Circular No. 53/2018/TT-NHNN on the network operation of non-bank financial institutions

CIRCULAR

Regulations on the network of operations of non-bank credit institutions

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

Pursuant to the Law ofamending the Law on Credit Institutions dated June 16, 2010 and Law amending and supplementing certain articles of the Law on ofamending the Law on Credit Institutions dated November 20, 20107;

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on 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 regulating the network of operations of non-bank credit institutions.       

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates:

1. Conditions, documents, and procedures for establishing, terminating operations, and liquidating branches, representative offices, and affiliated units of non-bank credit institutions.

2. Changing names and locations of branch headquarters, representative offices, and affiliated units of non-bank credit institutions.

Article 2. Applicability

1. Non-bank credit institutions.

2. Organizations and individuals related to the establishment, termination of operations, and liquidation of branches, representative offices, and affiliated units; changing names and locations of branch headquarters, representative offices, and affiliated units of non-bank credit institutions.

Article 3. Explanation of Terms

In this Circular, the following terms shall be understood as follows:

1. Non-bank credit institutions include financial holding companies, factoring companies, consumer finance companies, and leasing companies.

2. The network of operations of non-bank credit institutions includes branches, representative offices, and affiliated units within the country.

3. A branch is a subsidiary of a non-bank credit institution, having a seal, and performing one or more functions of the non-bank credit institution according to internal regulations and laws.

4. A representative office is a subsidiary of a non-bank credit institution, having a seal, and performing the function of representation on behalf of the non-bank credit institution. A representative office shall not engage in business activities.

5. An affiliated unit is a subsidiary of a non-bank credit institution, having a seal, and performing one or more support activities for the business operations of the non-bank credit institution, including:

a) Research and propose applications of banking technology for non-bank credit institutions;

b) Training and upgrading skills for staff of non-bank credit institutions;

c) Storing databases, collecting, and processing information to serve the business operations of non-bank credit institutions;

d) Other support activities for the business operations of non-bank credit institutions in accordance with the provisions of the law.

6. The Banking Inspection and Supervision Department is the Banking Inspection and Supervision Department of Hanoi City and Ho Chi Minh City as stipulated in Decision No. 35/2014/QD-TTg dated June 12, 2014 of the Government Chairman regarding the functions, tasks, powers, and organizational structure of the Banking Inspection and Supervision Authority.

7. The proposal date is the day, month, and year recorded on the document proposing the establishment of branches, representative offices, and affiliated units of non-bank credit institutions.

1. The Governor of the State Bank of Vietnam (hereinafter referred to as the Governor) examines and approves or disapproves:

a) The establishment of branches, representative offices, and affiliated units of non-bank credit institutions;

b) Compulsory termination of operations and liquidation of branches, representative offices, and affiliated units.

2. The Director of the State Bank of Vietnam branch in provinces and centrally-administered cities without a Banking Inspection and Supervision Department or the Director of the Banking Inspection and Supervision Department (where there is a Banking Inspection and Supervision Department) examines and approves or disapproves:

a) Change of location for the head office of a non-bank credit institution's branch within the jurisdiction (including cases of changing location before commencing operations).

b) Voluntary termination of operations and liquidation of branches of non-bank credit institutions in their jurisdiction.

1. Records must be established in Vietnamese. Documents within the record must be original copies or certified true copies from the original book or notarized copies or copies presented with original copies for verification in accordance with the provisions of the law. Each set of records must include a list of documents.

2. Request and notification documents of non-bank credit institutions must be signed by the法定代表人或授权代表（以下简称合法代表）并直接提交或通过邮政方式发送。

如果非银行信贷机构的文件由授权代表签署，记录中必须包含符合法律规定的有效授权书。

Article 6. Regulations on Network Management

1. Non-bank credit institutions must establish regulations on network management to ensure safe and effective operations in compliance with legal provisions, the management capabilities of each type of network unit, and including the following minimum contents:

a) Organizational structure and personnel;

b) Content, scope of activities, accounting mechanism;

c) Risk limits according to each business activity, operational activity for a single customer, group of customers, and all customers of the branch;

d) Management and supervision mechanisms of the headquarters over objects within the network to ensure safe and effective operations;

2. The regulations must be reviewed periodically according to internal regulations and revised and supplemented (if necessary) to ensure compliance with changes in network units and market changes.

