THE STATE BANK OF VIETNAM
Circular No. 38/2014/TT-NHNN dated December 08, 2014 of the State Bank of Vietnam on dossier, order and procedures for approving the foreign investor’s purchase of Vietnamese credit institution’s shares
Pursuant to the Law on State Bank of Vietnam No. 46/2010 / QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010 / QH12 dated June 16, 2010;
Pursuant to the Enterprise Law No. 60/2005 / QH11 dated November 29, 2005;
Pursuant to the Securities Law No. 70/2006 / QH11 dated June 29, 2006 and the Law No. 62/2010 / QH12 dated November 24, 2010 amending and supplementing a number of articles of the Securities Law;
Pursuant to Decree No. 156/2013 / ND-CP dated November 11, 2013 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to Decree No. 01/2014 / ND-CP dated January 03, 2014 of the Government providing for the foreign investor’s purchase of Vietnamese credit institution’s shares;
At the request of the Head of banking inspection and supervision agency;
The Governor of State Bank of Vietnam issues Circular providing for dossier, order and procedures for approving the foreign investor’s purchase of Vietnamese credit institution’s shares
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular provides for:
1. Dossier, order and procedures and procedures for approving the foreign investor’s purchase of Vietnamese credit institution’s shares under the provisions in Decree No. 01/2014/ND-CP dated January 01, 2014 of the Government on the foreign investor’s purchase of Vietnamese credit institution’s shares (hereafter referred to as Decree), including:
a) Foreign investor ‘s purchase of shares which make the ownership of share from 5% of charter capital or more or additional purchase when the foreign investor owns 5% or more of charter capital of a Vietnamese credit institution, except for cases specified at Point b and c of this Clause;
b) Foreign investor‘s purchase of shares which make the ownership of share from 10% of charter capital or more of a Vietnamese credit institution;
c) Foreign investor purchases shares and becomes the foreign strategic investor of a Vietnamese credit institution;
2. Dossier shall be sent to the State Bank of Vietnam (hereafter referred to as State Bank) for review, assessment and submission to the Prime Minister for deciding the percentage of shareholding of a foreign investor, a foreign strategic investor and the total shareholding of foreign investors at a weak credit institution which has been re-structured exceeding the limit specified in Clause 2, 3, 5, Article 7 of this Decree.
