On December 25, 2015, the State Bank of Vietnam issued the Circular No. 30/2015/TT-NHNN on regulations on issuing the licenses, organization and operation of non-bank credit institutions; within that, the most important content is the requirements for licensing joint stock non-bank credit institutions.

Accordingly, the founding shareholders must have at least two founding shareholders as organizations, have a profitable business for three straight years preceding the year of submission of applications for licensing; organizations as Vietnamese enterprises (except Vietnamese commercial banks) must have at least VND 500 billion in equity capital and at least VND 1,000 billion in total assets for three straight years preceding the year of submission of applications for licensing; or have at least VND 100,000 billion in total assets; comply fully with regulations on risk management and establishment of provisions at the time of submission of applications for licensing (for Vietnamese commercial banks).

For owners, founding members as foreign credit institutions must have at least US$ 10 billion in total assets at the end of the year preceding the year of submission of applications for licensing;  do not seriously violate regulations on banking activities and other provisions of the home country for five straight years preceding the year of submission of applications for licensing and to the time of submission of supplements for consideration and issuance of licenses; have experience in international activities, rated by international credit rating agencies as capable for ensuring financial commitments and normal operation even though economic situations and conditions change for the worse. In case foreign credit institutions are finance leasing companies, the lease balance and loans must make up at least 70% of its assets.

Also accordance with this Circular, operation duration of a non-bank credit institution is prescribed in the license (no more than 50 years to the maximum). Non-bank credit institutions should carry out operation opening within 12 months since the license is granted; otherwise the State Bank shall revoke the license.

This Circular takes effect on February 08, 2016.

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