Chapter 1: Introduction to law and banking .................................................... 12
I. Fundamentals ................................................................................................................... 12
1.
Definition ......................................................................................................................................... 12
a.
What is financne? ......................................................................................................................... 12
b.
What is banking? .......................................................................................................................... 12
2.
Governing scope ............................................................................................................................... 12
a.
Finance .......................................................................................................................................... 12
b.
Banking ......................................................................................................................................... 12
3.
Methodologies .................................................................................................................................. 12
4.
Sources of law in Vietnam ............................................................................................................... 12
a.
Sources of law in VN and their hierarchy..................................................................................... 12
i.
Sources of law ........................................................................................................................... 12
ii.
Hierarchy .................................................................................................................................. 13
b.
Sources of finance and banking law in Vietnam........................................................................... 14
II. Legal relation of banking – finance ............................................................................... 14
1.
Definition ......................................................................................................................................... 14
2.
Elements ........................................................................................................................................... 14
Chapter 2: Law on banking in Vietnam ............................................................ 15
Part 1: Law on credit institution.......................................................................................... 15
1.
Definition, features and types .......................................................................................................... 15
a.
Definition: ..................................................................................................................................... 15
b.
Features ......................................................................................................................................... 15
c.
Types ............................................................................................................................................. 15
i.
Bank .......................................................................................................................................... 15
•
Commercial banks ................................................................................................................ 16
•
Policy banks .......................................................................................................................... 16
•
Cooperative banks ................................................................................................................ 16
ii.
2.
Non-bank credit institution ....................................................................................................... 16
•
Finance companies ............................................................................................................... 16
•
Financial leasing companies ................................................................................................ 16
iii.
Micro-finance institution ...................................................................................................... 17
iv.
People’s credit fund................................................................................................................... 17
v.
Foreign credit institution .......................................................................................................... 17
Forms of enterprises under the law on enterprises 2020 ............................................................... 17
1
a.
Limited liabilities company (article 46-87) .................................................................................. 18
i.
LLC with 2 or more members (Chapter 3 – Section 1 – Article 46-73).................................... 18
•
Characteristics ...................................................................................................................... 18
- Member and member liability ................................................................................................ 18
- In case không góp đủ số vốn .................................................................................................. 18
- Ability to issue share............................................................................................................... 18
- Legal entity ............................................................................................................................. 18
•
Finance: ................................................................................................................................ 19
- Capital contribution ............................................................................................................ 19
o Contributed asset: Article 34 .......................................................................................... 19
o Valuation of contributed asset: Article 36 ...................................................................... 19
o Capital contribution to establish the company and issuance of the certificate of capital
contribution: Article 47 ........................................................................................................ 19
- Transfer of contributed ........................................................................................................ 21
o Transfer of ownership of contributed asset: Aritcle 35 .................................................. 21
o Restriction on transfer of contribute capital: article 51-52-53 ...................................... 21
- Redemption of contributed capital amount ......................................................................... 23
•
Management structure .......................................................................................................... 23
- Legal representative ............................................................................................................ 24
o Article 12: The enterprise’s legal representative ............................................................ 24
o Article 13: Responsibilities of the enterprise’s legal representative............................... 25
o Article 14: Authorized representatives of the owner/members/partners/shareholders that
are organizations (người đại diện của tổ chức).................................................................... 25
o Article 15: Responsibilities of authorized representatives of the
owner/members/partners/shareholders that are organizations (trách nhiệm của người đại
diện cho tổ chức) .................................................................................................................. 26
- Member’s council: ............................................................................................................... 26
o The Board of Members: Article 55 ................................................................................. 26
o Chairperson of member’s council: article 56 ................................................................. 27
o Member’s council meeting: article 57 ............................................................................ 27
- Director/ General director .................................................................................................. 29
o Director/ General director: article 63 ............................................................................ 29
o Requirements for holding the position of Director/General Director: article 64 .......... 29
- Controlling board ................................................................................................................ 29
ii.
LLC with 1 member (Chapter 3 – Section 2 – Article 74-87) ................................................... 30
•
Characteristics ...................................................................................................................... 30
2
•
Finance ................................................................................................................................. 30
- Capital contribution ............................................................................................................... 30
- Capital withdrawal and transfer ............................................................................................ 30
- Adjustment to charter capital ................................................................................................. 31
•
b.
