On February 24, 2023, the State Bank of Vietnam (SBV) issued License No. 05/GP-NHNN replacing the current License for the establishment and operations of Viet Nam Thuong Tin Commercial Joint Stock Bank (Vietbank).
Accordingly, the new License issued by the SBV to Vietbank contains the following details:
Full-name in Vietnamese: Ngân hàng Thương mại cổ phần Việt Nam Thương Tín;
Full-name in English: Viet Nam Thuong Tin Commercial Joint Stock Bank;
Abbreviated name: Vietbank;
Head office address: 2nd Floor of the Building at No.47 Tran Hung Dao street, Ward 3, Soc Trang city, Soc Trang province.
The charter capital of Vietbank is: VND 4,776,826,690,000 (Four thousand seven hundred seventy-six billion, eight hundred twenty-six million, six hundred ninety thousand Vietnamese Dongs). The operational duration of Vietbank is fifty (50) years, starting from December 15, 2006.
Vietbank is permitted to perform the operations of a commercial bank in accordance with the applicable laws and the regulations of the SBV, including the following: (i) Receiving time and demand deposits, savings and other deposits; (ii) Extending credit in such forms as lending, discounting and rediscounting of negotiable instruments and other valuable papers; bank guarantees; issuing credit cards, domestic factoring; (iii) Opening payment accounts; (iv) Providing payment services in the domestic market: providing payment options; performing services of payment by cheque, payment orders, encashment orders, letters of credit, bank cards, cash in and cash out; (v) Opening accounts: Opening accounts at the SBV, other credit institutions and foreign banks’ branches; (vi) Internal payment, participating in the national inter-bank payment system; (vii) Providing services of cash management, banking and finance consultancy, asset preservation and safe keeping; (viii) Providing consultancy services in the fields of corporate finance, M&A, and investment; (ix) Participating in the biddings for the State Treasury bills, and the trading of negotiable instruments, the Government bonds, the SBV bills and other valuable papers in the money market; (x) Trading of corporate and the Government bonds; (xi) Providing the service of money brokerage; (xii) Issuing certificates of deposits, promissory notes, bills and bonds to mobilize capital in accordance with the Law on Credit Institutions, the Securities Law, the Government regulations and the SBV’s guidance; (xiii) Borrowing from the SBV in the form of refinancing under the Law on the State Bank of Vietnam and the SBV’s guidance; (xiv) Borrowing, lending, depositing and receiving deposits of other credit institutions, foreign banks’ branches, domestic and international financial institutions in line with the applicable laws and the SBV’s guidance; (xv) Contributing capital, purchasing shares in accordance with the provisions of law and the SBV's guidance; (xvi) Being a trustee and/or a trustor, acting as an agent in relation to banking operations, insurance and asset management in line with the applicable laws and the SBV’s guidance; (xvii) Trading and providing foreign exchange services in the domestic market and in the international markets within the scope prescribed by the SBV; (xviii) Trading gold bullions; (xix) Investing in Government bond futures; (xx) Other operations (after having been approved by the SBV).
In the process of operations, Vietbank must comply with the applicable laws of Vietnam.
This License takes effect from the date of signing and shall replace Decisions No. 2391/QD-NHNN dated December 14, 2006, No.2399/QD-NHNN dated December 15, 2006, No.2441/QD-NHNN dated October 28, 2008, No.2499/QD-NHNN dated November 18, 2011, No.2699/QD-NHNN dated December 22, 2011, No.2126/QD-NHNN dated October 10, 2017, No.2283/QD-NHNN dated October 30, 2017, No.2114/QD-NHNN dated November 10, 2019, No.1495/QD-NHNN dated September 20, 2021.
The gold bullion trading License No.55/GP-NHNN dated September 1, 2017 issued by the SBV to Vietbank shall continue to be effective.
Le Hang