Chapter II

ESTABLISHMENT OF BRANCHES, REPRESENTATIVE OFFICES, AND ENTERPRISE UNITS

1. Non-bank credit institutions that have been operating for at least twelve months (counted from the date of opening operations to the date of application) may establish no more than three branches in one fiscal year when meeting the following conditions:

a) The actual value of the charter capital at December 31 of the preceding year relative to the requested year is not less than the statutory capital requirement;

b) Business operations were profitable according to consolidated financial reports and individual financial reports audited for the preceding year relative to the requested year. This condition does not apply to non-bank credit institutions submitting applications in the second year since the date of opening operations;

c) At the time of application, there is no authority applying measures prohibiting expansion of the operating area;

d) At the time of application, there is no violation of the regulations on safety ratios in the operation of non-bank credit institutions;

đ) The ratio of bad debt to total outstanding loans at December 31 of the preceding year and at the time of application does not exceed 4% or another ratio determined by the Governor during each period;

e) At the time of application, the Board of Directors, Board of Members, and Audit Committee have the number and structure as required by law, without missing the position of General Manager (Director);

g) At the time of application, there is no violation of internal control systems, internal audit systems; classification of assets and risk reserves;

h) There is a regulation on network management as stipulated in Article 6 of this Circular;

i) There is a proposal for establishing a network unit.

2. Non-bank credit institutions that have been operating for less than twelve months (counted from the date of opening operations to the date of application) may establish no more than two branches when meeting the following conditions:

a) The actual value of the charter capital at the time of application is not less than the statutory capital requirement;

b) The ratio of bad debt to total outstanding loans at the nearest point in time to the application date does not exceed 4% or another ratio determined by the Governor during each period;

c) The provisions at points c, d, e, g, h, i of Clause 1 of this Article.

1. For non-bank credit organizations that have been operating for at least 12 months (counted from the date of opening operations to the time of application): the conditions specified in points a, c, e, g, h, i of Clause 1 of Article 7 of this Circular.

2. For non-bank credit organizations that have been operating for less than 12 months (counted from the date of opening operations to the time of application): the conditions specified in points c, e, g, h, i of Clause 1 and point a of Clause 2 of Article 7 of this Circular.

Article 9. Documents for requesting approval to establish branches, representative offices, non-business units

2. The resolution of the Board of Directors or the Board of Members of the non-bank credit organization regarding the establishment of branches, representative offices, non-business units or other authorized documents as stipulated in the Charter of the non-bank credit organization.

3. A proposal for establishing a branch, which must include at least the following contents:

a) Full name in Vietnamese, abbreviated name in Vietnamese, address of headquarters, scope of activities;

b) Reasons for establishment and selection of location;

c) Organizational structure: organizational chart of the branch, proposed key personnel (General Manager, Deputy General Manager, Heads of specialized departments);

d) Feasibility study: analysis of business environment, target market, business opportunities, and market penetration plans;

đ) Proposed business plan for the first three years, including at least: projected balance sheet; profit and loss statement; basis for formulating the plan and explanation of the feasibility of implementing the plan each year.

a) Full name in Vietnamese, foreign language (if applicable); abbreviated name in Vietnamese, foreign language (if applicable); address; scope of activities;

b) Reasons and needs for establishment;

c) Proposed key personnel (General Manager, Deputy General Manager, Heads of specialized departments, Head of representative office, non-business unit);

d) Projected operational plan for the first three years.

a) The non-bank credit organization prepares one set of documents corresponding to each type of network as stipulated in Article 9 of this Circular and submits it to the State Bank (through the Banking Inspection and Supervision Authority). In case the documents are incomplete or invalid, within seven working days from the date of receipt of the documents, the Banking Inspection and Supervision Authority shall issue a written request for the non-bank credit organization to amend and supplement the documents;

b) The non-bank credit organization amends and supplements the documents within a maximum period of thirty days from the date the Banking Inspection and Supervision Authority issues a written request for amendment and supplementation of the documents. Beyond this deadline, the non-bank credit organization must resubmit the set of documents as prescribed in this Circular for the State Bank to consider and approve;

c) For requests to establish branches, within five working days from the date of receiving all documents, the Banking Inspection and Supervision Authority shall issue a written request for opinions from the relevant units:

