank of Vietnam, stipulating on the dossier, procedures, and formalities for approving changes, proposed lists of candidates for election, and personnel appointments of credit organizations that are cooperatives (hereinafter referred to as Circular No. 05/2018/TT-NHNN).

Article 1. Amending and supplementing some articles of Circular No. 05/2018/TT-NHNN

1. Amend and supplement Clause 2, Article 3 as follows:

"2. The Governor of the State Bank branch in the province or centrally governed city where the headquarters of the People's Credit Fund is located shall approve changes and the list of proposed personnel of the People's Credit Fund within its jurisdiction according to the provisions of Clause 1 and Clause 2, Article 1 of this Circular."

2. Amending and supplementing Clause 4 as follows:

“Article 4. Principles for preparation, submission and issuance of results , process, formalities prescribed in 

1. The document requesting the State Bank of Vietnam or the State Bank branch in the province or centrally governed city (hereinafter collectively referred to as the State Bank) to approve changes and the list of proposed personnel of credit organizations that are cooperatives must be signed by the legal representative of the credit organization that is a cooperative. In case of signing by an authorized representative, the dossier must include an authorization letter in accordance with the provisions of the law.

2. The dossier shall be prepared in one set in Vietnamese.

3. Credit organizations that are cooperatives shall submit one set of the request dossier through one of the following three methods:

1. Submitting directly at the One-Stop Service Unit of the State Bank;
2. Sending via postal service;

c) Submitting online through the National Public Service Portal or the State Bank Public Service Portal for requests to approve changes and the list of proposed personnel as stipulated in Articles 5, 6, 7, 9, and 11 of this Circular. In case the National Public Service Portal or the State Bank Public Service Portal encounters technical issues or errors preventing electronic information exchange, the processing, submission, receipt, issuance of results, and communication of information shall be conducted via postal service or directly at the One-Stop Service Unit of the State Bank.

4. The credit organization that is a cooperative shall be responsible for the completeness, accuracy, and truthfulness of the information stated in the dossier requesting approval of changes and the proposed personnel list.

5. Credit organizations that are cooperatives shall submit the dossier requesting approval of changes and the list of proposed personnel as follows:

a) Cooperative Banks shall submit to the State Bank of Vietnam (Supervisory Authority);

b) People's Credit Funds shall submit to the State Bank branch in the province or centrally governed city (hereinafter referred to as the State Bank branch) where their headquarters is located.

6. Documents requesting supplementary dossiers, responses, approvals, and Decisions amending and supplementing Licenses of the State Bank shall be implemented in paper form or electronic documents (for requests to approve changes and the list of proposed personnel as stipulated in Articles 5, 6, 7, 9, and 12 of this Circular)."

3. Amend and supplement Article 5 as follows:

"Article 5. Change of Name

1. Application documents include:

a) A request document for approval of name change according to the model attached as Appendix 01 of this Circular;

b) The resolution of the Members' Congress approving the change of name.

2. Procedure for implementing the approval process:

a) Credit organizations that are cooperatives shall prepare the dossier in accordance with Clause 1 of this Article and submit it to the State Bank. If the dossier is incomplete, the State Bank shall issue a document requesting the credit organization that is a cooperative to supplement the dossier within three working days from the date of receiving the dossier;

b) Within fifteen days from the date of receiving a complete and valid dossier, the State Bank shall issue a Decision amending and supplementing the License for the name of the credit organization that is a cooperative; if rejected, the State Bank shall respond in writing and specify the reasons."

4. Amend and supplement Clause 1, Clause 4, and Clause 5 of Article 6 as follows:

"1. The dossier includes:

a) A request document for approval of change of the location of the main office according to the model attached as Appendix 02 of this Circular;

b) Resolution of the Members' Congress approving the change of the location of the main office;

c) Documents proving the credit organization that is a cooperative has the right to use or legally own the premises at the new location."

"4. Within fifteen days before operating at the new location, the credit organization that is a cooperative shall report the expected start date of operation at the new location to the State Bank in writing. The credit organization that is a cooperative may not operate at the new location if the main office does not meet the requirements of the intended new location as committed in the Application for Change of Location of Main Office.

