Consolidated Document number 22/VBHN-NHNN stipulates the files and procedures for revoking Licenses and liquidating assets of credit institutions, foreign bank branches; files and procedures for revoking representative offices' Licenses in Vietnam of foreign credit institutions, other foreign organizations engaged in banking activities.

CIRCULAR

Regulations on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative office licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities.

Circular No. 63/2024/TT-NHNN dated December 31, 2024, issued by the Governor of the State Bank of Vietnam, stipulates the dossiers and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative office licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from February 17, 2025, amended and supplemented by:

Circular No. 24/2025/TT-NHNN dated August 29, 2025, issued by the Governor of the State Bank of Vietnam, amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN stipulating the dossiers and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative office licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

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

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Law on Enterprises dated June 17, 2020;

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 stipulating the dossiers and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative office licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities 1. This Circular stipulates the dossiers and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches, revoking representative office licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities in the following cases:[1].

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation

a) Cases of revoking licenses as prescribed in points a, c, d, đ, e Clause 1 Article 36, Clause 2 Article 202 of the Law on Credit Institutions;

b) Case of dissolving a credit institution under special control as prescribed in point a Clause 1 Article 187 of the Law on Credit Institutions;

c) Case of dissolving or ceasing operations of a credit institution or foreign bank branch as prescribed in Clause 1 Article 202 of the Law on Credit Institutions;

d) Case of dissolving or ceasing operations of a credit institution or foreign bank branch as prescribed in Clause 3 Article 202 of the Law on Credit Institutions;

đ) Case of dissolving a credit institution under special control as prescribed in Clause 4 Article 202 of the Law on Credit Institutions;

e) Case of dissolving a credit institution subject to early intervention as prescribed in Clause 4 Article 202 of the Law on Credit Institutions;

g) The representative office in Vietnam of a foreign credit institution or other foreign organization engaged in banking activities (hereinafter referred to as the foreign representative office) requests to cease operations; the foreign representative office does not request an extension or requests an extension but is not approved in writing by the State Bank of Vietnam (hereinafter referred to as the State Bank) when the term of operation expires.

2. In case of restructuring of a credit institution, the dossiers and procedures for revoking licenses shall be implemented according to the regulations of the Governor of the State Bank on restructuring of credit institutions.

3. In case of bankruptcy of a credit institution, the liquidation of assets of the credit institution shall be carried out according to the regulations of the law on bankruptcy; the revocation of the license of a bankrupt credit institution shall be carried out according to the provisions of Clause 3 Article 203 of the Law on Credit Institutions.

4. A credit institution that has been revoked its license before the Law on Credit Institutions takes effect belongs to the dissolution case as prescribed in Article 202 of the Law on Credit Institutions shall implement dissolution and asset liquidation according to the Law on Credit Institutions, the provisions of this Circular (except for the provisions on revoking licenses) and other relevant laws.

5. A credit institution that does not engage in banking activities for a continuous period of 12 months before the Law on Credit Institutions takes effect belongs to the dissolution case as prescribed in Article 202 of the Law on Credit Institutions shall implement dissolution and asset liquidation according to the Law on Credit Institutions, the provisions of this Circular and other relevant laws.

1. Credit institutions include:

Article 2. Applicability

a) Commercial banks, cooperative banks;

b) Non-bank credit institutions;

c) Microfinance organizations.

3. Foreign representative office.

2. Branches of foreign banks.

4. Organizations and individuals related to the revocation of licenses and liquidation of assets of credit institutions and foreign bank branches; revocation of foreign representative office licenses.

Competent authority

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. is the competent authority of the credit institution, parent bank, foreign credit institution, or other foreign organization engaged in banking activities authorized to decide on the dissolution and cessation of operations of the credit institution, foreign bank branch, or foreign representative office according to the charter of the credit institution, parent bank, foreign credit institution, or other foreign organization engaged in banking activities and in accordance with current Vietnamese law. Parent bank

2. is a foreign bank with a branch in Vietnam. State Bank branch

3.[2] is the State Bank branch in the region where the credit institution's main office, foreign bank branch, or foreign representative office is located. People's Committee

4. is the People's Committee of the province or centrally-administered city where the credit institution's main office, foreign bank branch, or foreign representative office is located. Management and supervision unit

5.[3] is the Credit Institution Management and Supervision Department under the State Bank. Date of dissolution request

6. is the date, month, and year recorded on the dissolution request document of the credit institution or foreign bank branch. is the date, month, year recorded on the dissolution proposal document of the credit institution, foreign bank branch.

Article 4. Authority to Decide on Revoking the License

1. The Governor of the State Bank (hereinafter referred to as the Governor) has the authority to decide on revoking the License for commercial banks, cooperative banks, and microfinance organizations.

2. The head of the supervisory unit has the authority to decide on revoking the License for:

a) Non-bank credit institutions;

b) Branches of foreign banks, except for branches of foreign banks specified in point a, Clause 3 of this Article.

3. The Director of the State Bank branch has the authority to decide on revoking the License for:

a) Branches of foreign banks that fall within the micro-prudential supervision and inspection scope of the State Bank branch as assigned by the Governor;

b) Foreign representative offices located within the jurisdiction.

Article 5. Principles for Revoking the License and Liquidating Assets of Credit Institutions and Branches of Foreign Banks

1. Credit institutions and branches of foreign banks must determine their ability to settle debts and other financial obligations before and during the asset liquidation process, dissolution, and license revocation; credit institutions and branches of foreign banks must settle all balances in settlement accounts at the State Bank before the State Bank revokes the License according to this Circular.

2. Credit institutions and branches of foreign banks may only be dissolved if they meet one of the following conditions:

a) Ensuring full payment of all debts, financial obligations, and not being involved in litigation or arbitration proceedings;

b) Early intervention or special control measures have been implemented with another credit institution taking over all debt obligations.

3. The dissolution of credit institutions and branches of foreign banks shall be carried out in accordance with this Circular and other relevant laws.

4. During the monitoring of asset liquidation, if it is found that the credit institution lacks the ability to fully pay off all debts, the State Bank will decide to terminate the liquidation process and implement the bankruptcy plan for the credit institution as stipulated in Section 5 Chapter X and Article 203 of the Law on Credit Institutions.

5. During the asset liquidation process, if a branch of a foreign bank cannot fully pay off all debts and other financial obligations, the parent bank is obligated to fulfill its commitments as provided in point c, Clause 3 of Article 29 of the Law on Credit Institutions.

