THE STATE BANK OF VIETNAM
 
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
No. 08/2010/TT-NHNN
Hanoi, March 22, 2010
 
CIRCULAR
PROVIDING FOR SPECIAL CONTROL OVER CREDIT INSTITUTIONS
THE STATE BANK OF VIETNAM
 
Pursuant to the Law on State Bank of Vietnam in 1997 and the Law on amendment, supplement of several Articles of the Law on State Bank of Vietnam in 2003;
Pursuant to the Law on Credit Institutions in 1997 and the Law on amendment, supplement of several Articles of the Law on Credit Institutions in 2004;
Pursuant to the Decree No. 96/2008/ND-CP dated 26/08/2008 of the Government providing for functions, duties, authorities and organizational structure of the State Bank of Vietnam;
The State Bank of Vietnam hereby provides for special control over credit institutions as follows:
Chapter I
GENERAL PROVISIONS
Article 1. Governing scope
This Circular provides for special control over credit institutions, which are established and operate in accordance with the Law on credit institutions, including:
- State-owned Credit Institutions;
- Joint-stock Credit Institutions;
- Joint-venture Credit Institutions;
- 100% foreign-owned Credit institutions.
Article 2. Subjects of application
1. Credit institutions provided for in Article 1 of this Circular.
2. Organizations, individuals that are related to special control over credit institutions.
Article 3. Interpretation
In this Circular, following terms shall be construed as follows:
1. “Special control” means a credit institution is put into the direct control of the State Bank of Vietnam (herein after referred to as the State Bank) due to the risk of default or risk of insolvency.
2. “Special Controllers Committee” means an organization comprising members, established in accordance with the Decision of the State Bank's Governor (herein after referred to as the Governor) to directly control credit institutions which are put into special control.
3. “Special loan” means a loan provided by the State Bank or another credit institution or Deposit Insurance of Vietnam to a credit institution which is put into special control in urgent case in order to ensure the ability of payment to its customers. Special loan shall be paid prior to any other loans of the credit institution.
4. “Special control term” means the period of time since the issuance of decision on putting a credit institution into special control until the availability of the decision on stopping special control over such credit institution.