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Accordingly, the legal capital levels are defined for foreign commercial banks VND3 trillion, policy banks VND5 trillion, co-operative banks VND3 trillion, foreign banks’ branches US$15 million, financial companies VND500 billion, financial leasing firms VND150 billion, microfinance institutions VND5 billion.
The Decree also regulates the legal capital level for people's credit funds operating in a commune or a town VND500 million and people’s credit funds operating in inter-commune, inter-commune and inter-ward areas VND1 billion.
Foreign credit organizations and banks’ branches that were licensed and began operation before the date the Decree takes effect must ensure that their registered capital must be at least equivalent to the legal capital prescribed by this decree by the date it takes effect.
People’s credit funds that were licensed and began operation before the date the Decree takes effect have to guarantee charter capital and actual value of the charter capital at least equal to the above-prescribed legal capital, no later than June 30, 2021.
The Decree will take effect from January 15, 2020.
(Source:VGP)
