Legal capital levels set for foreign financial organisations
The Government recently issued Decree No.86/2019/ND-CP regulating the minimum legal capital levels of foreign banks’ branches and credit institutions operating in Vietnam.
HSBC is among large foreign banks in Vietnam.(Photo: thebank.vn)
Hanoi (VNA) – The Government recently issued Decree No.86/2019/ND-CP regulating the minimum legal capital levels of foreign banks’ branches and credit institutions operating in Vietnam.
Accordingly, legal capital of foreign commercial banks is set at 3 trillion VND (129.29 million USD), while the levels for policy banks and cooperative banks are 5 trillion VND and 3 trillion VND, respectively.
The legal capital for foreign banks’ branches is 15 million USD, and 500 billion VND for financial companies, 150 billion VND for financial leasing firms, and 5 billion VND for microfinance institutions.
The Decree will take effect from January 15, 2020.
Foreign credit organisations and banks’ branches that were licensed and began operation before the date the decree takes effect must ensure that their registered capital must be at least equivalent to the legal capital prescribed by this decree by the date it takes effect./.
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