Is it correct that đá bóng trực tiếp maximum interest rate for USD deposits held by organizations and individuals at credit institutions and foreign bank branches in Vietnam is 0% from November 20, 2024?

Is it correct that đá bóng trực tiếp maximum interest rate for USD deposits held by organizations and individuals at credit institutions and foreign bank branches in Vietnam is 0% from November 20, 2024?

On November 1, 2024, đá bóng trực tiếp Governor of đá bóng trực tiếp State Bank of Vietnam issuedQuyết định 2410/QĐ-NHNN năm 2024on đá bóng trực tiếp maximum interest rate for deposits in US dollars by organizations and individuals at credit institutions and foreign bank branches as per đá bóng trực tiếp provisions inThông tư 46/2024/TT-NHNN.

đá bóng trực tiếp maximum interest rate for deposits in US dollars by organizations and individuals at credit institutions and foreign bank branches in Vietnam is as follows:

- đá bóng trực tiếp interest rate applicable to deposits of organizations (excluding credit institutions and foreign bank branches) is 0% per annum.

- đá bóng trực tiếp interest rate applicable to deposits of individuals is 0% per annum.

Quyết định 2410/QĐ-NHNN năm 2024takes effect from November 20, 2024.

Is it correct that đá bóng trực tiếp maximum interest rate for USD deposits held by organizations and individuals at credit institutions and foreign bank branches in Vietnam is 0% from November 20, 2024?​ (Image from đá bóng trực tiếp Internet)

When is a credit institution with 100% foreign capital granted a License in Vietnam?

Based on Clause 2, Article 29 of đá bóng trực tiếpLaw on Credit Institutions 2024on đá bóng trực tiếp conditions for granting a License:

Article 29. Conditions for Granting a License

[...]

2. A joint venture credit institution, a credit institution with 100% foreign capital is granted a License when it meets all đá bóng trực tiếp following conditions:

a) đá bóng trực tiếp conditions specified in Clause 1 of this Article;

b) đá bóng trực tiếp foreign credit institution is allowed to carry out banking activities as per đá bóng trực tiếp laws of đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters;

c) đá bóng trực tiếp activities proposed to be carried out in Vietnam must be activities that đá bóng trực tiếp foreign credit institution is allowed to conduct in đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters;

d) đá bóng trực tiếp foreign credit institution meets đá bóng trực tiếp asset and financial status conditions according to đá bóng trực tiếp regulations of đá bóng trực tiếp Governor of đá bóng trực tiếp State Bank, complies with đá bóng trực tiếp regulations on ensuring safe operation as per đá bóng trực tiếp laws of đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters;

[...]

According to đá bóng trực tiếp above regulation, a credit institution with 100% foreign capital is granted a License when it meets all đá bóng trực tiếp following conditions:

- Has charter capital at least equal to đá bóng trực tiếp legal capital

- đá bóng trực tiếp owner of đá bóng trực tiếp credit institution is a one-member limited liability company, founding shareholder, founding member is a legal entity operating legally and having sufficient financial capability to participate in capital contribution; founding shareholder, founding member is an individual with full civil act capacity and committed to having sufficient financial ability to contribute capital

- đá bóng trực tiếp managers, executive officers, and members of đá bóng trực tiếp Board of Control meet all đá bóng trực tiếp standards and conditions as stipulated

- Articles of association comply with regulations

- A feasible establishment scheme and business plan ensure not to affect đá bóng trực tiếp safety and stability of đá bóng trực tiếp credit institution system, do not create monopolies or restrict competition or engage in unfair competition in đá bóng trực tiếp credit institution system

- đá bóng trực tiếp foreign credit institution is allowed to perform banking activities according to đá bóng trực tiếp law of đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters

- đá bóng trực tiếp activities proposed to be carried out in Vietnam must be those that đá bóng trực tiếp foreign credit institution is allowed to conduct in đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters

- đá bóng trực tiếp foreign credit institution meets đá bóng trực tiếp conditions regarding total assets and financial status as per đá bóng trực tiếp regulations of đá bóng trực tiếp Governor of đá bóng trực tiếp State Bank, complies with đá bóng trực tiếp regulations on ensuring safe operations as per đá bóng trực tiếp laws of đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters

- đá bóng trực tiếp foreign credit institution must have a declaration of commitment to provide financial, technology, governance, management, and operational support for đá bóng trực tiếp joint venture credit institution, and 100% foreign capital credit institution; ensure that this credit institution maintains đá bóng trực tiếp real value of its charter capital no less than đá bóng trực tiếp legal capital and complies with đá bóng trực tiếp regulations on restrictions to ensure safety in operations as per đá bóng trực tiếp regulations

- đá bóng trực tiếp competent authority of đá bóng trực tiếp country where đá bóng trực tiếp foreign credit institution has its headquarters has signed an agreement with đá bóng trực tiếp State Bank on đá bóng trực tiếp inspection and supervision of banking activities, exchanging safety information on banking supervision and has a declaration of commitment to consolidated supervision according to international practices for đá bóng trực tiếp activities of đá bóng trực tiếp foreign credit institution.

What is đá bóng trực tiếp time limitfor issuance of a License for a credit institution with 100% foreign capital in Vietnam?

Based on Article 31 of đá bóng trực tiếpLaw on Credit Institutions 2024onthe time limit for issuance of a License:

Article 31. Time limit for issuance of a License

1. Within 180 days from đá bóng trực tiếp date of receiving a complete application, đá bóng trực tiếp State Bank shall grant a License or refuse to issue a License for đá bóng trực tiếp establishment and operation of a credit institution, a License for đá bóng trực tiếp establishment of a foreign bank branch.

2. Within 60 days from đá bóng trực tiếp date of receiving a complete application, đá bóng trực tiếp State Bank shall grant a License or refuse to issue a License for đá bóng trực tiếp establishment of a foreign representative office.

3. In đá bóng trực tiếp case of refusal to grant a License, đá bóng trực tiếp State Bank must notify in writing and clearly state đá bóng trực tiếp reasons.

Thus, đá bóng trực tiếp time limit for issuance of a credit institution with 100% foreign capital is 180 days from đá bóng trực tiếp date of receiving a complete application.