Management structure .......................................................................................................... 31
Joint-stock company (article 111-176) ......................................................................................... 32
•
Characteristics ...................................................................................................................... 32
- Article 111: Joint stock companies ...................................................................................... 32
•
Shares.................................................................................................................................... 32
- Capital of a joint stock company ......................................................................................... 33
- Types of shares..................................................................................................................... 34
- Ordinary shares ................................................................................................................... 34
o Rights of ordinary shareholders: article 115 .................................................................. 34
o Ordinary shares of founding shareholders: article 120 ................................................. 36
- Preference share .................................................................................................................. 36
o Voting preference shares: article 116 ............................................................................. 36
o Dividend preference shares: article 117 ......................................................................... 37
o Redeemable preference shares: article 118 .................................................................... 37
- Transfer of shares ................................................................................................................ 37
•
Management structure .......................................................................................................... 38
- Management structure ......................................................................................................... 38
- General meeting of shareholders ( article 138 – 152) ........................................................ 38
o Rights and obligations of the GMS: article 138 ............................................................. 39
o General Meetings of Shareholders: article 139 ............................................................. 39
o Convening GMS: article 140 .......................................................................................... 39
o List of shareholders entitled to participate in the GMS: aritcle 141 .............................. 40
o Agenda of the GMS: article 143 ..................................................................................... 41
o Invitations to the GMS: article 143 ................................................................................ 41
o Exercising the right to attend the GMS: article 144 ....................................................... 41
o Conditions for conducting the GMS: article 145 ........................................................... 42
o Meeting and voting protocols: article 146 ..................................................................... 42
o Methods for ratifying resolutions of the GMS: article 147 ............................................ 43
o Conditions for ratification of resolutions of the GMS: article 148 ................................ 43
o Power and method for ratifying resolutions of the GMS by questionnaire survey: article
14944
3
o Minutes of the GMS: article 150 .................................................................................... 46
o Requesting invalidation of a resolution of the GMS: article 151 ................................... 46
o Effect of the resolution of the GMS: article 152 ............................................................. 46
- Board of management = board of director: article 153 - 160............................................. 47
o The Board of Directors: article 153 ............................................................................... 47
o Term of office and quantity of members of the Board of Directors: article 154............. 48
o Organizational structure and requirements to be fulfilled by members of the Board of
Directors: article 155 ........................................................................................................... 48
o The President of the Board of Directors: article 156 ..................................................... 49
o Meetings of the Board of Directors: Article 157 ............................................................ 50
o Minutes of meetings of the Board of Directors: article 158 ........................................... 51
o Rights to information of members of the Board of Members: article 159 ...................... 52
o Dismissal, replacement and addition of members of the Board of Directors: article 160
52
- Auditing committee: article 161 .......................................................................................... 52
- Director/ General director: article 162............................................................................... 53
o The Director/General Director: article 162 - 167 .......................................................... 53
o Salaries, remunerations, bonuses and other benefits of members of the Board of
Directors and the Director/General Director: article 163 ................................................... 54
o Disclosure of related interests: Article 164 .................................................................... 54
o Responsibilities of the company’s executives: article 165 .............................................. 55
o Rights to file lawsuits against the Board of Directors and the Director/General Director
( khởi kiện): article 166 ........................................................................................................ 55
o Approving contracts and transactions between the company and related persons: article
16756
- Controlling board: article 168-174 ..................................................................................... 57
o Board of Controllers: article 168 ................................................................................... 57
o Requirements to be satisfied by Controllers: article 169 ............................................... 57
o Rights and obligations of the Board of Controllers: article 170 .................................... 57
o Rights to information of the Board of Controllers: article 171 ...................................... 58
o Salaries, bonuses and other benefits of Controllers: article 172 ................................... 58
o Responsibilities of Controllers: article 173 .................................................................... 59
o Dismissal of Controllers: article 174 ............................................................................. 59
3.
Forms of credit institution under the law on credit institution ...................................................... 60
a.
Joint stock credit institution .......................................................................................................... 60
•
Characteristic: ...................................................................................................................... 60
4
- Member: ................................................................................................................................. 60
- Shares: .................................................................................................................................... 60
o Ordinary Shares .............................................................................................................. 60
o Preference Shares: there are 2 types of preference: ....................................................... 60
- Management Structure: ....................................................................................................... 61
▪ General Meeting of Shareholder right and duties........................................................... 61
- Board of Management: ........................................................................................................ 62
▪ Quantity: ......................................................................................................................... 62
▪ Term ................................................................................................................................. 62
o Mức độ thẩm quyền của BoM ......................................................................................... 62
o Điều kiện để trở thành BoM: .......................................................................................... 62
▪ Right and Obligations ..................................................................................................... 62
▪ Resolution of B.M ............................................................................................................ 64
- Director and General Director: .......................................................................................... 64
o Rights and obligations .................................................................................................... 64
o Criteria: .......................................................................................................................... 65
- Conditions to hold/ concurrent position .............................................................................. 65
o Article 33 Cases in which people are not permitted to hold positions ........................... 65
o Article 34 Cases in which people are not permitted to hold concurrent positions ......... 66
o Article 50 Conditions and criteria for managers, executives and a number of other
positions of credit institutions ............................................................................................... 67
b.