Article 6. Principles for Preparing Documentation

1. The application file must be prepared in one set in Vietnamese. Foreign components of the application file must be legalized according to Vietnamese law, except where exempted from legalization under Vietnamese law regarding legalization, excluding financial reports drafted directly in English.

2. Foreign components of the application file must be translated into Vietnamese. Translations from foreign languages into Vietnamese must be notarized or certified by the translator according to Vietnamese law, except for financial report translations which must be confirmed by a licensed translation organization or individual according to Vietnamese law.

3. In cases where documents are copies that are not certified true copies issued from original records, the original must be presented for comparison, and the person conducting the comparison is responsible for the accuracy of the copy compared to the original.

4. The application file must be signed by the legal representative of the credit institution or the legal representative of the parent bank for branches of foreign banks or the legal representative of the foreign credit institution or foreign entity engaged in banking activities for foreign representative offices or by an authorized representative; in case of signing by an authorized representative, the application file must include a power of attorney document consistent with Vietnamese law.

5. Each set of application files must contain a list of documents.

6.[4] When submitting the application file online through the National Public Service Portal or the State Bank Public Service Portal (if available), electronic signatures must be used in accordance with Vietnamese law on administrative procedures in the electronic environment.

In case the National Public Service Portal or the State Bank Public Service Portal encounters technical issues or errors preventing the reception and exchange of electronic information, the submission, receipt, and response to information shall be conducted through postal services or directly at the One-Stop Shop of the State Bank or the State Bank Regional Branch.

7.[5] Documents in the electronic application file are scanned copies of original documents (PDF format).

Article 7. Acts that shall not be carried out during the process of revoking the License and liquidating the assets of credit organizations and foreign bank branches

From the date the competent authority decides to approve the dissolution or from the date the State Bank issues a document approving the principle of dissolution or from the date the State Bank issues a document requesting the credit organization or foreign bank branch to liquidate its assets, whichever comes first, the credit organization or foreign bank branch, managers, operators, and employees of the credit organization or foreign bank branch shall not carry out the following activities or transactions related to the assets and debts of the credit organization or foreign bank branch:

1. Concealing or disposing of assets.

2. Abandoning or reducing debt collection rights.

3. Converting unsecured debts into secured debts guaranteed by the assets of the credit organization or foreign bank branch.

4. Pledging, mortgaging, giving away, or leasing assets.

5. Signing new agreements or contracts except for those aimed at terminating operations.

6. Transferring money or assets abroad.

Chapter II. REVOCATION OF LICENSE AND LIQUIDATION OF ASSETS OF CREDIT ORGANIZATIONS AND FOREIGN BANK BRANCHES

Section 1. REVOCATION OF LICENSE

Article 8. Procedures for revoking the License for credit organizations and foreign bank branches as stipulated in Point d Clause 1 of this Circular

1. When a credit organization or foreign bank branch voluntarily requests dissolution, it must:

a) Hire a business entity holding a Certificate of Eligibility for Business in Valuation Services, as prescribed by laws on valuation, to conduct asset valuations and determine the net asset value of the credit organization or foreign bank branch according to the law of the year immediately preceding the year of dissolution request and the most recent quarter before the dissolution request;

b) Develop a liquidation plan as prescribed in Point b Clause 2 of this Article based on the results of the asset valuation and the determination of the net asset value of the credit organization or foreign bank branch as prescribed in Point a of this Clause;

c) Prepare one set of documents as prescribed in Clause 2 of this Article and submit them through postal services or directly to the State Bank (One-stop Service Department) or the State Bank Branch (One-stop Service Department) within the scope of authority prescribed in Article 4 of this Circular,.

2. Dissolution Request Documents:

a) A letter requesting dissolution;

b) A liquidation plan approved by the competent authority, including at least the following contents:

(i) Name, address, and website of the credit organization or foreign bank branch;

(ii) Name, address, and website of the parent bank (for foreign bank branches);

(iii) Names, addresses, and contact phone numbers of members of the Board of Directors, members of the Board of Members, members of the Supervisory Board, General Director (Director);

(iv) List of liquidation board members (names, addresses, contact phone numbers);

(v) Summary of financial status and operations (actual charter capital value, issued capital; bad debts; debt situation, receivables and payables including on-balance sheet and off-balance sheet items) up to the time the credit organization or foreign bank branch requests dissolution; clearly identifying the ability to settle all debts and other property obligations;

(vi) Reasons for voluntary dissolution;

(vii) List of founding shareholders, major shareholders, owners, founding members, and capital contributors;

(viii) Plan and measures to handle rights and obligations, specifying the liquidation timeline and asset distribution plan. For foreign bank branches, the plan for transferring capital, profits, and assets abroad must also be specified;

(ix) Responsibilities of related organizations and individuals during the liquidation process, dissolution, and license revocation;

(x) Suggestions and proposals (if any).

c) Document of the competent authority approving the dissolution and the liquidation plan. In cases where a foreign bank branch requests dissolution at the request of the parent bank, the application must include a document from the parent bank regarding the dissolution and cessation of operations of the foreign bank branch;

d) Report on the results of asset valuation and determination of the net asset value of the credit organization or foreign bank branch as prescribed in Point a Clause 1 of this Article;

đ) Financial statements of the credit organization or foreign bank branch for the year immediately preceding the year of dissolution request audited by an independent auditing organization as prescribed by law and the most recent quarterly financial statement before the dissolution request date. If there is no audited annual financial statement at the time of submitting the dissolution request, the credit organization or foreign bank branch may submit unaudited financial statements and bear responsibility for the content of the submitted financial statements. The credit organization or foreign bank branch must submit the audited financial statement immediately upon issuance by the independent auditing organization.

3. Within fifteen days from the date of receiving complete valid documents as prescribed in Clause 2 of this Article, the State Bank will issue a document seeking opinions:

a) People's Committee on the view of dissolution and license revocation; impact of dissolution and license revocation on political, economic, and social stability in the region;

b) Some relevant Ministries and sectors on dissolution, asset liquidation, and license revocation (if necessary).

4. The opinion solicitation period prescribed in Clause 3 of this Article is fifteen days from the date the State Bank sends out the document seeking opinions.

5. Within fifteen days from the end of the opinion participation period prescribed in Clause 4 of this Article:

a) In case the liquidation plan demonstrates the ability to fully settle all debts and other financial obligations, the State Bank shall issue a document approving the principle of dissolution, including approval of the liquidation plan and requiring the credit institution or foreign bank branch to establish a Liquidation Committee to carry out the liquidation according to the approved plan; the State Bank shall also establish a Supervisory Team for Liquidation; or

b) If the liquidation plan does not demonstrate the ability to fully settle all debts and other financial obligations, the State Bank shall issue a document rejecting approval of the dissolution, stating the reasons; or

c) The State Bank shall issue a document requesting the credit institution or foreign bank branch to report and explain relevant contents.

