Illustrative image (Source: VNA)

Hanoi (VNA) – Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to own minimum 10 billion USD of assets at the end of the previous year as from February 8.

Under Circular 30/2015/TT-NHNN recently issued by the State Bank of Vietnam, these institutions also have to operate profitably in three consecutive financial years prior to the year they file for licensing.

Meanwhile, in order to eligible to become a founding member of join stock non-banking financial establishments, domestic enterprises must possess at least 500 billion VND (22 million USD) worth of ownership capital and one trillion VND (44 million USD) worth of assets in three consecutive financial years alongside meeting other requirements related to safe operation rates and financial violations.

For limited liability non-banking financial establishments, domestic enterprises are required to have one trillion VND (44 million USD) in ownership capital and assets valued at at least two trillion VND in three consecutive financial years.

Commercial banks must have at least 100 trillion VND (4.4 billion USD) in assets in order to become founding members of financial and financial-leasing companies.-VNA