SBV issues circular on establishment of non-banking financial firms
Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to own minimum US$10 billion of assets at the end of the previous year as from February 8.
Under Circular 30/2015/TT-NHNN recently issued by the State Bank of Vietnam, these institutions also have to operate profitably in three consecutive financial years prior to the year they file for licensing.
Meanwhile, in order to eligible to become a founding member of join stock non-banking financial establishments, domestic enterprises must possess at least VND500 billion (US$22 million) worth of ownership capital and VND1 trillion (US$44 million) worth of assets in three consecutive financial years alongside meeting other requirements related to safe operation rates and financial violations.
For limited liability non-banking financial establishments, domestic enterprises are required to have VND1 trillion (US$44 million) in ownership capital and assets valued at at least VND2 trillion in three consecutive financial years.
Commercial banks must have at least VND100 trillion (US$4.4 billion) in assets in order to become founding members of financial and financial-leasing companies.
Meanwhile, in order to eligible to become a founding member of join stock non-banking financial establishments, domestic enterprises must possess at least VND500 billion (US$22 million) worth of ownership capital and VND1 trillion (US$44 million) worth of assets in three consecutive financial years alongside meeting other requirements related to safe operation rates and financial violations.
For limited liability non-banking financial establishments, domestic enterprises are required to have VND1 trillion (US$44 million) in ownership capital and assets valued at at least VND2 trillion in three consecutive financial years.
Commercial banks must have at least VND100 trillion (US$4.4 billion) in assets in order to become founding members of financial and financial-leasing companies.