6. Within thirty days from the date the State Bank issues the request document as stipulated in point c, Clause 5, Article this, the credit institution or foreign bank branch shall submit a report and explanation to the State Bank or the State Bank branch with jurisdiction as prescribed at Article 4 of this Circular,.

7. Within ten days from the date of receipt of the report and explanation of the credit institution or foreign bank branch as stipulated in Clause 6, Article this, the State Bank shall issue a document approving the principle of dissolution as prescribed in point a, Clause 5, Article this, or reject approval of the dissolution as prescribed in point b, Clause 5, Article this.

8. Liquidation of assets:

a) The credit institution or foreign bank branch must establish a Liquidation Committee within thirty days from the date the document approving the principle of dissolution takes effect and proceed with asset liquidation according to the provisions of Section 2, Chapter this and other relevant laws;

b) Within thirty days from the date the credit institution or foreign bank branch falls under the cessation of liquidation as prescribed at Article 17 of this Circular, the Liquidation Committee shall issue a report on the results of liquidation and request cessation of liquidation (including requests for cessation of liquidation to initiate bankruptcy procedures as prescribed by law) to the Supervisory Team for Liquidation, People's Committee, State Bank or the State Bank branch with jurisdiction as prescribed at Article 4 of this Circular,;

c) Within fifteen days from the date of receipt of the document of the Liquidation Committee as prescribed in point b of this clause, the Supervisory Team for Liquidation shall issue a report on the results of liquidation and request cessation of liquidation (including requests for cessation of liquidation to initiate bankruptcy procedures as prescribed by law) to the State Bank or the State Bank branch with jurisdiction as prescribed at Article 4 of this Circular,;

d) During the supervision of asset liquidation, if the Supervisory Team for Liquidation discovers that the credit institution lacks the ability to fully settle all debts and other financial obligations, it shall issue a report to the State Bank on the results of liquidation and request cessation of liquidation to initiate bankruptcy procedures as prescribed by law for cases of cessation of liquidation as prescribed at for the cases of termination of liquidation provided for in Clause 3, Article 17 of this Circular.

9. Revocation of License:

a) Within sixty days from the date of receipt of the document of the Supervisory Team for Liquidation as prescribed in points c and d, Clause 8, Article this, the State Bank:

(i) Shall issue a decision to cease liquidation and revoke the license for the cases prescribed at Clause 1, Clause 2, Article 17 of this Circular; or

(ii) Shall issue a decision to cease operation of the credit institution to initiate bankruptcy procedures as prescribed by law for the cases prescribed at Clause 3, Article 17 of this Circular; or

(iii) Shall issue a document requesting the credit institution or foreign bank branch to report and explain issues needing clarification related to the asset liquidation process (if any).

b) Within thirty days from the date the State Bank issues the request document as prescribed in point a(iii) of this clause, the credit institution or foreign bank branch shall submit a report and explanation to the State Bank or the State Bank branch with jurisdiction as prescribed at Article 4 of this Circular,;

c) Within twenty days from the date of receipt of the report and explanation of the credit institution or foreign bank branch as prescribed in point b of this clause, the State Bank shall review and decide according to the provisions at point a(i) or point a(ii) of this clause.

Article 9. The procedure for revoking the License for credit institutions as stipulated in Point d Clause 1 Article 1 of this Circular

1. The Special Supervisory Board requests the credit institution under special supervision to cooperate with the credit institution receiving all debt obligations to develop a liquidation plan of assets to be submitted to the State Bank for approval.

2. The asset liquidation plan, which has been decided by the competent authority of the credit institution under special supervision and the credit institution receiving all debt obligations, shall include at least the following contents:

a) Name, address, and website of the credit institution under special supervision and the credit institution receiving all debt obligations;

b) Name, address, and contact phone number of members of the Board of Directors, members of the Board of Members, members of the Supervisory Board, General Director (Director) of the credit institution under special supervision and the credit institution receiving all debt obligations;

c) List of members of the Liquidation Board (name, address, contact phone number);

d) Summary of financial status and operations (actual charter capital value, authorized capital; bad debts; debt situation, receivables, payables including on-balance sheet and off-balance sheet items) of the credit institution under special supervision up to the date of requesting to receive all debt obligations;

đ) List of founding shareholders, major shareholders, owners, founding members, capital contributors of the credit institution under special supervision;

e) Plan to purchase part or all of the assets, while taking over all debt obligations of the credit institution under special supervision; timeline and method of purchasing assets, transferring debt obligations; rights and obligations of the credit institution under special supervision, the credit institution receiving all debt obligations; support measures for the credit institution receiving all debt obligations;

g) Plan and measures to handle rights and obligations, specifying the liquidation timeline and asset distribution plan;

h) Responsibilities of organizations and individuals related to the dissolution process, asset liquidation, and license revocation;

i) Recommendations and proposals (if any).

3. Within thirty days from the date of receipt of the liquidation plan as stipulated in Clauses 1 and 2 of this Article, the State Bank issues a document approving the principle of dissolving the credit institution under special supervision, including the approval of the liquidation plan, requiring the credit institution under special supervision to proceed with asset liquidation; establishing the Liquidation Board and the Liquidation Oversight Team.

4. Asset liquidation:

a) The credit institution under special supervision conducts asset liquidation in accordance with the provisions of Section 2 Chapter of this Regulation and other relevant laws;

b) Within thirty days from the date the credit institution under special supervision falls into the case of terminating liquidation as prescribed in Clause 1, Clause 2, Article 17 of this Circular, the Liquidation Board submits a report on the results of liquidation and a request to terminate liquidation to the Liquidation Oversight Team, People's Committee, and the State Bank;

c) Within fifteen days from the date of receipt of the document of the Liquidation Board as stipulated in Point b Clause 4 of this Article, the Liquidation Oversight Team submits a report on the results of liquidation and a request to terminate liquidation to the State Bank.

5. Revocation of License:

a) Within sixty days from the date of receipt of the document of the Liquidation Oversight Team as stipulated in Point c Clause 4 of this Article, the State Bank:

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

(ii) Issues a document requesting the credit institution under special supervision to report and explain issues that need clarification related to the asset liquidation process (if any);

b) Within thirty days from the date the State Bank issues the document requesting as stipulated in Point a(ii) Clause 4 of this Article, the credit institution under special supervision submits a report and explanation to the State Bank;

c) Within twenty days from the date of receipt of the report and explanation of the credit institution under special supervision as stipulated in Point b Clause 4 of this Article, the State Bank reviews and decides according to the provision in Point a(i) Clause 4 of this Article.