5. In case of address change without resulting in a change of the location of the main office, the credit organization that is a cooperative shall submit to the State Bank a request document for approval of change of address of the main office according to the model attached as Appendix 03 of this Circular.

Within ten days from the date of receiving the request document of the credit organization that is a cooperative, the State Bank shall issue a Decision amending and supplementing the License for the address of the main office of the credit organization that is a cooperative."

5. Amend and supplement Point a and Point b of Clause 1 of Article 7 as follows:

"1. The dossier includes:

a) A request document for approval of change in content and scope of operations according to the model attached as Appendix 04 of this Circular;

b) Resolution of the Members' Congress approving the change in content and scope of operations;"

6. Amend and supplement Clause 1 and Clause 2 of Article 9 as follows:

"1. The dossier includes:

a) A request document for approval of change in registered capital according to the model attached as Appendix 05 of this Circular;

b) Plan for increasing registered capital including at least the following contents:

(i) Sources of funds to increase registered capital;

(ii) Sources of funds to refund contributions to members and the extent to which conditions for refunding contributions to members are met (if applicable);

c) Plan for reducing registered capital including at least the following contents:

(i) Sources of funds to increase registered capital (if applicable);

(ii) Sources of funds to refund contributions to members and the extent to which conditions for refunding contributions to members are met;

(iii) Expected completion time for reducing registered capital;

d) Resolution of the Members' Congress including at least the following contents:

(i) Change in registered capital;

(ii) Approve the list of new members to be admitted to the people's credit fund, remove members from the fund; decide on expelling members;

In the case of requesting approval to reduce the charter capital level, the proposed reduced charter capital level must comply with the legal provisions on statutory capital and have plans to ensure the prescribed safety ratios in the operation of credit cooperative organizations;

d) List of capital-contributing members and those expected to be refunded capital for the year according to Form 06 attached hereto;

          2. Procedure for implementing the approval process:

a) Credit cooperative organization prepares the dossier in accordance with Clause 1 of this Article and submits it to the State Bank. In cases where the dossier is incomplete, within three working days from the date of receipt of the dossier, the State Bank will issue a document requesting supplementary information;

b) Within twenty days from the date of receiving a complete and valid dossier:

(i) For the case of increasing the charter capital level: The State Bank issues a decision to amend and supplement the License regarding the charter capital level of the credit cooperative organization;

 (ii) For the case of reducing the charter capital level: The State Bank issues a document approving the reduction of the charter capital level of the credit cooperative organization for the case of reducing the charter capital level. The credit cooperative organization may only implement the plan to reduce the capital level after obtaining approval from the State Bank;

(iii) In case of rejection, the State Bank replies in writing and specifies the reasons.";

7. Amend and supplement Article 11 as follows:

"Article 11. Dossier for Requesting Approval of the Proposed Personnel List

1. A request letter to the State Bank for approval of the proposed personnel list according to Form 07 attached hereto;

2. Resolution of the Board of Directors approving the proposed personnel list of the credit cooperative organization, committing that the proposed personnel to be elected or appointed meet the required qualifications and conditions stipulated in the Law on Credit Organizations, relevant laws, and the Charter of the credit cooperative organization;

3. Personal curriculum vitae of the proposed personnel to be elected or appointed according to Form 08 attached hereto;

4. Criminal record certificate of the proposed personnel to be elected or appointed, which must include complete information about criminal records (including both expunged and unexpunged records);

The criminal record certificate must be issued by the competent authority before the credit cooperative organization submits the dossier for approval of the proposed personnel list, at most six months prior to the submission;

5. Declaration of related persons of the proposed personnel to be elected or appointed according to Form 09 attached hereto;

6. Certificates and diplomas of the proposed personnel to be elected or appointed proving compliance with the requirements set forth by the State Bank. In cases where certificates and diplomas are issued by foreign educational institutions, they must be recognized by the competent authority in Vietnam in accordance with relevant laws.";

8. Amend and supplement Article 12 as follows:

"Article 12. Procedure for Implementing Approval of the Proposed Personnel List

1. At least thirty days before the planned meeting of the Members' Congress or the day the Board of Directors plans to appoint (including hiring) the General Director (Director), the credit cooperative organization shall prepare the dossier in accordance with Article 11 of this Circular and submit it to the State Bank for approval of the proposed personnel list;

