The State Bank of Vietnam ("SBV") issued Circular 40/2011/TT-NHNN on December 15, 2011 ("Circular 40"). The Circular regulates the process of licensing, as well as the organization and operation of commercial banks, branches of foreign banks, and representative offices of foreign credit institutions and other foreign banking operations.

Circular 40 came into force on 1 February 2012. It replaces parts of Circular 03/2007/TT-NHNN (5 June 2007) on organization and operation of foreign bank branches, joint venture banks, banks with 100% foreign owned capital, and representative offices in Vietnam of foreign credit institutions; Circular 06/2010/TT-NHNN (26 February 2010) on organization and operation of commercial banks; and Circular 09/2010/TT-NHNN (26 March 2010) on licensing and operation of shareholding commercial banks.

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