New rules laid out for foreign financiers

January 05, 2016 | 16:58

(0) user say

Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to have a minimum US$10 billion of assets at the end of the previous year as of February 8.

Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to have a minimum US$10 billion of assets. - Photo cafef.vn

Under Circular 30/2015/TT-NHNN recently issued by the State Bank of Viet Nam, these institutions also have to operate profitably for three consecutive financial years prior to the year they file for licensing.

Meanwhile, in order to be eligible to become a founding member of a non-banking financial establishment, domestic enterprises must possess at least VND500 billion ($22 million) worth of ownership capital and VND1 trillion ($44 million) worth of assets in three consecutive financial years, along with meeting other requirements related to safe financial operation.

For limited liability non-banking financial establishments, domestic enterprises are required to have VND1 trillion ($44 million) in ownership capital and assets valued at least VND2 trillion ($88 million) in three consecutive financial years.

Commercial banks must have at least VND100 trillion ($4.4 billion) in assets in order to become founding members of financial and financial-leasing companies.

VNS

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional