Decision No. 300/QD-NH5 on amending the content of operations of foreign bank branches and joint venture banks operating in Vietnam.

Pursuant to …;

Regarding the amendment of the activities of branches

of foreign banks and joint venture banks operating in Vietnam

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GOVERNOR OF THE STATE BANK OF VIETNAM

- Pursuant to the State Bank of Vietnam Ordinance, the Banking Ordinance, Credit Cooperatives and Financial Companies Ordinance promulgated by Decree No. 37/LCT-HĐNN8 dated May 24, 1990 of the Chairman of the State Council;

- Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and state management responsibilities of ministries and ministerial-level agencies;

- Pursuant to the Government Decree No. 189/HĐBT dated June 15, 1991 of the Council of Ministers issuing the Regulations on Branches of Foreign Banks and Joint Venture Banks Operating in Vietnam;

- Based on the proposal of the Head of the Financial Institutions Department;

Pursuant to …;

Article 1

1. Branches of foreign banks operating in Vietnam are permitted to accept demand deposits in Vietnamese dong from Vietnamese individuals and organizations that are Vietnamese legal entities without credit relations with the bank, up to a maximum of 25% of the capital provided by the parent foreign bank for the branch of the foreign bank.

2. Joint venture banks operating in Vietnam are permitted to accept demand deposits in Vietnamese dong from Vietnamese individuals and organizations that are Vietnamese legal entities without credit relations with the bank, up to a maximum of 25% of the charter capital of the joint venture bank.

Article 2. This Decision takes effect from the date of issuance. Any previous provisions contrary to Article 1 of this Decision shall be abolished.

Article 3. The Director of the Governor's Office, the Head of the Financial Institutions Department, the Heads of relevant units at the State Bank of Vietnam, and the General Directors of branches of foreign banks and joint venture banks operating in Vietnam are responsible for implementing this Decision.