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Law No. 47/2010/QH12 dated June 29, 2010 of the National Assembly on Credit Institutions
18/05/2011
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THE PRESIDENT

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No. 09/2010/L-CTN

SOCIALIST REPUBLIC OF VIETNAM

Independence – Freedom – Happiness

-----------------------------

Hanoi, June 29, 2010

 

Order

on the promulgation of law

 

            THE PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM

 

Pursuant to Articles 103 and 106 of the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10 of December 25, 2001, of the Xth National Assembly, the 10th session;

 

Pursuant to Article 91 of the Law on Organization of the National Assembly;

 

Pursuant to Article 57 of the Law on Promulgation of Legal Documents,

 

PROMULGATES:

the Law on Credit Institutions, which was passed on June 16, 2010, by the XIIth National Assembly of the Socialist Republic of Vietnam at its 7th session.

 

President of the Socialist Republic of Vietnam NGUYEN MINH TRIET

 

Law on Credit Institutions

 

(No. 47/2010/QH12)

 

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10;

 

The National Assembly promulgates the Law on Credit Institutions.

 

Chapter I

 

GENERAL PROVISIONS

 

Article 1. Scope of regulation

 

This Law provides the establishment, organization, operation, special control, reorganization and dissolution of credit institutions; and the establishment, organization and operation of foreign bank branches and representative offices of foreign credit institutions and other foreign institutions engaged in banking operations.

 

Article 2. Subjects of application

 

This Law applies to:

 

1. Credit institutions;

 

2. Foreign bank branches;

 

3. Representative offices of foreign credit institutions and other foreign institutions engaged in banking operations;

 

4. Organizations and individuals involved in the establishment, organization, operation, special control, reorganization and dissolution of credit institutions; and the establishment, organization and operation of foreign bank branches and representative offices of foreign credit institutions and other foreign institutions engaged in banking operations.

 

Article 3. Application of the Law on Credit Institutions, treaties, international commercial practices and relevant laws

1. The establishment, organization, operation, special control, reorganization and dissolution of credit institutions; and the establishment, organization and operation of foreign bank branches and representative offices of foreign credit institutions and other foreign institutions engaged in banking operations must comply with this Law and other relevant laws.

2. When other relevant laws otherwise provide the establishment, organization, operation, special control, reorganization and dissolution of credit institutions; and the establishment, organization and operation of foreign bank branches and representative offices of foreign credit institutions and other foreign institutions engaged in banking operations, this Law prevails.

 

3. When a treaty to which the Socialist Republic of Vietnam is a contracting party otherwise provides, that treaty prevails.

 

4. Organizations and individuals engaged in banking operations are entitled to reach agreement on the application of commercial practices, including:

 

a/ International commercial practices provided by the International Chamber of Commerce;

 

b/ Other commercial practices which are not contrary to the Vietnamese law.

 

Article 4. Interpretation of terms

In this Law, the terms below are construed as follows:

 

1. Credit institution means an enterprise conducting one, some or all banking operations. Credit institutions include banks, non-bank credit institutions, microfinance institutions and people’s credit funds.

 

2. Bank means a type of credit institution which may conduct all banking operations under this Law. Based on their characteristics and operation objectives, banks include commercial banks, policy banks and cooperative banks.

 

3. Commercial bank means a type of bank which may conduct all banking operations and other business activities under this Law for profit.

 

4. Non-bank credit institution means a type of credit institution which may conduct one or some banking operations under this Law, except taking deposits of individuals and providing services of payment via client accounts. Non-bank credit institutions include finance companies, financial leasing companies and other non-bank credit institutions. Financial leasing company means a type of finance company whose principal operation is financial leasing under this Law.

 

5. Microfinance institution means a type of credit institution which mainly conducts some banking operations to meet the needs of low-income individuals and households and super small-sized enterprises.

 

6. People’s credit fund means a credit institution established voluntarily by legal entities, individuals and households as a cooperative to conduct some banking operations under this Law and the Law on Cooperatives for the main purpose of mutual assistance in production and business development and life.

 

7. Cooperative bank means a bank of all people’s credit funds established by people’s credit funds and some legal entities by contributing capital under this Law for the main purposes of systematic link, financial support and capital balancing within the system of people’s credit funds.

 

8. Foreign credit institution means a credit institution established overseas under a foreign law. Foreign credit institutions may be commercially present in Vietnam in the forms of representative office, joint-venture bank, wholly foreign-owned bank, foreign bank branch, joint-venture finance company, wholly foreignowned finance company, joint-venture financial leasing company and wholly foreign-owned financial leasing company. Joint-venture and wholly foreign-owned banks are commercial banks; joint-venture and wholly foreign-owned finance companies are finance companies; and joint-venture and wholly foreign-owned financial leasing companies are financial leasing companies under this Law.

 

9. Foreign bank branch means a foreign bank’s subsidiary without legal entity status and the foreign bank is liable for all of the branch’s obligations and commitments in Vietnam.

 

10. Own capital comprises the actual value of a credit institution’s charter capital or a foreign bank branch’s allocated capital, reserve funds and other certain liabilities as stipulated by the State Bank of Vietnam (below referred to as the State Bank).

 

11. License may be a license for establishment and operation of a credit institution, or license for establishment of a foreign bank branch or a representative office of a foreign credit institution or another foreign institution engaged in banking operations, which is granted by the State Bank. The State Bank’s document modifying a license is an integral part of a license.

