Establishing a financial foreign owned company in Vietnam

For organizations being foreign credit institutions:

1) Having total assets of more than 10 billion USD at the end of the year preceding the time of application, unless otherwise provided for in the bilateral investment agreement between Vietnam and the country of origin;

2) Healthy and safe business activities; profitable in the year immediately preceding the year of application for the establishment of a financial company;

Note: In case a foreign credit institution is a bank, in addition to the above conditions, it must be a reputable bank, rated at medium and stable level by an international rating agency, and have a bad debt ratio less than 3%.

The time limit for consideration and issuance of a license is 90 days from the date of receipt of a complete application. In case of refusal, the State Bank shall provide a written explanation of the reasons therefor.

Note that in order for a financial company to carry out banking activities, the following conditions must be met:

- Banking activities of a financial company must be recorded in the License for establishment and operation issued by the State Bank.

- Having a team of qualified staff, professional capacity, material foundations, technology, means, equipment and internal regulations as prescribed by law to carry out banking activities as stated in this Circular. License.

- Having a team of qualified staff, professional capacity, facilities, technology, means, equipment and internal regulations on foreign exchange management.

- Fully satisfy the professional conditions for banking activities prescribed by the State Bank.

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