Article 10. The procedure for revoking the License for credit institutions specified in Point e Clause 1 Article 1 of this Circular

1. Credit institutions subject to early intervention shall cooperate with credit institutions taking over all debt obligations to develop a plan for liquidating assets to be submitted to the State Bank for approval.

2. The asset liquidation plan decided upon by the competent authority of the credit institution subject to early intervention and the credit institution taking over all debt obligations shall include at least the following contents:

a) Name, address, and website of the credit institution subject to early intervention and the credit institution taking over all debt obligations;

b) Name, address, and contact phone number of members of the Board of Directors, members of the Board of Members, members of the Supervisory Board, General Director (Director) of the credit institution subject to early intervention and the credit institution taking over all debt obligations;

c) List of members of the Liquidation Board (name, address, contact phone number);

d) Summary of financial status and operations (actual charter capital value, authorized capital; non-performing loans; debt situation, receivables and payables including on-balance sheet and off-balance sheet items) of the credit institution subject to early intervention up to the date of requesting to take over all debt obligations;

đ) List of founding shareholders, major shareholders, owners, founding members, capital contributors of the credit institution subject to early intervention;

e) Plan, timeline, and method of transferring debt obligations between the credit institution subject to early intervention and the credit institution taking over all debt obligations; rights and obligations of the credit institution subject to early intervention and the credit institution taking over all debt obligations; rights and obligations of third parties related to the transfer;

g) Plan and measures to handle rights and obligations, specifying the liquidation timeline and asset distribution plan;

h) Responsibilities of organizations and individuals related to the dissolution process, asset liquidation, and license revocation;

i) Recommendations and proposals (if any).

3. Within thirty days from the date of receipt of the liquidation plan as stipulated in Clauses 1 and 2 of this Article, the State Bank shall issue a document approving the dissolution of the credit institution subject to early intervention, including the approval of the liquidation plan, requiring the credit institution subject to early intervention to proceed with asset liquidation; establish a Liquidation Committee and a Liquidation Oversight Team.

4. Asset liquidation shall be carried out in accordance with the provisions of Clause 4 Article 9 of this Circular and other relevant laws.

5. The revocation of the License shall be carried out in accordance with the provisions of Clause 5 Article 9 of this Circular.

Article 11. The procedure for revoking the License of credit institutions and foreign bank branches specified in Points a, b, c Clause 1, Clause 4, Clause 5 Article 1 of this Circular

1. Based on the inspection and audit conclusions, the results of banking supervision activities containing information about the dissolution or revocation of the License of credit institutions and foreign bank branches, or the decision of the State Bank regarding the dissolution of credit institutions under special control, or in cases where credit institutions and foreign bank branches do not request an extension or request an extension but are not approved in writing by the State Bank when their operation period expires, the State Bank shall issue a document requiring credit institutions and foreign bank branches to proceed with asset liquidation; the State Bank shall establish a Liquidation Committee and a Liquidation Oversight Team.

2. Asset liquidation shall be carried out in accordance with the provisions of Points b, c, d Clause 8 Section 2 Chapter II of this Circular and other relevant laws.

3. The revocation of the License of credit institutions and foreign bank branches shall be carried out in accordance with the provisions of Clause 9 Clause 8 of this Circular.

Article 12. Disclosure of Information

1. Within seven working days from the date of the approval document for dissolution principles as stipulated in point a Clause 5 Article 8, Clause 3 Article 9, and Clause 3 Article 10 of this Circular, once such documents become effective, credit institutions and foreign bank branches must publish on at least one State Bank of Vietnam communication medium and credit institution communication medium (if applicable), and on at least one national daily newspaper for three consecutive issues or on one Vietnamese online newspaper within seven working days, and must post at their main office, branches, transaction offices, representative offices, affiliated units, subsidiaries, associated companies, and foreign bank branch headquarters the following information:, the document requesting the credit institution, foreign bank branch to liquidate assets provided for in Clause 1, Article 11 of this Circular a) The number and date of the State Bank of Vietnam document approving the dissolution principles; the number and date of the State Bank of Vietnam document requiring credit institutions and foreign bank branches to liquidate assets;

b) The name and address of the main office of the credit institution; the name and address of the foreign bank branch headquarters;

c) The number and date of the establishment license, establishment permit, business registration certificate, or equivalent document;

d) Charter capital, authorized capital;

đ) Legal representative.

2. Within seven working days from the date the Decision revoking the License becomes effective:

a) In cases where the License is revoked according to Clause 1, Clause 2 Article 4 of this Circular,

the State Bank of Vietnam shall be responsible for publishing on its official website the revocation of the credit institution and foreign bank branch License, and send the Decision revoking the License to the People's Committee, credit institution, foreign bank branch, and State Bank branch for state management purposes, and publish it on the branch State Bank's official website (if applicable); b) In cases where the License is revoked according to point a Clause 3 Article 4 of this Circular,the State Bank branch shall be responsible for publishing on its official website (if applicable) the revocation of the foreign bank branch License, and send the Decision revoking the License to the People's Committee, foreign bank branch, and State Bank for state management purposes, and publish it on the State Bank's official website.

3. Within seven working days from the date the Decision revoking the License becomes effective, credit institutions and foreign bank branches must publish the Decision revoking the License on at least one national daily newspaper for three consecutive issues or on one Vietnamese online newspaper within seven working days, and must post it at their main office, branches, transaction offices, representative offices, affiliated units, subsidiaries, associated companies, and foreign bank branch headquarters. 4. Within thirty days from the date the Decision revoking the License becomes effective, credit institutions must complete legal procedures in accordance with tax laws, social insurance laws, and other relevant laws to terminate their legal entity status; foreign bank branches must complete legal procedures in accordance with tax laws, social insurance laws, and other relevant laws to cease operations., the State Bank branch shall be responsible for publishing on the electronic information website of the State Bank branch (if any) the recovery of the Branch License of the foreign bank and sending the Recovery Decision to the People's Committee, foreign bank branch, and the State Bank to serve state management work and publish on the State Bank's Electronic Information Portal.

3. Within seven working days from the date the Recovery Decision becomes effective, the credit institution, foreign bank branch must publish the Recovery Decision in one daily newspaper nationwide for three consecutive issues or on one Vietnamese online news site within seven working days, and must post it at the main office, branches, transaction offices, representative offices, affiliated units, subsidiaries, associated companies of the credit institution; the main office of the foreign bank branch.