(i) The State Bank branch where the non-bank credit organization has its main office (where there is no Banking Inspection and Supervision Bureau) on whether the non-bank credit organization meets the conditions stipulated in Article 7 of this Circular;

(ii) The State Bank branch where the non-bank credit organization intends to establish a branch on the necessity of having an additional branch in the area;

đ) Within fifteen working days from the date of receiving all comments from the units mentioned in point c of this Clause or from the date of receiving all documents requesting the establishment of representative offices, non-business units of the non-bank credit organization, the Banking Inspection and Supervision Authority shall submit a written approval or disapproval to the Governor regarding the non-bank credit organization's establishment of branches, representative offices, non-business units;

g) Within twelve months from the date the Governor signs the approval document for establishment, the non-bank credit organization must open operations for the branch, representative office, non-business unit. Beyond this deadline, the approval document of the State Bank will automatically become invalid.

a) Requirements for opening operations of the branch:

(i) Possessing or legally using the premises of the branch; the premises must ensure storage of documents, convenience and safety for transactions, asset security, and have a complete system for ensuring security, protection, uninterrupted power supply, communication systems to maintain continuous operation, meeting requirements for fire prevention and explosion control;

(ii) The branch premises must have a vault as prescribed by the State Bank or a safe deposit box ensuring security;

(iii) The branch must have an information technology system connected online with the main office to ensure continuous, secure, and confidential operation of information technology systems and databases for business activities and statistical reporting;

(iv) The branch must have a full complement of management staff, including at least the Branch General Manager, Deputy General Manager, and a team of specialized staff;

(v) The Branch General Manager must meet the standards and conditions stipulated in Clause 5 of Article 50 of the Law on Credit Organizations and internal regulations of the non-bank credit organization;

b) A non-bank credit institution shall submit a report to the State Bank (through the Banking Inspection and Supervision Authority) and the State Bank branch (where there is no Banking Inspection and Supervision Bureau) at the location of the branch headquarters regarding the fulfillment of the requirements for opening the branch's operations no later than 15 working days before the planned date of opening the branch's operations.

c) A non-bank credit institution shall conduct the opening of the branch after fulfilling the requirements set out in point a of this Clause, completing the registration procedures for branch operations in accordance with the law, and announcing information in accordance with Article 11 of this Circular.

a) Non-bank credit institutions shall carry out the registration of representative office and affiliated unit operations in accordance with the law.

b) Non-bank credit institutions shall decide to open representative offices and affiliated units after completing the procedures stipulated in point a of this Clause and announcing information in accordance with Article 11 of this Circular.

c) Non-bank credit institutions shall notify the State Bank (through the Banking Inspection and Supervision Authority) and the State Bank branch (where there is no Banking Inspection and Supervision Bureau) at the location of the representative office and affiliated unit headquarters no later than 15 working days before the planned date of opening the representative office and affiliated unit operations.

Within seven working days prior to the planned date of opening the branch, representative office, or affiliated unit operations, non-bank credit institutions must announce information about the establishment of branches, representative offices, and affiliated units on the State Bank’s electronic portal and the non-bank credit institution’s website (if available), in one daily newspaper for three consecutive issues or on a Vietnamese online news site.

Chapter III

CHANGE OF NAME AND LOCATION OF BRANCH HEADQUARTERS, REPRESENTATIVE OFFICES, AND AFFILIATED UNITS

Non-bank credit institutions shall decide on changing the branch name in compliance with the law and notify the State Bank (through the Banking Inspection and Supervision Authority) and the State Bank branch at the branch headquarters location of such change within five working days from the date the non-bank credit institution makes the decision to change the name.

1. Non-bank credit institutions may only change the location of the branch headquarters within the province or centrally-administered city where the branch is located, and the proposed new location must meet the requirements specified in points a(i), a(ii), and a(iii) of Clause 2 of Article 10 of this Circular.

2. Documents for Requesting Change of Location of Branch Headquarters:

a) A document from the non-bank credit institution requesting approval to change the location of the branch headquarters, which must include at least the following contents: current location; proposed new location that meets the requirements stipulated in Clause 1 of this Article; plan for transferring the headquarters to ensure continuity in operations.

b) Resolution of the Board of Members or the Management Council approving the change of the location of the branch headquarters or another document from an authorized body as provided for in the Charter of the non-bank credit institution.

