AMENDMENTS TO SOME CIRCULARS PRESCRIBING CREDIT INSTITUTIONS THAT ARE COOPERATIVES REGARDING REDUCTION, DELEGATION OF AUTHORITY, AND SIMPLIFICATION OF ADMINISTRATIVE PROCEDURES

1. Points b, c clause 5 are abrogated.

2. Clause 7 is amended as follows:

“7. A copy of the establishment decision or another document of equivalent validity (for juridical persons).”.

 “1. The relevant SBV’s regional branch shall access necessary information from national databases and specialized databases when examining and appraising relevant information on enterprise registration of members of the people’s credit fund that are juridical persons; as well as information on residence, criminal record, diplomas, and certificates evidencing qualifications and professional expertise of individuals expected to be elected or appointed as the Chairperson and members of the Board of Directors, the Head and members of the Board of Controllers, and the Director of the people’s credit fund.

Where information cannot be obtained from national or specialized databases, or where the obtained information is incomplete, the SBV’s regional branch shall request the Preparatory Committee to provide additional documents, papers, or written confirmations given by competent authorities as prescribed by law to verify information on enterprise registration of members of the people’s credit fund that are juridical persons; and information on residence, diplomas, and certificates of individuals expected to be elected or appointed as the Chairperson and members of the Board of Directors, the Head and members of the Board of Controllers, and the Director of the people’s credit fund.”.

“8. Send a written request to the authority in charge of managing the criminal record database to provide information relating to the criminal records of individuals expected to be elected or appointed as the Chairperson and members of the Board of Directors, the Head and members of the Board of Controllers, and the Director of the people’s credit fund, in accordance with law, where such criminal record information cannot be obtained from national databases or specialized databases, or where the obtained information is incomplete.”.

“4. Capacity of civil acts⁽⁵⁾; information on prohibition from undertaking of certain positions, establishment and management of enterprises and cooperatives (if this information is not available in the criminal record):”

1.  Clause 2 is amended as follows:

“2. The Credit Institution Management and Supervision Department shall consider:

a) Approving the establishment of transaction offices of the cooperative bank;

b) Mandatorily requesting the termination of operation or dissolution of transaction offices of the cooperative bank.”.

2. Points a, b clause 3 are amended as follows:

“a) Approving the establishment of representative offices and administrative units; the relocation of branches and transaction offices of the cooperative bank within the area under the management of the SBV’s regional branch (including relocation prior to the commencement of operations);

b) Approving voluntary termination of operation or dissolution of branches and transaction offices; mandatorily requesting the termination of operation or dissolution of representative offices and administrative units of the cooperative bank.”.

1.  Clause 6 is amended as follows:

 “6. Within 30 business days (for establishment of a branch) from the date of the written confirmation of receipt of a complete and valid application as prescribed in Article 13 of this Circular, the SBV shall issue a written approval for the cooperative bank’s establishment of its branch using the form in Appendix II enclosed herewith. In case of refusal, SBV shall give a written response clearly stating written reasons for such refusal to the cooperative bank.

Within 30 business days (for establishment of a transaction office) from the date of the written confirmation of receipt of a complete and valid application as prescribed in Article 13 of this Circular, the Credit Institution Management and Supervision Department shall issue a written approval for the cooperative bank’s establishment of its transaction office using the form in Appendix III enclosed herewith. In case of refusal, the Credit Institution Management and Supervision Department shall give a written response clearly stating written reasons for such refusal to the cooperative bank.

Within 10 business days (for establishment of a representative office or administrative unit) from the date of the written confirmation of receipt of a complete and valid application as prescribed in Article 13 of this Circular, the SBV’s regional branch shall issue a written approval for the cooperative bank’s establishment of its representative office or administrative unit using the form in Appendix III enclosed herewith. In case of refusal, the SBV’s regional branch shall give a written response clearly stating written reasons for such refusal to the cooperative bank.”.