4. Within thirty days from the date the Recovery Decision becomes effective, the credit institution must carry out legal procedures in accordance with the laws on tax, social insurance, and other relevant laws to terminate its legal entity; the foreign bank branch must carry out legal procedures in accordance with the laws on tax, social insurance, and other relevant laws to cease operations.

Article 13. Notification of information to the business registration authority regarding the revocation of the Credit Institution License, foreign bank branch license

Within five working days from the date the Decision revoking the License becomes effective, the State Bank shall notify in writing about the revocation of the Credit Institution License, foreign bank branch license along with the Decision revoking the License to the provincial business registration authority where the credit institution's main office is located or the foreign bank branch's office is located for updating into the national business registration information system.

Section 2. LIQUIDATION OF ASSETS

Article 14. Composition, tasks, and powers of the Liquidation Board

1. Composition of the Liquidation Board of credit institutions, except in cases provided for in Clause 2 of this Article:

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 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 members (if any); major shareholders, owners, capital contributors, and the five largest depositors at the credit institution (with customer consent) at the time of dissolution request. At the time of establishment and during the operation of the Liquidation Board of credit institutions, in case of absence of the Chairman of the Board of Directors, the Chairman of the Board of Members, the competent authority decides to select one of the Board of Directors' members, Board of Members' members to participate in the Liquidation Board; in case of absence of the Head of the Supervisory Board, General Director (Director), Chief Accountant, the competent authority decides to select a replacement to participate in the Liquidation Board until these positions are filled;

b) The Chairman of the Board of Directors, the Chairman of the Board of Members is the Chairman of the Liquidation Board. At the time of establishment and during the operation of the Liquidation Board of credit institutions, in case of absence of the Chairman of the Board of Directors, the Chairman of the Board of Members, the person selected by the competent authority to participate in the Liquidation Board according to point a of this clause assumes the position of Chairman of the Liquidation Board;

c) In case the credit institution has a new Chairman of the Board of Directors, Chairman of the Board of Members, then the new Chairman of the Board of Directors, Chairman of the Board of Members serves as the 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 credit institutions that are dissolved early due to early intervention or special supervision when there is a credit institution taking over all debts:

a) The composition of the Liquidation Board includes the Chairman of the Board of Directors, the Chairman of the Board of Members of the credit institution subject to early intervention or special supervision, the credit institution taking over all debts; at least one independent member of the Board of Directors (if any) of the credit institution subject to early intervention or special supervision, the credit institution taking over all debts; the Head of the Supervisory Board, General Director (Director), Chief Accountant of the credit institution subject to early intervention or special supervision, the credit institution taking over all debts; some other members among the members of the Board of Directors, Board of Members, Supervisory Board members (if any), Supervisory Board members of the credit institution taking over all debts; major shareholders, owners, capital contributors, and the five largest depositors at the credit institution subject to early intervention or special supervision (with customer consent) at the time of dissolution request. At the time of establishment and during the operation of the Liquidation Board, in case of absence of the Chairman of the Board of Directors, the Chairman of the Board of Members, the competent authority decides to select one of the Board of Directors' members, Board of Members' members to participate in the Liquidation Board; in case of absence of the Head of the Supervisory Board, General Director (Director), Chief Accountant, the competent authority decides to select a replacement to participate in the Liquidation Board until these positions are filled;

b) The Chairman of the Board of Directors, the Chairman of the Board of Members of the credit institution subject to early intervention or special supervision is the Chairman of the Liquidation Board. At the time of establishment and during the operation of the Liquidation Board, in case of absence of the Chairman of the Board of Directors, the Chairman of the Board of Members, the person selected by the competent authority to participate in the Liquidation Board according to point a of this clause assumes the position of Chairman of the Liquidation Board;

c) In case the credit institution subject to early intervention or special supervision has a new Chairman of the Board of Directors, Chairman of the Board of Members, then the new Chairman of the Board of Directors, Chairman of the Board of Members serves as the 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. Composition of the Liquidation Board of foreign bank branches:

a) The Liquidation Board includes the General Director (Director), Chief Accountant, at least one member designated by the parent bank, and the five largest depositors at the foreign bank branch (with customer consent) at the time of dissolution request. At the time of establishment and during the operation of the Liquidation Board of foreign bank branches, in case of absence of the General Director (Director), Chief Accountant, the parent bank's competent authority decides to select a replacement to participate in the Liquidation Board until these positions are filled;

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 Liquidation Board of the foreign bank branch, in case of vacancy of the General Director (Director), the person designated by the competent authority of the parent bank to participate in the Liquidation Board pursuant 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), 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.

4. Credit institutions, foreign bank branches shall decide on the Liquidation Board according to the composition prescribed in clauses 1 and 3 of this Article for cases of revoking the License as provided in Article 8 of this Circular.

5. The State Bank shall decide on the Liquidation Board of credit institutions, foreign bank branches for cases of revoking the License as provided in Article 9, Article 10, Article 11 of this Circular as follows:

a) Composition as prescribed in clauses 1, 2, 3 of this Article based on the proposal of the credit institution, foreign bank branch; or

b) Other composition decided by the State Bank in case the credit institution, foreign bank branch does not propose the composition as prescribed in clauses 1, 2, 3 of this Article.

6. 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) To review all items of assets and liabilities, off-balance sheet items in the financial statements of the credit institution, foreign bank branch, prepare a list and amount of creditors and debtors up to the date of liquidation of the credit institution, foreign bank branch and a list of assets of the credit institution, foreign bank branch for disposal;

c) To carry out the liquidation of assets in accordance with the provisions of this Circular, including the division of assets as provided in Article 15 of this Circular and other relevant laws, take every measure to recover debts and assets of the credit institution, foreign bank branch (except in cases where the credit institution is liquidated early or dissolved under special control when another credit institution takes over all obligations);

d) Within five working days at the beginning of each month or on an urgent basis, report to the Supervisory Committee 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 concludes its tasks when the credit institution ceases to exist as a legal entity, the foreign bank branch ceases operations in accordance with the provisions of the law;

g) Other duties and powers as prescribed in this Circular.

Article 15. Order of Asset Distribution

1. The distribution of assets of credit organizations and foreign bank branches shall be carried out in the following order:

a) Special loans as prescribed in the Law on Credit Organizations;

b) Fees and expenses for asset liquidation as prescribed by law;

c) Debts for wages, severance pay, unemployment benefits, social insurance, health insurance for employees as prescribed by law and other rights according to collective labor agreements and signed labor contracts;

d) Payments to depositors;

đ) Financial obligations to the State;

e) Other debts.

