On May 5, 2025, VIE CB published the press release on the finalized circular above.
Document dated May 5, 2025, received from VIE CB May 6, summarized on May 8.
On Oct. 21, VIE CB proposed rules regarding people's credit funds.
VIE CB proposed rules re initial issuance, renewal of licenses for people's credit funds.
Overview of Proposal
Defines procedures for issuing and renewing licenses for people's credit funds; includes details on licensing fees, application requirements, and conditions for operation.
Applies to people's credit funds, related organizations or individuals involved.
Requires detailed application including draft charter, establishment plan, and founders' information; reviewed by the VIE CB's provincial branch within specific timelines.
Fees for both initial and renewed licenses must be paid within 15 days after issuance.
VIE CB must notify registration authority within 5 days of granting or renewing license.
Credit fund must complete a public announcement process before starting operations; must have adequate capital, structured organization, and risk management in place.
Preparatory committee must organize meetings, secure approvals, submit documents.
People's credit funds must maintain accurate records, provide updates to VIE CB.
Effectiveness
The consultation period is not mentioned.
Apr. 2025 Implementation
On Apr. 29, 2025, VIE CB issued circular 01/2025/TT-NHNN on Rules on granting first-time licenses and renewing licenses of people's credit funds, effective Jun. 15, 2025.
Document dated Apr. 29, 2025, received from VIE CB May 5, summarized on May 7.
May 2025 Press Release
On May 5, 2025, VIE CB published the press release on the finalized circular above.
Document dated May 5, 2025, received from VIE CB May 6, summarized on May 8.
