Quyết định 415/1998/QD-NH5

DECISION

ON AMENDMENT OF THE SCOPE OF OPERATIONS OF JOINT-VENTURE BANK IN VIETNAM

THE GOVERNOR OF THE STATE BANK OF VIETNAM

- Pursuant to the Law on the Credit Institutions No. 02-1997/QH10 promulgated under the Order No. 01/L-CTN dated 26 December, 1998 of the President of the Socialist Republic of Vietnam.
- Pursuant to the Law on the State Bank of Vietnam No. 01-1997/QH10 promulgated under the Order No. 01/L-CTN dated 26 December, 1998 of the President of the Socialist Republic of Vietnam.
- In according with Decree No. 189/HDBT dated 15 June, 1991 of the Council of Ministers on promulgation of the regulation on foreign bank branches and joint-venture banks operating in Vietnam.
- Upon the proposal of the Director of Banks and Non-banking Credit Institutions Department.

DECIDES

Article 1.

The joint-venture bank operating in Vietnam shall be permitted to receive demand deposits in Vietnamese Dong from individuals who are Vietnamese and legal entities who are Vietnamese organizations which do not borrow funds from such bank, maximizing 100% of the chartered capital of joint-venture bank, and to receive time deposits in Vietnamese Dong from these customers, maximizing 50% of the chartered capital of joint-venture bank.

Article 2.

This Decision shall be effective after 15 days from the date of signing. The previous regulations which are contrary to regulations provided in Article 1 of this Decision shall be repealed.

Article 3.

The Director of Administrative Department, Director of Banks and Non-banking Credit Institutions Department, Heads of relevant units of the State Bank of Vietnam and General Director of the joint-venture banks shall be responsible for the implementation of this Decision.