Decree No. 39/2014/ND-CP dated May 07, 2014 of the Government on operation of financial company and financial leasing company

THE GOVERNMENT

Decree No. 39/2014/ND-CP dated May 07, 2014 of the Government on operation of financial company and financial leasing company

Pursuant to the Law on organization of Government dated December 25, 2001;

Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010;

At the proposal of the Governor of State Bank of Vietnam;

The Government issues the Decree on operation of financial company and financial leasing company;

Chapter 1.

GENERAL PROVISION

Article 1. Scope

This Decree defines the operation of financial company and financial leasing company;

Article 2. Objective

1. The financial company and financial leasing company are established and operating in Vietnam;

2. Organizations and individuals related to the operation of financial company and financial leasing company specified in Clause 1 of this Article;

Article 3. Explanation of terms

In this Decree, the terms below are construed as follows:

1. Consolidated financial company is a financial company entitled to carry out the activities specified in the Law on Credit Institutions and this Decree.

2. Specialized financial company includes the factoring financial company, the financial company for consumer credit and the financial leasing company as provided for in this Decree and the guidance of the State Bank of Vietnam (hereafter referred to as the State Bank).

3. Factoring financial company is a specialized financial company, mainly operating in the area of factoring as provided for by this Decree;

4. Financial company for consumer credit is a specialized financial company, mainly operating in the area of consumer credit as provided for by this Decree;