On 26 January 2011, the Vietnamese Government issued Decree No. 10/2011/ND-CP amending and supplementing some articles of Decree No. 141/2006/ND-CP dated 22 January 2006 issuing the list of legal capital levels of credit institutions (Decree 10).
Under Decree 10, credit institutions which have been issued with an establishment and operating licence must take measures to ensure they have a minimum amount of paid-up or issued charter capital equivalent to the legal capital levels set out in the following list, no later than 31 December 2011.
During the time any credit institution has yet to satisfy the legal capital as stipulated, the State Bank of Vietnam (SBV) will not consider an extension of the operational network of such credit institution (branches, representative offices, professional units and other forms of presence stipulated by law) and any extension of its operational contents.
After 31 December 2011, the SBV will consider and issue a decision in accordance with the provisions of law dealing with any credit institution which fails to meet the legal capital level set out in Decree 10.
List of Legal Capital Levels of Credit Institutions
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For inquiries related to this Legal Update, please contact:
Dao Nguyen (dao.nguyen@mayerbrown.com)
Thinh Dan (thinh.dan@mayerbrown.com)
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