3. Procedure:

a) The non-bank credit institution shall prepare one set of documents in accordance with Clause 2 of this Article and submit it to the Banking Inspection and Supervision Bureau or the State Bank branch (where there is no Banking Inspection and Supervision Bureau) at the branch headquarters location. If the submitted documents are incomplete or invalid, the Banking Inspection and Supervision Bureau or the State Bank branch shall request the non-bank credit institution to supplement and complete the documents within five working days from the date of receipt of the documents.

b) Within ten working days from the date of receiving the complete documents as stipulated in Clause 2 of this Article, the Banking Inspection and Supervision Bureau or the State Bank branch (where there is no Banking Inspection and Supervision Bureau) at the branch headquarters location shall issue a document to the non-bank credit institution approving or not approving the change of the location of the branch headquarters; if not approved, the document must specify the reasons.

4. The non-bank credit institution shall report to the Banking Inspection and Supervision Bureau and the State Bank branch (where there is no Banking Inspection and Supervision Bureau) at the branch headquarters location regarding the fulfillment of the requirements stipulated in Clause 1 of this Article no later than 15 working days before the planned date of operation at the approved location.

5. Within twelve months from the date of the State Bank branch or the Banking Inspection and Supervision Bureau's approval, the branch of the non-bank credit institution must operate at the approved location. Beyond this period, the approval document from the State Bank branch or the Banking Inspection and Supervision Bureau shall become automatically invalid.

6. In cases where the address of the branch headquarters changes due to administrative boundary adjustments (without changing the location of the branch headquarters), the non-bank credit institution shall request the Banking Inspection and Supervision Bureau or the State Bank branch (where there is no Banking Inspection and Supervision Bureau) to confirm the change of the address of the branch headquarters. The request document from the non-bank credit institution must be accompanied by supporting documents proving the aforementioned address change.

Within five working days from the date of receipt of the request document from the non-bank credit institution, the State Bank branch or the Banking Inspection and Supervision Bureau at the branch headquarters location shall issue a document confirming the change of the address of the branch headquarters to the non-bank credit institution.

1. Non-bank credit organizations decide to change their name, location of the representative office headquarters, and public service unit in accordance with the provisions of the law.

In cases where the location of the representative office headquarters and public service unit changes to a different province or centrally-administered city, the non-bank credit organization must notify the State Bank branch where the representative office headquarters and public service unit were previously located and the new location's State Bank branch.

Within seven working days from the date of changing the branch name or receiving the State Bank branch's or the Banking Inspection and Supervision Department's approval document for changing the branch headquarters location, non-bank credit organizations must publish information on the State Bank's electronic portal and the non-bank credit organization's website (if available), or in three consecutive issues of a daily newspaper or a Vietnamese online newspaper.

Chapter IV

TERMINATION OF OPERATIONS, LIQUIDATION OF BRANCHES, REPRESENTATIVE OFFICES, AND PUBLIC SERVICE UNITS

Article 16. Termination of Operations, Liquidation of Branches, Representative Offices, and Public Service Units

1. Branches, representative offices, and public service units terminate operations and liquidate under the following circumstances:

a) Automatic termination of operations and liquidation;

b) Voluntary termination of operations and liquidation;

c) Compulsory termination of operations and liquidation.

2. Non-bank credit organizations are responsible for:

a) Settling assets, rights, obligations, and related interests of branches, transaction rooms, representative offices, and public service units that cease operations and are liquidated in accordance with the law;

b) Storing documents, records, and files of branches, representative offices, and public service units that have terminated operations and liquidated, as well as related documents concerning the termination of operations and liquidation;

c) Implementing legal procedures to terminate operations and liquidate branches, representative offices, and public service units in accordance with the provisions of the law.

Article 17. Automatic Termination of Operations, Liquidation of Branches, Representative Offices, and Public Service Units

1. Branches, transaction offices, representative offices, and public service units automatically terminate operations and liquidate when the non-bank credit organization terminates operations and liquidates.

2. The procedure for automatic termination of operations and liquidation of branches, representative offices, and public service units shall be carried out in accordance with the provisions of the law.