Single member LL credit institution ............................................................................................. 68
• Member ...................................................................................................................................... 68
• Transfer of capital: .................................................................................................................... 68
c.
Multi member LL credit institution .............................................................................................. 68
• Member ...................................................................................................................................... 68
• Restriction on Transfer .............................................................................................................. 69
4.
Operation of credit institutions........................................................................................................ 69
a.
Capital mobilization ( nguyên) ..................................................................................................... 69
i.
Deposit taking ........................................................................................................................... 69
ii.
Borrowings................................................................................................................................ 71
iii.
Deposit insurance: laww on deposit insurance 2012 ........................................................... 71
b.
Credit extension ( thư) .................................................................................................................. 72
i.
Lending ..................................................................................................................................... 72
•
Principles of lending ............................................................................................................. 72
5
- Using the borrowed funds for the purpose as agreed in the credit contract ....................... 72
- Repayment of the principals and interests on due dates as agreed in the credit contract .. 73
- (điều kiện)Principle of risk diversification .......................................................................... 74
o Entities to whom extension of credit is not permitted (không được phép cấp): article 126
– credit institution ................................................................................................................. 74
o Restrictions on credit extension (hạn chế cấp): article 127 – credit institution ............. 74
o Limit on the credit extension: article 128 – credit institution ........................................ 75
•
Distinguish between: legal capital, own capital, charter capital and business capital ....... 76
•
Conditions for loans ............................................................................................................. 77
•
Legal issues on security for loan .......................................................................................... 77
- Security for Performance of Obligations: article 392 – 308 – civil code ........................... 77
o Article 292 [Types of] security for performance of obligations ..................................... 77
o Article 293 Scope of secured obligations ....................................................................... 77
o Article 294 Security for performance of future obligations............................................ 77
o Article 295 Security property .......................................................................................... 78
o Article 296 Single item of property used as security for performance of several
obligations ............................................................................................................................ 78
o Article 297 Enforceable against third persons ............................................................... 78
o Article 298 Registration of security ................................................................................ 78
o Article 299 Cases of realization of security property ..................................................... 78
o Article 300 Notice of realization of security property .................................................... 79
o Article 301 Delivery of security property for realization ............................................... 79
o Article 302 Right to recover security property ............................................................... 79
o Article 303 Method of realization of pledged or mortgaged property Article 304 Sale of
pledged or mortgaged property ............................................................................................ 79
o Article 304 Sale of pledged or mortgaged property ....................................................... 79
o Article 305 Receipt of security property in replacement of performance of obligation of
securing party ....................................................................................................................... 79
o Article 306 Valuation of security property ...................................................................... 80
o Article 307 Payment of proceeds from realization of pledged or mortgaged property .. 80
o Article 308 Order of priority for payment between jointly secured parties ................... 80
- Security without assets ........................................................................................................ 81
o Fidelity guarantee (tín chấp): article 344 – 345 – civil code ......................................... 81
o Guarantee: article 335 – 343 – civil code ...................................................................... 81
- Security with assets ............................................................................................................. 83
6
o Pledge ( cầm cố tài sản - transfer): article 309-316 – civil code ................................... 83
o Mortgage ( thế chấp – not transfer): article 317-327 – civil code ................................. 85
o Pledge, mortgage of the third party’s assets ( không tìm thấy luật) ............................... 88
•
Pledging/mortgage contract ................................................................................................. 88
•
Relation between security contract and credit contract ....................................................... 89
- Credit contract: article 23 – credit institution .................................................................... 89
- Relation between security contract and credit contract ...................................................... 89
c.
Banking services ........................................................................................................................... 89
i.
Lending ..................................................................................................................................... 89
ii.
Loans......................................................................................................................................... 89
-
Offshore loan: ....................................................................................................................... 89
-
Onshore loan: ....................................................................................................................... 90
-
Permit/ approval ................................................................................................................... 90
Borrowings................................................................................................................................ 90
ii.
