HSBC is among large foreign banks in Vietnam.(Photo: thebank.vn)
Hanoi (VNA) – The Government recently issued DecreeNo.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 are5 trillion VND and 3 trillion VND, respectively.
The legal capital for foreign banks’ branches is 15 million USD, and 500billion VND for financial companies, 150 billion VND for financial leasingfirms, and 5 billion VND for microfinance institutions.
The Decree will take effect from January 15, 2020.
Foreign credit organisationsand banks’ branches that were licensed and began operation before the date thedecree takes effect must ensure that their registered capital must be at leastequivalent to the legal capital prescribed by this decree by the date it takeseffect./.
VNA