1. Documents for voluntary termination of operations and liquidation of branches:

a) A document from the non-bank credit organization requesting the termination of operations and liquidation of the branch, specifying the reasons for termination, the name and address of the branch being terminated, and commitments to resolve the branch's assets, rights, obligations, and related interests;

b) A resolution of the Board of Directors or Management Board of the non-bank credit organization regarding the termination of operations and liquidation of the branch or a document from another competent authority as stipulated in the Charter of the non-bank credit organization;

c) A plan to resolve the branch's assets, rights, obligations, and related interests upon termination of operations and liquidation.

2. Procedure for voluntary termination of operations and liquidation of branches:

a) The non-bank credit organization prepares one set of documents in accordance with Clause 1 of this Article and submits it to the State Bank branch (where there is no Banking Inspection and Supervision Department) or the Banking Inspection and Supervision Department where the branch is located;

b) Within forty-five days from the date of receipt of the complete documents as stipulated in Clause 1 of this Article, the State Bank branch (where there is no Banking Inspection and Supervision Department) or the Banking Inspection and Supervision Department will issue a document approving or not approving the request of the non-bank credit organization; if not approved, the document must specify the reasons.

3. Within forty-five days from the date of the State Bank branch's (where there is no Banking Inspection and Supervision Department) or the Banking Inspection and Supervision Department's approval document for the termination of operations and liquidation of the branch, the non-bank credit organization must carry out legal procedures in accordance with the law to terminate operations and liquidate the branch and submit a report to the State Bank (through the Banking Inspection and Supervision Authority) and the State Bank branch where the branch headquarters is located regarding the specific date and results of the termination of operations and liquidation.

4. Termination of Operations and Liquidation of Representative Offices and Public Service Units:

The non-bank credit organization decides to terminate operations and liquidate representative offices and public service units.

Within five working days from the date of terminating operations and liquidating representative offices and public service units, the non-bank credit organization must notify the State Bank (through the Banking Inspection and Supervision Authority), the State Bank branch where the main headquarters of the non-bank credit organization is located, and the State Bank branch where the representative office and public service unit headquarters are located, specifying the reasons, the date of termination of operations, and liquidation.

1. A non-banking financial institution's branch, representative office, or affiliated unit shall be subject to compulsory termination of operations and dissolution if there is evidence proving that the establishment application for the branch, representative office, or affiliated unit does not meet the required conditions.

2. Upon discovering a case as prescribed in Clause 1 of this Article, the State Bank of Vietnam branch (where there is no Banking Inspection and Supervision Department) where the non-banking financial institution's branch, representative office, or affiliated unit is located shall issue a document clearly stating the reasons and submit it to the State Bank of Vietnam (through the Banking Inspection and Supervision Department) requesting the termination of operations and dissolution of the non-banking financial institution's branch, representative office, or affiliated unit.

3. Within fifteen working days from the date of receipt of the State Bank of Vietnam branch's document requesting the termination of operations and dissolution of the non-banking financial institution's branch, representative office, or affiliated unit as stipulated in Clause 2 of this Article, or during the inspection and supervision process when discovering a case as prescribed in Clause 1 of this Article, the Banking Inspection and Supervision Department shall submit a document to the Governor requesting the non-banking financial institution to terminate operations and dissolve its branch, representative office, or affiliated unit.

4. Within ninety days from the date the State Bank of Vietnam issues a document requesting the non-banking financial institution to terminate operations and dissolve its branch, representative office, or affiliated unit as stipulated in Clause 3 of this Article, the non-banking financial institution must complete the termination of operations and dissolution of the branch, representative office, or affiliated unit; and issue a document notifying the State Bank of Vietnam (through the Banking Inspection and Supervision Department) of the specific date and results of the termination of operations and dissolution.

5. In cases where there is an objection to the State Bank of Vietnam's request for compulsory termination of operations and dissolution of the branch, representative office, or affiliated unit, the non-banking financial institution shall follow the current legal procedures for lodging a complaint.

Within seven working days from the date of termination of operations and dissolution of the branch, representative office, or affiliated unit, the non-banking financial institution must publicly post at its main headquarters, the premises of the terminated unit, and announce information about the termination of operations and dissolution on the State Bank of Vietnam’s electronic portal and the non-banking financial institution’s website (if available), and in three consecutive issues of a central or local daily newspaper, or on a Vietnamese online news site. The minimum content for public announcement and posting includes:

1. Name and address of the branch, representative office, or affiliated unit being terminated.

2. Date of termination of operations and dissolution.

3. Responsibilities of the non-banking financial institution regarding assets, rights, obligations, and related interests of the terminated branch, representative office, or affiliated unit.