-
Borrower being FDI company .............................................................................................. 90
-
Borrower being domestic company ...................................................................................... 90
-
Borrower being a credit institution....................................................................................... 90
-
Onshore borrowing purpose – What can’t do? .................................................................... 91
-
Other notable issues ............................................................................................................. 92
iii.
Discounting ........................................................................................................................... 92
-
Definition: ............................................................................................................................. 92
Discounting by CIs/FBBs for their customers: According to Circular 04/2013/TT-NHNN
dated 1 March 2013 ...................................................................................................................... 92
o Terms: ................................................................................................................................. 92
o Principles: Article 4 ............................................................................................................ 92
o Currency: Article 8 ............................................................................................................. 94
o Method, procedure:............................................................................................................. 94
o Contents of the discounting contract: ................................................................................. 95
o Classifying assets, levels and methods of setting up provisions and using provisions for
risk control:............................................................................................................................... 96
Discounting by SBV for CIs/FBBs: Guided by Circular 01/2012/TT-NHNN dated 16
February 2012 .............................................................................................................................. 97
o Conditions for CIs/FBBs participating in discounting operations (Art. 8, Cir 01)............ 97
Finance Leasing: According Decree 39/2014/ND-CP dated 7/5/2014 on operation of
financial companies and financial leasing companies (as amended) .......................................... 97
o Terms: ................................................................................................................................. 97
7
Circular 20/2017/TT-NHNN dated 29/12/2017 on sale of receivables from financial leasing
contract ......................................................................................................................................... 99
o Terms: ................................................................................................................................. 99
-
Factoring : .......................................................................................................................... 100
o ‘’Bao thanh toán là hình thức cấp tín dụng cho bên bán hàng hoặc bên mua hàng thông
qua việc mua lại có bảo lưu quyền truy đòi các khoản phải thu hoặc các khoản phải trả phát
sinh từ việc mua, bán hàng hoá, cung ứng dịch vụ theo hợp đồng mua, bán hàng hoá, cung
ứng dịch vụ.” (Article 4.17) .................................................................................................... 100
-
Bank gurantee:.................................................................................................................... 101
Part 2: Law on the state bank of Vietnam ......................................................................... 105
1.
History and development of banking in VN ................................................................................. 105
2.
Definition ....................................................................................................................................... 106
3.
Features .......................................................................................................................................... 106
-
Purpose: Article 4 Duties and powers of the State Bank: ........................................................... 106
-
Objectives: .................................................................................................................................. 108
4.
Function ......................................................................................................................................... 108
5.
Structure of organizational management ..................................................................................... 108
6.
Operations of the state bank .......................................................................................................... 108
i.
Implementation of the national monetary policy ........................................................................ 108
a.
Refinancing ............................................................................................................................. 109
•
Definition: Article 11 Re-financing..................................................................................... 109
•
Pledges of valuable papers ................................................................................................. 109
- Definition: ......................................................................................................................... 109
- Valuable papers: ................................................................................................................ 109
o Definition: ..................................................................................................................... 109
o Valuable papers to be used in transactions with the State Bank: ................................. 109
o Criteria of valuable paper to me mortgaged: Article 8 ................................................ 109
o Giá trị giấy tờ có giá được sử dụng làm tài sản bảo đảm cho khoản vay cầm cố: article
9 110
•
Discounting valuable papers .............................................................................................. 110
- Definition: ......................................................................................................................... 110
- Discount forms: ................................................................................................................. 110
- Creteria for valuable to be discounted: ............................................................................. 110
b.
Interest rates ( article 12) ....................................................................................................... 110
•
Prime interest rate .............................................................................................................. 110
•
Refinancing interest rate ...................................................................................................... 111
8
•
Other IR ............................................................................................................................... 111
c.
Exchange rates......................................................................................................................... 111
d.
Required reserves .................................................................................................................... 112
e.
Open – market operations ...................................................................................................... 112
ii.
Issuance of banknotes and coins ( article 16 – 23 – Law on state bank) .................................... 112
•
Article 16 Currency unit ......................................................................................................... 112
•
Article 17 Issuance of paper money and coin ......................................................................... 113
•
Article 18 Design, printing, casting, maintenance, transportation, issuance of currency for
circulation and destruction of currency .......................................................................................... 113
•
Article 19 Dealing with defaced or damaged money.............................................................. 113
•
Article 20 Recovery and replacement of money ..................................................................... 113
•
Article 21 Sample money and money used as souvenirs......................................................... 113
•
Article 22 Promulgation of and checking regulations on money-issuing activities ............... 113
•
Article 23 Prohibited acts: ...................................................................................................... 113
iii.
