Official Dispatch No. 4825/NHNN-CNH dated June 25, 2009 of the State Bank of Vietnam guiding some contents related to the Official Dispatch No. 686/NHNN-CNH dated 4 February 2009 on trading in bonds of banks.

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Issuing body:	State Bank of Vietnam	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	4825/NHNN-CNH	Signer:	Duong Quoc Anh
Type:	Official Dispatch	Expiry date:	Updating
Issuing date:	25/06/2009	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Commerce - Advertising, Finance - Banking

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STATE BANK OF VIETNAM -------	SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom – Happiness ----------
No. 4825/NHNN-CNH Ref: Concerning the Official Dispatch No. 686/NHNN- CNH dated 4 February 2009	Hanoi, June 25, 2009

To:	- Commercial Banks - Branches of foreign banks

Recently, the State Bank of Vietnam has received questions, by several commercial banks and foreign banks’ branches, about some contents related to the Official Dispatch No. 686/NHNN-CNH dated 4 February 2009 on trading in bonds of banks. For this matter, the Governor of the State Bank would like to give out his opinion as follows:

1. Regarding the trading in bonds (Government bonds, bonds guaranteed by Government, bonds of local governments, corporate bonds), commercial banks and foreign banks’ branches shall be permitted to perform in accordance with provisions in the Decree No. 141/2003/ND-CP dated 20 November 2003 on the issuance of Government bonds, bonds guaranteed by Government, bonds of local Governments; the Decree No. 52/2006/ND-CP dated 19 May 2009 on the issuance of corporate bonds and current related documents.

2. Regarding the participation in transaction of valuable papers (including bonds with remaining maturity time of less than 1 year) in the monetary market, commercial banks and foreign banks’ branches shall comply with provisions of applicable laws on monetary market.

3. According to the provisions in Paragraph 19, Article 6 of the Law on Securities, commercial banks and foreign banks’ branches shall be entitled to directly perform operation of securities underwriting and securities custody (including bonds underwriting and bonds custody). In order to be permitted to perform such operations, units must:

a. Submit an application to the State Bank for approval of the change in operating content under applicable provisions in Point d, Paragraph 1, Article 31 of the Law on Credit Institutions;

b. After obtaining written consent from the State Bank of Vietnam, carry out procedures to obtain the acceptance from competent agencies (State Securities Commission or Ministry of Finance) in accordance with applicable provisions of the Law on Securities and other related documents.

4. Regarding procedures and application for changing operating contents as mentioned in Point 3a above:

a. For foreign banks’ branches: to implement provisions in Point 2.2.3 of the Circular No. 03/2007/TT-NHNN dated 5 June 2007 providing guidance on the implementation of several articles of the Decree No. 22/2006/ND-CP dated 28 February 2006 of the Government on organization and operation of foreign banks’ branches, joint venture banks, 100% foreign owned banks, representative offices of foreign credit institutions in Vietnam;

b. For joint stock commercial banks: to implement provisions in Article 17 of the Decision No. 24/2007/QD-NHNN dated 7 June 2007 of Governor of the State Bank on the issuance of the Regulation on granting establishment and operation licence to joint stock commercial banks;

c. For state commercial banks, application file includes: a Statement by Chairman of Board of Directors to the State Bank’s Governor which clearly states the reason, necessity of the changes in operating contents and a Resolution by the Board of Directors on related matter.

The State Bank of Vietnam would like to inform the Good banks for knowledge and implementation.

FOR THE GOVERNOR OF THE STATE BANK OF VIETNAM
DEPUTY GOVERNOR

Duong Quoc Anh

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Official Dispatch No. 4825/NHNN-CNH dated June 25, 2009 of the State Bank of Vietnam guiding some contents related to the Official Dispatch No. 686/NHNN-CNH dated 4 February 2009 on trading in bonds of banks.

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