Chapter V

IMPLEMENTATION

Article 21. Responsibilities of non-bank credit institutions

3. Implement the provisions set forth in this Circular.

1. For the State Bank of Vietnam branch (where there is no Banking Inspection and Supervision Department):

a) Accept applications, approve or disapprove the contents within its jurisdiction as stipulated in Clause 2, Article 4 of this Circular;

b) Coordinate with the Banking Inspection and Supervision Authority to handle issues arising related to the organization and activities of branches, transaction offices, representative offices, and affiliated units of non-bank credit institutions in the area;

c) Participate in opinions with the Banking Inspection and Supervision Authority according to the provisions of Point c, Clause 1, Article 10 of this Circular;

d) Send documents to the State Bank of Vietnam (through the Banking Inspection and Supervision Authority) as stipulated in Clause 2, Article 19;

đ) Receive reports and notifications from non-bank credit institutions as stipulated in this Circular.

2. For the State Bank of Vietnam branch (where there is a Banking Inspection and Supervision Department):

a) Participate in opinions with the Banking Inspection and Supervision Authority according to the provisions of Point c (ii), Clause 1, Article 10 of this Circular;

b) Receive reports and notifications from non-bank credit institutions as stipulated in this Circular.

2. Coordinate with the State Bank of Vietnam branch to handle issues arising related to the organization and activities of branches, transaction offices, representative offices, and affiliated units of non-bank credit institutions.

3. Receive reports and notifications from non-bank credit institutions as stipulated in this Circular.

Chapter VI

IMPLEMENTING PROVISIONS

1. Within twenty-four months from the date this Circular takes effect, non-bank credit institutions must review and implement the conversion process as stipulated in Clause 2 of this Article or terminate the operation of transaction offices as stipulated in Clause 3 of this Article.

a) Documents include:

(i) A document requesting the State Bank of Vietnam to approve the conversion of a transaction office into a branch, clearly stating compliance with the conditions set out in Point a, Clause 2, Article 10 of this Circular; a plan for the conversion ensuring continuity in operations and the legitimate rights and interests of related organizations and individuals;

(ii) A resolution of the Board of Directors or Board of Members of the non-bank credit institution approving the conversion of a transaction office into a branch or a document from another competent authority as stipulated in the Charter of the non-bank credit institution;

(iii) Documentation proving compliance with the conditions set out in Point a, Clause 2, Article 10 of this Circular;

(i) The non-bank credit institution prepares one set of documents as stipulated in Point a of this Clause and submits it to the State Bank of Vietnam (through the Banking Inspection and Supervision Authority). If the documents are incomplete or invalid, the Banking Inspection and Supervision Authority will request the non-bank credit institution to supplement and complete the documents;

(ii) Within fifteen working days from the date of receipt of the complete documents as stipulated in Point a of this Clause, the State Bank of Vietnam will issue a document approving or disapproving the request of the non-bank credit institution. In case of disapproval, the document must clearly state the reasons;

(iii) The non-bank credit institution shall register the operation of the branch according to the law and publish information as stipulated in Article 11 of this Circular.

3. In cases of termination or dissolution of transaction offices, non-bank credit institutions shall comply with the provisions of Clause 2, Article 16, Clause 4, Article 18, and publish information as stipulated in Article 20 of this Circular.

4. For applications for approval of one or more contents stipulated in Article 1 of this Circular that were fully submitted before the effective date of this Circular and comply with the laws at that time, they shall continue to be implemented according to current laws or amend and supplement the application to comply with the provisions of this Circular.

Article 25. Effective Date

1. This Circular shall take effect from March 1, 2019.

2. Repeal Decision No. 01/2008/QĐ-NHNN dated January 9, 2008, issued by the Governor of the State Bank of Vietnam on regulations regarding the establishment and termination of operations of branches and representative offices of non-bank credit institutions.

The Chief of the Office, the Head of the Banking Inspection and Supervision Authority, the Heads of relevant units under the State Bank of Vietnam, the Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities, and the Chairmen of the Boards of Directors, Chairmen of the Boards of Members, General Managers (Directors) of non-bank credit institutions are responsible for implementing this Circular./.