Press Release on issuance of Circular No.28/2018/TT-NHNN
Hanoi, November 30, 2018 – The Governor of the State Bank of Vietnam (SBV) issued Circular No.28/2018/TT-NHNN amending and supplementing a number ofl articles of Circular No.40/2011/TT-NHNN (Circular 40) dated December 15, 2011 stipulating the granting of licenses on the establishments and operations of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign institutions with banking operations in Vietnam.
The issuance of the new Circular aims at being aligned with the regulations on registration of the charters, the amendments and supplementations to the charters of the credit institutions as stipulated in the Law amending and supplementing a number of articles of the 2010 Law on Credit Institutions, the practical conditions and other relevant legal regulations.
The new Circular is composed of 04 Articles as follows:
- Article 1: consisting of 19 paragraphs amending and supplementing a number of articles and appendices in Circular 40.
- Article 2: Abolishing a number of articles of Circular 40.
- Article 3: Responsibilities for the implementation.
- Article 4: Enforcement.
Circular No.28/2018/TT- NHNN takes effect from January 15th, 2019.
Translated by Le Hang