The State Bank will access necessary information in the national population database when reviewing and assessing information on residence. In cases where such information cannot be accessed from the national population database, the State Bank has the right to request the credit cooperative organization to provide a confirmation document on residence information for the proposed personnel to be elected or appointed from the competent registration authority in accordance with relevant laws;

2. If the dossier is incomplete, within three working days from the date of receipt of the dossier, the State Bank will issue a document requesting the credit cooperative organization to supplement the dossier;

3. Within ten days from the date of receiving a complete and valid dossier, the State Bank will issue a document approving the proposed personnel list of the credit cooperative organization; in case of rejection, the State Bank will reply in writing and specify the reasons.";

9. Supplement Clause 6 to Article 14 as follows:

"6. Coordinate with the Information Technology Department to guide and handle arising issues of Cooperative Banks during the implementation of accepting dossiers and delivering results through the National Public Service Portal and the State Bank of Vietnam Public Service Portal for services specified in point c Clause 3 and Clause 6 Article 4 of this Circular.";

10. Supplement Clause 7 to Article 15 as follows:

"7. Coordinate with the Information Technology Department to guide and handle arising issues of people's credit funds in the area during the implementation of accepting dossiers and delivering results through the National Public Service Portal and the State Bank of Vietnam Public Service Portal for services specified in point c Clause 3 and Clause 6 Article 4 of this Circular.";

11. Supplement Article 16a as follows:

"Article 16a. Responsibilities of the Information Technology Department

1. Serve as the focal point and coordinate with Banking Inspection and Supervision Authority, State Bank Branches to implement the acceptance of dossiers and delivery of results through the National Public Service Portal and the State Bank of Vietnam Public Service Portal for services specified in point c Clause 3 and Clause 6 Article 4 of this Circular;

2. Handle technical issues related to online public services during the implementation and operation.";

12. Amend and supplement point a(i) Clause 2 and point b Clause 3 of Article 16 as follows:

a) Amend and supplement point a(i) Clause 2 as follows:

"(i) The number of members proposed to be elected to the Board of Directors and the Supervisory Board, including the number of dedicated members of the Supervisory Board;"

b) Amend and supplement Point b of Clause 3 as follows:

"b) Within ten working days from the date of election or appointment of the positions of Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, dedicated supervisors, General Director (Director), the credit cooperative must submit a notification letter to the State Bank of Vietnam containing the list of elected or appointed individuals according to the form at Appendix No. 10 issued together with this Circular, specifically:

i) Credit Cooperative Banks shall send to the Banking Inspection and Supervision Authority;

ii) People's Credit Funds shall send to the State Bank of Vietnam branch."

Article 2. Repeal some Appendices issued together with Circular No. 05/2018/TT-NHNN

Repeal Appendix No. 02 and Appendix No. 03 issued together with Circular No. 05/2018/TT-NHNN dated March 12, 2018, of the Governor of the State Bank of Vietnam regarding the file, procedure, and formalities for approving changes and the list of candidates for election or appointment of personnel of credit cooperatives.

This Circular takes effect from December 25, 2025/.

The Heads of the Office, the Banking Inspection and Supervision Authority, the Heads of units under the State Bank of Vietnam, and credit cooperatives are responsible for organizing the implementation of this Circular.

Article 4. Implementation Provisions

2. Credit cooperatives established and operating according to the License issued by the State Bank before the effective date of this Circular do not need to reapply for a License according to the provisions of this Circular.

2. The submission of applications through the National Public Service Portal or the State Bank of Vietnam Public Service Portal, and the request for supplementary documents, responses, approvals, and Decisions amending and supplementing the State Bank of Vietnam's License under Point c Clause 3 and Clause 6 Article 4 of Circular No. 05/2018/TT-NHNN (amended and supplemented in Clause 2 Article 1 of this Circular) shall be implemented from September 1, 2023.

3. This Circular repeals Clause 1, 2, and 4 Article 3, Appendix No. 02 and Appendix No. 03 issued together with Circular No. 21/2019/TT-NHNN dated November 14, 2019, of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circulars on Credit Cooperative Banks, People's Credit Funds, and the Guarantee Fund for the Safety of People's Credit Funds System.