2. In cases where the value of the credit organization's assets remains after paying all amounts as stipulated in Clause 1 of this Article, the remaining asset value shall be distributed to shareholders, owners, and capital contributors in proportion to their capital contributions at the time of asset distribution.

3. In cases where the value of the foreign bank branch's assets remains after paying all amounts as stipulated in Clause 1 of this Article, the remaining asset value shall be paid to the parent bank in accordance with relevant legal provisions.

Article 16. Liquidation Period

1. The liquidation period is 12 months from the date the approval principle for dissolution as prescribed in Clause 5, Article 8, Clause 3, Article 9, and Clause 3, Article 10 of this Circular takes effect. The liquidation period may be extended, with each extension not exceeding 12 months., the document requesting the credit institution, foreign bank branch to liquidate assets provided for in Clause 1, Article 11 of this Circular 2. In cases where an extension of the liquidation period is requested, 45 days before the end of the liquidation period, the Liquidation Board shall submit a request for an extension of the liquidation period (specifying the reasons) to the State Bank or its branch as prescribed in

. In cases not falling under the cessation of liquidation as prescribed in Article 4 of this Circular,and the Liquidation Board does not submit a request for an extension of the liquidation period, the Liquidation Supervision Team shall consider and submit a request for an extension of the liquidation period (specifying the reasons) to the State Bank or its branch as prescribed in Article 17 of this Circular Within 28 days from the date of receipt of the Liquidation Board's or the Liquidation Supervision Team's document as stipulated in Clause 2 of this Article, the State Bank shall issue a document approving or disapproving the request for an extension of the liquidation period. Article 4 of this Circular,.

3.[6] Within twenty-eight days from the date of receipt of the liquidation council or liquidation supervision team's document as provided for in Clause 2 of this Article, the State Bank shall issue a document approving or not approving the request for extension of the liquidation period.

Article 17. Cases of Cessation of Liquidation

Credit organizations and foreign bank branches shall cease liquidation in the following cases:

1. All debts and other financial liabilities have been fully settled as prescribed in Clause 1, Article 15 of this Circular.

2. Upon expiration of the liquidation period, if the credit organization or foreign bank branch has fully settled all debts and other financial liabilities as prescribed in Clause 1, Article 15 of this Circularexcept for deposits that have not yet been claimed by depositors, and if the credit organization or foreign bank branch has sufficient funds to settle these deposits, the Liquidation Board of the credit organization or foreign bank branch must transfer the settlement amount for these unclaimed deposits, along with a list of unclaimed depositors, to the branch of the State Bank for management and payment to depositors, and cease liquidation.

3. Unable to fully settle debts.

Section 3. SUPERVISION OF ASSET LIQUIDATION

Article 18. Organizational Structure of the Asset Liquidation Supervision Team

1. The State Bank decides to establish the Asset Liquidation Supervision Team, appoints the head of the Asset Liquidation Supervision Team, regulates the use of the team's seal, and specifies the specific duties and powers of the head and members of the Asset Liquidation Supervision Team.

2. The Asset Liquidation Supervision Team must have at least five members meeting the standards and conditions stipulated in Article 19 of this Circular including:

a) A representative from the State Bank;

b) A representative from another credit institution designated upon the proposal of the Board of Directors or Board of Members of that credit institution (in cases where the State Bank designates another credit institution to participate in supervising the asset liquidation of the credit institution or foreign bank branch).

Article 19. Standards and Conditions for Members of the Asset Liquidation Supervision Team

1. Hold a bachelor’s degree or higher in one of the following fields: economics, finance, banking, business administration, law, accounting, auditing, and have at least three years of work experience in the banking or deposit insurance sector.

2. Not be a shareholder, owner, capital contributor, or related person to the members of the Board of Directors, Board of Members, Audit Committee, General Director (Director), or Liquidation Board of the credit institution or foreign bank branch undergoing asset liquidation.

Article 20. Operation Mechanism of the Asset Liquidation Supervision Team

1. Members of the Asset Liquidation Supervision Team work on a part-time basis.

2. The head of the Asset Liquidation Supervision Team and its members are responsible before the decision-maker for establishing the Supervision Team regarding the execution of their tasks.

3. A session of the Asset Liquidation Supervision Team can only be held when at least two-thirds of the total number of members participate. Decisions of the Asset Liquidation Supervision Team can only be passed with the agreement of the majority of members present at the meeting. In case of an equal number of valid votes, the content supported by the head of the Asset Liquidation Supervision Team will be adopted.

4. Costs related to the operation of the Asset Liquidation Supervision Team shall be borne by the credit institution or foreign bank branch. Accounting entries for costs must comply with current accounting regulations.

5. The Asset Liquidation Supervision Team concludes its mission when the State Bank issues a decision to terminate the asset liquidation of the credit institution or foreign bank branch.

Article 21. Duties and Powers of the Asset Liquidation Supervision Team

1. Direct and supervise the credit institution or foreign bank branch to inventory all debts, receivables, and payables; request the credit institution or foreign bank branch to invite creditors and debtors to reconcile accounts to determine payment capacity and sources of repayment.

2. Require the Liquidation Board to report and provide documents and information about the organizational status and operations of the credit institution or foreign bank branch during the asset liquidation process, and implement payments to creditors according to the priority order specified in this Circular.

3. Supervise the entire asset liquidation process as prescribed in this Circular and the decision to establish the Asset Liquidation Supervision Team stipulated in Clause 1 of Article 18 of this Circular.

4. Within ten days at the beginning of each month or on an ad hoc basis, the Asset Liquidation Supervision Team prepares a written report and sends it directly or through postal services to the State Bank or its branches as prescribed in Article 4 of this Circular,Deposit Insurance Vietnam, People's Committees, reporting on the situation of asset liquidation, asset distribution, and other emerging issues, proposing termination of liquidation (if applicable) according to Appendix Model Report on Supervision of Asset Liquidation issued together with this Circular. If necessary, submit a written request to relevant agencies to support the credit institution or foreign bank branch in recovering receivables and handling customers who intentionally cause loss of assets of the credit institution or foreign bank branch.

5. Have the right to propose the State Bank to issue a decision to suspend the activities of the Liquidation Board member who intentionally violates laws or does not follow the asset liquidation plan, engages in asset dissipation, refuses responsibility, or obligations; in serious cases, submit a written request to the Governor to require competent authorities to handle individuals who violate the law (if applicable).