Lending, guarantee and provision of advances for the state budget ....................................... 114
•
Lending: Article 24 ................................................................................................................. 114
•
Guarantee: article 25 ............................................................................................................. 114
•
Provision of advances for the state budget: Article 26 ........................................................... 114
iv.
Payment and treasury operation ( article 27 – 30) ...................................................................... 114
•
Article 27 Opening of accounts and conducting transaction in accounts .............................. 114
•
Article 28 Organization, management, operation and supervision of national payment system
114
•
Article 29 Budgetary services ................................................................................................. 114
•
Article 30 Acting as an agent of State Treasury ..................................................................... 114
v.
Management of foreign exchange and foreign enchange operations ( article 31-34) ................ 114
•
Article 31 Duties and powers of State Bank in relation to foreign exchange control and foreign
exchange activities: ........................................................................................................................ 114
•
Article 32 Management of foreign exchange reserves of the State ......................................... 115
•
Article 33 Foreign exchange activities conducted by State Bank ........................................... 115
•
Article 34 Sale and purchase of foreign currency between foreign exchange reserves and State
Budget ............................................................................................................................................. 115
vi. Information and reporting ( article 35-41) .................................................................................. 115
•
Article 35 Responsibility to provide information to State Bank ............................................. 115
•
Article 36 Principles of provision of information ................................................................... 116
•
Article 37 Duties of State Bank in relation to information activities...................................... 116
9
•
Article 38 Protection of confidentiality of information .......................................................... 116
•
Article 39 Monetary statistics, analysis and forecast ............................................................. 116
•
Article 40 Reports on operation ............................................................................................. 116
•
Article 41 Publishing operation.............................................................................................. 117
Case Study: ......................................................................................................... 118
1.
Article 126, 127, 128 Credit institution ......................................................................................... 118
Entities to whom extension of credit is not permitted (không được phép cấp): article 126 – credit
institution ............................................................................................................................................ 118
-
Restrictions on credit extension (hạn chế cấp): article 127 – credit institution .......................... 118
-
Limit on the credit extension: article 128 – credit institution..................................................... 119
2.
Cầm cố, thế chấp tài sản Civil code .............................................................................................. 120
-
Pledge ( cầm cố tài sản - transfer): article 309-316 – civil code ................................................ 120
o
Article 309 Pledges of property .............................................................................................. 120
o
Article 310 Effectiveness of pledges of property .................................................................... 120
o
Article 311 Obligations of pledgors ........................................................................................ 120
o
Article 312 Rights of pledgors ................................................................................................ 121
o
Article 313 Obligations of pledgees: nghĩa vụ của bên nhận cầm cố .................................... 121
o
Article 314 Rights of pledgees: quyền của người nhận cầm cố.............................................. 121
o
Article 315 Termination of pledges of property ...................................................................... 121
o
Article 316 Return of pledged property .................................................................................. 121
-
Mortgage ( not transfer – thế chấp): article 317-327 – civil code.............................................. 122
o
Article 317 Mortgages of property ......................................................................................... 122
o
Article 318 Mortgaged property ............................................................................................. 122
o
Article 319 Effectiveness of mortgages of property ................................................................ 122
o
Article 320 Obligations of mortgagors: nghĩa vụ của bên thế chấp ...................................... 122
o
Article 321 Rights of mortgagors: quyền của bên thế chấp ................................................... 123
o
Article 322 Obligations of mortgagees ................................................................................... 123
o
Article 323 Rights of mortgagees: quyền của bên nhận thế chấp .......................................... 124
o
Article 324 Rights and obligations of third persons holding mortgaged property ................. 124
o Article 325 Mortgage of land use rights without mortgaging property attached to land ( thế
chấp đất, không thế chấp tài sản) ................................................................................................... 124
o Article 326 Mortgage of property attached to land without mortgaging land use right ( thế
chấp tài sản, không thế chấp đất) ................................................................................................... 125
o
Article 327 Termination of property mortgages ..................................................................... 125
Exercises .............................................................................................................. 126
10
Chapter 1: Introduction to law and banking .................................................................... 126
Chapter 2: Law on banking in Vietnam ............................................................................ 126
Part 1: Law on credit institution ........................................................................................................... 126
1.