 

12. Banking operations means the trading in and regular provision of one or some of the following services:

 

a/ Deposit taking;

 

b/ Credit extension;

           

c/ Via-account payment.

 

13. Deposit taking means receiving money from an organization or individual as demand or term deposit, savings deposit, issuing deposit certificates, bills or treasury bills, and other forms of receiving deposits on the principles of full payment of principals and interests to depositors under agreement.

 

14. Credit extension means an agreement allowing an organization or individual to use a sum of money or a commitment allowing the use of a sum of money on the repayment principle by such professional operations as lending, discount, financial leasing, factoring, bank guarantee and other credit extension operations.

 

15. Provision of services of via-account payment means the provision of payment instruments; provision of services of payment by check, payment order, payment authorization, collection, collection authorization, bank card, letter of credit and other payment services for clients via their accounts.

 

16. Lending means a form of credit extension under which the lender gives or commits to give the borrower a sum of money for use for a specific purpose in a certain period as agreed upon on the principle of payment of both principal and interest.

 

17. Factoring means a form of extension of credit to a goods seller or buyer through redeeming receivable or payable amounts arising from the purchase or sale of goods or provision of services under a contract on goods purchase or sale or service provision while reserving the right to claim such amounts.

 

18. Bank guarantee means a form of credit extension under which a credit institution commits to the guarantee to fulfill financial obligations of its client in case the client fails to fulfill or fully fulfill its obligations as committed. The client shall acknowledge and repay the debt to the credit institution as agreed upon.

 

19. Discount means purchasing on a definite term, or purchasing while reserving the right to claim, negotiable instruments and other valuable papers of beneficiaries prior to their due date.

 

20. Re-discount means the discount of negotiable instruments and other valuable papers which have been discounted prior to their due date.

 

 21. Monetary brokerage means acting as an intermediary party for brokerage charges to arrange banking operations and other business activities between credit institutions and other finance institutions.

 

22. Payment account means a client’s demand deposit account opened by a client at a bank to use payment services provided by such bank.

 

23. Derivative product means a financial instrument valued by predicted changes in the value of a principal asset such as exchange rate, interest rate, foreign exchange, currency or other principal assets.

 

24. Credit institution’s capital contribution or share purchase means a credit institution’s contribution of capital to form the charter capital or purchase of shares of an enterprise or another credit institution, including also the allocation or contribution of capital to a subsidiary or an affiliated company of the credit institution; or capital contribution to an investment fund or entrustment of capital to other institutions for contributing capital or purchasing shares in the above forms.

 

25. Investment by capital contribution or share purchase to hold the right to control an enterprise includes investment accounting for over 50% of the charter capital or voting share capital of an enterprise or another investment sufficient to control decisions of the Shareholders’ General Meeting or the Members’ Council.

 

26. Major shareholder of a joint-stock credit institution means a shareholder directly or indirectly owning 5% or more of the voting share capital of that institution.

 

27. Indirect ownership means an organization’s or individual’s ownership of the charter capital or share capital of a credit institution through affiliated persons or investment entrustment.

 

28. Affiliated person means an organization or individual having direct or indirect relations with another organization or individual in any of the following cases:

 

a/ Parent company with subsidiary and vice versa; credit institution with its subsidiary and vice versa; among subsidiaries of a parent company or credit institution; manager or Control Board member of the parent company or credit institution, and individual or organization competent to appoint these persons with a subsidiary and vice versa;

 

b/ Company or credit institution with its manager or Control Board member, or with company or organization competent to appoint these persons and vice versa;

 

c/ Company or credit institution with organization or individual owning 5% or more of the charter capital or voting share capital of that company or credit institution and vice versa;

 

d/ Individual with his/her spouse, father, mother, child or sibling;

 

e/ Company or credit institution with individual defined at Point d of this Clause of manager, Control Board member, capital contributor or shareholder owning 5% or more of the charter capital or voting share capital of that company or credit institution and vice versa;

 

f/ Individual authorized to represent an organization or individual specified at Points a, b, c, d and e of this Clause with authorizing organization or individual; among individuals authorized to represent the capital share of an institution.

 

29. Affiliated company of a credit institution means a company in which the credit institution or the credit institution and its affiliated persons owns/own over 11% of the charter capital or voting share capital, but is not a subsidiary of that credit institution.

 

30. Subsidiary of a credit institution is a company falling in any of the following cases:

 

a/ The credit institution or the credit institution and its affiliated persons owns/own over 50% of the charter capital or voting share capital of the company;

 

b/ The credit institution has the right to directly or indirectly appoint a majority or all of members of the Board of Directors or Members’ Council or the Director General (Director) of the company;

 

c/ The credit institution may modify the charter of the company;

 

d/ The credit institution and its affiliated persons directly or indirectly controls/control the adoption of resolutions and decisions of the Shareholders’ General Meeting, Board of Directors or Members’ Council of the company.

 

31. Managers of a credit institution include chairman and members of the Board of Directors; chairman and members of the Members’ Council; Director General (Director) and holders of other managerial titles defined in the credit institution’s charter.

 

32. Executives of a credit institution include the Director General (Director), Deputy Director General (Deputy Director), Chief Accountant, branch director and holders of other equivalent titles defined in the credit institution’s charter.

 

Article 5. Use of terms related to banking operations

 

An institution other than credit institution may not use the phrase or word “credit institution,” “bank,” “finance company,” “financial leasing company,” or other phrases or words in its name or title or in secondary parts of its name or title or in its transaction documents or advertising if the use of such phrases or words can make clients misunderstand that it is a credit institution.

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