2. Clause 7 is amended as follows:

“7. Within 12 months from the date on which the SBV, the Credit Institution Management and Supervision Department, or the relevant SBV’s regional branch gives a written approval for establishment as prescribed in clause 6 of this Article, the cooperative bank must commence operations of its established branch, transaction office, representative office or administrative unit. If the cooperative bank fails to do so within the abovementioned time limit, the written approval for establishment shall automatically cease to be effective.”.

“b) Within 10 business days from the date of receipt of a complete application as prescribed in clause 1 of this Article, for voluntary termination of operation or dissolution of a branch, or within 07 business days from the date of receipt of a complete application as prescribed in clause 1 of this Article, for voluntary termination of operation or dissolution of a transaction office, the SBV’s regional branch in charge of the area in which the cooperative bank’s branch or transaction office is located shall issue a written approval of the cooperative bank’s application using the form in Appendix VII enclosed herewith.  In case of refusal, the SBV’s regional branch shall give a written response clearly stating written reasons for such refusal to the cooperative bank.”.

1. A branch, transaction office, representative office, or administrative unit of the cooperative bank shall be subject to mandatory termination of operation or dissolution in any of the following cases:

a) There is evidence showing that the application for establishment of the branch, transaction office, representative office, or administrative unit contains false information, leading to a misassessment of the cooperative bank’s satisfaction of the conditions for establishing such branch, transaction office, representative office, or administrative unit;

b) The branch or transaction office is relocated without prior written approval;

c) It operates beyond the permitted scope of operations or outside the permitted area of operation.

2. Upon detecting any case specified in clause 1 of this Article, the SBV Inspectorate or the SBV’s regional branch in charge of the area where the branch or transaction office of the cooperative bank is located shall submit a written proposal, clearly stating the reasons, to the SBV’s Governor (for termination of operation or dissolution of a branch), or to the Credit Institution Management and Supervision Department (for termination of operation or dissolution of a transaction office), requesting termination of operation or dissolution of the branch or transaction office.

3. Within 15 business days from the receipt of the written proposal for termination of operation or dissolution of the branch or transaction office of the cooperative bank as prescribed in clause 2 of this Article, or where, during supervision activities, a case specified in clause 1 of this Article is detected, the Credit Institution Management and Supervision Department shall issue a written request (for termination of operation or dissolution of a transaction office) or shall submit to the SBV’s Governor (for termination of operation or dissolution of a branch) for issuance of a written request requiring the cooperative bank to terminate operation of or dissolve its branch or transaction office.

4. Upon detecting any case specified in clause 1 of this Article, the SBV Inspectorate or the Credit Institution Management and Supervision Department shall send a written proposal, clearly stating the reasons, to the SBV’s regional branch in charge of the area where the representative office or administrative unit of the cooperative bank is located, requesting the termination of operation or dissolution of such representative office or administrative unit.

5. Within 15 business days from the receipt of the written proposal for termination of operation or dissolution of the representative office or administrative unit as prescribed in clause 4 of this Article, or where, during management activities, any of the cases specified in clause 1 of this Article is detected, the SBV’s regional branch shall issue a written request requiring the cooperative bank to terminate the operation of or dissolve its representative office or administrative unit.

6. Within 90 days from the date on which the SBV issues a written request requiring the cooperative bank to terminate operation of or dissolve its branch, transaction office, representative office, or administrative unit as prescribed in clauses 3 and 5 of this Article, the cooperative bank shall complete the termination of operation or dissolution as requested; submit a written report to the SBV (for termination of operation or dissolution of a branch or transaction office) or to the SBV’s regional branch (for termination of operation or dissolution of a representative office or administrative unit) specifying the date and results of such termination or dissolution.

7. Within 12 months from the date on which the SBV issues a written request requiring the cooperative bank to mandatorily terminate operation of or dissolve its branch, the cooperative bank shall formulate a plan for handling the transaction offices managed by such branch to ensure compliance with this Circular.”.