6. Recommend the State Bank and People's Committees to address issues beyond their jurisdiction.

7. The Asset Liquidation Supervision Team is subject to the direction of the State Bank.

8. Perform other tasks and powers as stipulated in this Circular.

Chapter III. WITHDRAWAL OF FOREIGN REPRESENTATIVE OFFICE LICENSES

Article 22. Procedure for Revoking the Representative Office Permit

1. In cases where the foreign representative office requests to terminate operations:

a)[7] The foreign representative office shall prepare one set of documents and submit them online through the National Public Service Portal or the State Bank of Vietnam Public Service Portal (if available), or submit directly at the One-Stop Service Center or send via postal service to the State Bank of Vietnam Branch in the relevant region. The documents include:

(i) A request document detailing the reasons for terminating operations, revoking the representative office permit, storing records and documents after the permit is revoked, responsibilities of related organizations and individuals during the termination process and permit revocation;

(ii) A document from the competent authority deciding on the approval of the termination of the foreign representative office's operations;

b) Within forty days from the date of receiving complete and valid documents as stipulated in point a of this clause, the State Bank of Vietnam branch:

(i) Shall issue a decision to revoke the permit, requiring the foreign representative office to liquidate lease contracts for premises and settle other obligations and debts (if any) with related individuals and organizations, carry out procedures to terminate operations, close the foreign representative office, return the business registration certificate, and surrender seals in accordance with the law; or

(ii) Shall issue a document requesting the foreign representative office to report and explain matters related to the issues specified in point b(ii) of this clause (if any).

c) Within thirty days from the date of the State Bank of Vietnam branch's request document, the foreign representative office shall submit a report and explanation to the State Bank of Vietnam branch as required in point b(ii) of this clause.

d) Within five working days from the date of receipt of the report and explanation from the foreign representative office as stipulated in point c of this clause, the State Bank of Vietnam branch shall implement according to point b(i) of this clause.

2. For cases of revoking the representative office permit as prescribed in point a of Clause 1 of Article 1 of this Circular,the State Bank of Vietnam branch shall implement according to point b(i) of this clause.

3. For foreign representative offices that do not request an extension of the operation period as prescribed by the State Bank of Vietnam, within ten days from the expiration date of the deadline for submitting the application for an extended operation period as prescribed, the State Bank of Vietnam branch shall issue a document requesting the foreign representative office to liquidate lease contracts for premises and settle other obligations and debts (if any) with related individuals and organizations, carry out procedures to terminate operations, close the foreign representative office, return the business registration certificate, and surrender seals in accordance with the law.

4. For foreign representative offices that request an extension of the operation period but are not approved in writing by the State Bank of Vietnam branch, in the document responding to the foreign representative office regarding the non-approval of the extension of the operation period, the State Bank of Vietnam branch shall require the foreign representative office to liquidate lease contracts for premises and settle other obligations and debts (if any) with related individuals and organizations, carry out procedures to terminate operations, close the foreign representative office, return the business registration certificate, and surrender seals in accordance with the law.

Article 23. Announcing information on the revocation of the Representative Office License

1. Within seven working days from the date the Decision to revoke the License becomes effective, the State Bank branch shall post on its electronic information website (if available) the revocation of the Representative Office License and send the Decision to revoke the License to the People's Committee, the foreign representative office, and the State Bank for state management purposes and to post it on the State Bank's Electronic Information Portal.

2. Within seven working days from the date the Decision to revoke the License becomes effective, the foreign representative office must publish the Decision to revoke the License in at least one daily newspaper nationwide for three consecutive issues or on at least one Vietnamese online newspaper within seven working days, and must also post it at the headquarters of the foreign representative office.

3. For foreign representative offices that do not request an extension of their operating period according to the State Bank's regulations or request an extension but are not approved in writing by the State Bank branch, within seven working days from the date the License expires, the State Bank branch shall post on its electronic information website (if available) the expiration of the foreign representative office's operating period and issue a written notice about the expiration of the foreign representative office's operating period to the People's Committee and the State Bank for state management purposes and to post it on the State Bank's Electronic Information Portal.

Article 24. Notifying the Business Registration Authority of Information on the Revocation of the Representative Office License

Within five working days from the date the Decision to revoke the Representative Office License becomes effective, the State Bank branch shall notify in writing the revocation of the License along with the Decision to revoke the Representative Office License to the provincial Business Registration Authority where the foreign representative office is located to update the national business registration information system.

Chapter IV. IMPLEMENTATION[8]

Article 25. Responsibilities of Related Units

1. Credit organizations, foreign bank branches, and foreign representative offices have the responsibility to provide complete and truthful information regarding the organization and operations of credit organizations, foreign bank branches, and foreign representative offices; implement reporting systems and comply with relevant laws concerning dissolution, asset liquidation, and license revocation as stipulated in this Circular.

2. Management and supervisory units have the responsibility:

a) To be the focal point for receiving and examining files according to the authority prescribed in Clause 1, Clause 2 Article 4 of the Circular;

b) In cases prescribed in Article 8 of this Circular, issue a written request for opinions or submit to the Governor for a written request for opinions according to the authority prescribed in b) In cases where the License is revoked according to point a Clause 3 Article 4 of this Circular,:

(i) People's Committees, certain Ministries and sectors as prescribed in Clause 3 Article 8 of this Circular;

(ii) The State Bank branch regarding the organizational structure, operations, ability to settle all debts and other financial obligations; views on dissolution, asset liquidation, and license revocation; recommendations for related handling measures concerning dissolution, asset liquidation, and license revocation; the impact of dissolution and license revocation on the safety of credit organizations in the region;

(iii) Certain units under the State Bank related to dissolution, asset liquidation, and license revocation (if necessary).

c) Submit to the Governor for consideration and decision on matters concerning dissolution, asset liquidation, and license revocation for credit organizations according to the authority prescribed in Clause 1 Article 4 of this Circular; decide on matters concerning dissolution, asset liquidation, and license revocation for credit organizations and foreign bank branches according to the authority prescribed in Clause 2 Article 4 of this Circular;

d) Submit to the Governor for decision to revoke the License or decide to revoke the License for credit organizations declared bankrupt as prescribed in Clause 3 Article 1 of this Circular according to the authority prescribed in b) In cases where the License is revoked according to point a Clause 3 Article 4 of this Circular,;

e) Handle recommendations related to the process of dissolution, asset liquidation, and license revocation of credit organizations and foreign bank branches as prescribed in b) In cases where the License is revoked according to point a Clause 3 Article 4 of this Circular, outside the authority of the liquidation supervision team; submit to the Governor for consideration and handling of issues arising outside the authority related to the process of dissolution, asset liquidation, and license revocation of credit organizations and foreign bank branches;

f) Notify the Business Registration Authority according to the provisions in Article 13 of this Circular;

g) Within five working days from the date the Decision revoking the License becomes effective, the Management and Supervision Unit shall issue a written request to the Information Technology Department to cancel the bank code.

