| THE GOVERNMENT ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------------ |
| No: 79/2002/ND-CP | Hanoi, October 04, 2002 |
DECREE
ON ORGANIZATION AND OPERATION OF FINANCIAL COMPANIES
THE GOVERNMENT
Pursuant to the Law on Organization of the Government of December 25, 2001;
Pursuant to the Law on Vietnam State Bank of December 12, 1997;
Pursuant to the Law on Credit Institutions of December 12, 1997;
At the proposal of the Governor of Vietnam State Bank,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.- Regulation scope
This Decree prescribes the organization and operation of financial companies.
Article 2.- Definition of the financial company
The financial company constitutes a type of non-bank credit institution, with function of using equity capital, mobilized capital and other capital sources to provide loans, make investment; provide services on financial or monetary consultancy and provide some other services under the provisions of law, but not to provide payment services, not to receive under-one year- deposits.
Article 3.- Founding forms
The financial companies are set up and operate in Vietnam in the following forms:
1. The State-run financial companies are those invested with capital, set up and managed in term of business operation by the State.
2. The joint-stock financial companies are those set up in form of joint-stock companies by organizations and/or individuals that jointly contribute capital thereto.