“4. Within 03 business days from the date on which the SBV’s regional branch issues a written confirmation that the cooperative bank has satisfied the conditions set out in clause 4 Article 15 and clause 7 Article 19 of this Circular, or issues a written approval or request as prescribed in clause 6 Article 14, clause 2 Article 25, or clause 5 Article 26 of this Circular, or from the date of receipt of a notification or report from the cooperative bank as prescribed in this Circular, the SBV’s regional branch shall send a written report to the SBV on the following matters:

a) The commencement of operations of branches, transaction offices, representative offices, and administrative units;

b) Changes in the name or relocation of branches, transaction offices, representative offices, and administrative units;

c) Voluntary termination of operation or dissolution of branches, transaction offices, representative offices, and administrative units; 

d) Establishment of representative offices and administrative units;

dd) Mandatory termination of operation or dissolution of representative offices and administrative units.”.

“d) Provide the written approval for the establishment of a branch or transaction office as prescribed in Article 14 of this Circular to the SBV’s regional branch in charge of the area where the cooperative bank intends to locate such branch or transaction office within 02 business days from the date of issuance of such approval, so that the SBV’s regional branch may give a notification thereof to the relevant business registration authority;”.

1. The phrase “khoản 4 Điều 26” (“clause 4 Article 26”) is replaced with the phrase “khoản 6 Điều 26” (“clause 6 Article 26”) in clause 4 Article 29.

2. Appendix I, Appendix III enclosed with the Circular No. 53/2025/TT-NHNN are replaced with Appendix I, Appendix III enclosed herewith.

“c) Documents evidencing that the credit institution that is a cooperative has the rights to use, or lawful ownership of, the headquarters at the new location in accordance with regulations of relevant laws.

Where the document evidencing the credit institution that is a cooperative’s rights to use, or lawful ownership of, the headquarters at the new location is a Certificate of land-use rights and ownership of property attached to land, and information on such Certificate is available in the national land database, the credit institution that is a cooperative shall write the code of such Certificate in the application form specified at point a of this clause. In such case, the credit institution that is a cooperative is not required to submit such Certificate of land-use rights and ownership of property attached to land.

Where the SBV is unable to access the relevant information from the national land database, or where the information obtained is incomplete or inaccurate, the SBV shall request the credit institution that is a cooperative to provide a copy of the Certificate of land-use rights and ownership of property attached to land.”.

“b) Within 20 days from the date of receipt of a complete and valid application, SBV shall issue a Decision to modify the License regarding the term of operation of the credit institution that is a cooperative. If an application is refused, SBV shall give a written response indicating reasons for such refusal.”.

1. Point d Clause 1 is abrogated.

2. Point e clause 1 is amended as follows:

“e) Diplomas, degrees and certificates of recommended persons, evidencing their satisfaction of eligibility requirements and standards set out by SBV, which are issued by foreign training institutions and recognized by Vietnamese competent authorities in accordance with relevant regulations of law (if any);”.

3. Point a Clause 4 is amended as follows:

“a) At least 40 days prior to the scheduled date of meeting of the General Meeting of Members or the date on which the Board of Directors plans to appoint (including through employment) of its General Director (Director), the credit institution that is a cooperative shall prepare an application consisting of the documents prescribed in article 1 of this Article and send it to SBV.

The SBV shall access necessary information from national databases and specialized databases when examining and appraising relevant information on residence, criminal record, diplomas, and certificates evidencing qualifications and professional expertise of the recommended persons of the credit institution that is a cooperative.

Where information cannot be obtained from national or specialized databases, or where the obtained information is incomplete, the SBV shall request the credit institution that is a cooperative to provide additional documents, papers, or written confirmations given by competent authorities as prescribed by law to verify information on residence, diplomas, and certificates of its recommended persons;”.

“7. Send a written request to the authority in charge of managing the criminal record database to provide information relating to the criminal records of recommended persons of the cooperative bank, in accordance with law, where such criminal record information cannot be obtained from national databases or specialized databases, or where the obtained information is incomplete.”.

“10. Send a written request to the authority in charge of managing the criminal record database to provide information relating to the criminal records of recommended persons of the concerned people’s credit fund, in accordance with law, where such criminal record information cannot be obtained from national databases or specialized databases, or where the obtained information is incomplete.”.

This Circular comes into force from May 19, 2026.

Heads of SBV’s affiliated units, the cooperative bank, and people’s credit funds are responsible for the implementation of this Circular./.