3. The State Bank branch shall be responsible for:

a) To be the focal point for receiving and examining files according to the authority prescribed in Clause 3 of Article 4 of this Circular;

b) In cases prescribed in Article 8 of this Circular, issue a written request for opinions or submit to the Governor for a written request for opinions according to the authority prescribed in Clause 3 of Article 4 of this Circular:

(i) People's Committees, certain Ministries and sectors as prescribed Clause 3 Article 8 of this Circular;

(ii) Certain units under the State Bank related to the dissolution, liquidation of assets, and revocation of the License (if necessary).

c) Deciding on matters concerning the dissolution, liquidation of assets, and revocation of the License of foreign bank branches; terminating operations and revoking representative office licenses of foreign entities according to the authority stipulated at Clause 3 of Article 4 of this Circular;

d) Handling complaints related to the process of dissolution, liquidation of assets, and revocation of the License of foreign bank branches and foreign representative offices as prescribed at Clause 3 of Article 4 of this Circular outside the authority of the Liquidation Oversight Team; appointing representatives to participate in the Liquidation Oversight Team in cases where the License is revoked as prescribed at b) In cases where the License is revoked according to point a Clause 3 Article 4 of this Circular, upon request; submitting to the Governor for consideration and handling issues beyond the authority related to the process of liquidating assets, dissolution, and revocation of the License of foreign bank branches, and the process of revoking the License of foreign representative offices;

d) Within fifteen days from the date the Management and Supervision Unit issues a written request as prescribed in point b(ii) of Clause 2 of this Article, the State Bank branch shall provide comments to the Management and Supervision Unit;

e) The State Bank branch shall be responsible for coordinating with the Management and Supervision Unit in the dissolution, liquidation of assets, and revocation of the License of credit institutions and foreign bank branches;

g) Notifying the business registration agency as prescribed at Article 13, Article 24 of this Circular;

h) Within five working days from the date the Decision revoking the License becomes effective, the State Bank branch shall issue a written request to the Information Technology Department to cancel the bank code.

4. Relevant Departments and Units under the State Bank shall be responsible for participating in providing opinions upon the request of the Management and Supervision Unit and the State Bank branch as prescribed.

Article 26. Implementation Provisions

1. This Circular shall take effect from February 17, 2025.

2. From the date this Circular takes effect, the following provisions shall cease to be effective:

a) Circular No. 24/2017/TT-NHNN dated December 29, 2017 of the Governor of the State Bank of Vietnam on the procedures and formalities for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; procedures and formalities for revoking Licenses of representative offices of foreign credit institutions and other foreign organizations engaged in banking activities;

b) Clause 7 of Article 1 and Clause 5 of Article 2 of Circular No. 14/2019/TT-NHNN dated August 30, 2019 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circulars on the reporting system of the State Bank;

c) Circular No. 11/2020/TT-NHNN dated November 2, 2020 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circular No. 24/2017/TT-NHNN dated December 29, 2017 of the Governor of the State Bank of Vietnam on the procedures and formalities for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; procedures and formalities for revoking Licenses of representative offices of foreign credit institutions and other foreign organizations engaged in banking activities.

Article 27. Implementation Organization

Heads of units under the State Bank, credit institutions, foreign bank branches, representative offices in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, and related organizations and individuals are responsible for implementing this Circular./.

ANNEX

MODEL REPORT ON ASSET LIQUIDATION OVERSIGHT
(Annexed to Circular No. 63/2024/TT-NHNN dated December 31, 2024 of the Governor of the State Bank of Vietnam on the documentation and procedures for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; documentation and procedures for revoking Licenses of representative offices in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities)

REPORT ON ASSET LIQUIDATION OVERSIGHT MONTH ……/…..

I. Situation of asset liquidation, asset distribution, and other arising issues.

II. Difficulties and obstacles (if any).

III. Recommendations.

[1] Circular No. 24/2025/TT-NHNN amending and supplementing some articles of Circular No. 63/2024/TT-NHNN on the documentation and procedures for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; documentation and procedures for revoking Licenses of representative offices in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, is promulgated based on the following grounds:

"Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

The Governor of the State Bank of Vietnam hereby promulgates this Circular amending and supplementing certain provisions of Circular No. 16/2021/TT-NHNN dated November 10, 2021 issued by the Governor of the State Bank of Vietnam on the organization of credit institutions and foreign bank branches purchasing and selling corporate bonds.

Pursuant to Decree No. 26/2025/NĐ-CP of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Credit Institution System Safety Department;

The Governor of the State Bank of Vietnam hereby promulgates this Circular amending and supplementing some articles of Circular No. 63/2024/TT-NHNN on the documentation and procedures for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; documentation and procedures for revoking Licenses of representative offices in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities.”

[2] This clause has been amended according to Clause 1 of Article 1 of Circular No. 24/2025/TT-NHNN amending and supplementing some articles of Circular No. 63/2024/TT-NHNN on the documentation and procedures for revoking Licenses and liquidating assets of credit institutions and foreign bank branches; documentation and procedures for revoking Licenses of representative offices in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

[3] This clause has been amended pursuant to Clause 2, Article 1 of Circular No. 24/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative offices' licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

[4] This clause has been added pursuant to Article 2 of Circular No. 24/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative offices' licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

[5] This clause has been added pursuant to Article 2 of Circular No. 24/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative offices' licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

[6] This clause has been amended pursuant to Article 3 of Circular No. 24/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative offices' licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

[7] This point has been amended pursuant to Article 4 of Circular No. 24/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative offices' licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025.

[8] Articles 5 and 6 of Circular No. 24/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 63/2024/TT-NHNN on the dossier and procedures for revoking licenses and liquidating assets of credit institutions and foreign bank branches; dossiers and procedures for revoking representative offices' licenses in Vietnam of foreign credit institutions and other foreign organizations engaged in banking activities, which shall take effect from October 15, 2025, provide as follows:

"Article 5. Responsibilities for Implementation

The heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches, representative offices in Vietnam of foreign credit institutions, and other foreign organizations engaged in banking activities are responsible for implementing this Circular.

Article 6. Implementation Provisions

This Circular takes effect from October 15, 2025."