Form of enterprises (law on enterprises) .................................................................................... 126
Part 2: Law on the state bank of Vietnam............................................................................................. 128
11
Chapter 1: Introduction to law and banking
I. Fundamentals
1. Definition
-
Law on finance and banking is the legally enforceable rules (1) made by authorities (2) to govern
the relations arising in banking and financing activities
❖ Notes:
o (1): = compulsory → if fails, be punished
o (2): authorities is national assembly
a.
-
What is financne?
The management of money
The process of establishment, management and usage of monetary funds
Included:
o Public finance: State budget, credits, insurances
o Private finance: Credits, Corporate finance, Residential finance
b. What is banking?
- Banking activity shall be the permanent ( phải là permanent nha) trading, supply of one or more of
following operations:
a) Deposit taking;
b) Credit extension;
c) Supply of account payment service.
2. Governing scope
a. Finance
- Relations arising in the process of establishment, management and usage of monetary funds by the
State and parties (Individuals and organizations)
b. Banking
- Relations arising in State management of banking business
3. Methodologies
-
ORDER – OBEY based method: ra mệnh lệnh – buộc nghe theo
CONSENT based method: yêu cầu sự đồng tình mới áp dụng
MIXTURE method
4. Sources of law in Vietnam
a. Sources of law in VN and their hierarchy
i. Sources of law
-
Differences between constitution, acts and codes:
12
-
-
-
o Codes and laws have the same validity and prevailed, khi áp dụng thì cái nào relevant hơn
thì dùng cái đó
o Apply theo thứ tự như trên, tuy nhiên, if we have specialized law ( luật chuyên ngành) thì áp
dụng luật chuyên ngành trước
What are the special things of constitution?
o Is the basic law ( supreme law)
o Unconstitutional law: law trái ngược với constitution → have to be amended, revised or
abolished
o Content include: human right, political system and defence of nation → therefore, they are
fundamental law ( những cái trên là most important issue of a country → muốn adjust luật thì
phải bắt đầu từ constitution)
Compare law and ordinances:
o Process to make law ( law thì stable): complicated, phải được sự đồng thuận → take longer time
o Process to make ordinances ( dễ adjust hơn): creative and quickly → easily govern sth new that
is not include in law
Main function of decree:
o Specific guideline for implementation of law
Main functions of Circulars
o Provide detail regulation and guidelines for the implementation of decrees
Official letter
o Is not a legal document because it is not binding
ii. Hierarchy
13
b. Sources of finance and banking law in Vietnam
II. Legal relation of banking – finance
1. Definition
-
Legal relations of banking and finance are social relations arising from banking and finance activities
2. Elements
-
Parties: State, organizations, individuals
Object: Interests that the parties aim at
Content: Rights and obligations
14
Chapter 2: Law on banking in Vietnam
Part 1: Law on credit institution
1. Definition, features and types
a. Definition:
- Article 4.1: Credit institution means an enterprise which conducts one, a number of or all banking
activities.
b.
-
Features
Economic organization with the purpose of conducting business.
Having its own name, assets, stable office
Conducting banking operations is considered as regular main business activity
Under the control of The state bank of Vietnam.
❖ Notes: compare with other company
Credit institution
Other company
- Main business: banking operation
- Ádsaf
- Under the control of SBV
- Under control of Department of
planning and investment
- Manager: many requirements, nhiều
- Manager: không yêu cầu cao, no body
người biết
known
c. Types
i. Bank
- Article 4.2: Definition: Bank means a type of credit institution which may conduct all banking
operations
- include commercial banks, policy banks and cooperative banks
15
•
-
•
•
-
Commercial banks
Article 4.3: Commercial bank means a type of bank which may conduct all banking operations and
other business activities under this Law for profit.
4 types: state-owned (agribank, global petrol bank, Ocean bank), joint-stock, joint-venture (indovina
bank, Vietnam – Russia Joint venture bank) and (100%) wholly foreigned own (HSBC, Shinhan, UOB)
❖ Note: Joint-venture là domestic credit institution được nước ngoài và nước mình hợp tác thành
lập legal entities under Vietnamese law
Policy banks
Article 17.1: “ The Government shall establish policy banks to conduct an operating not for profit to
implement the State’s socio-economic policies”
Ex: Vietnam bank for social policy, Vietnam development bank
Cooperative banks
Article 4.7: “a bank of all people's credit funds which is established by capital contributions by
people's credit funds and a number of legal entities in accordance with this Law, with its main
purpose being an association of systems, and mutual financial support and capital adjustment in
the system of people's credit funds”. (Tóm tắt: Là bank của các people credit’s fund được thành lập
bởi vốn của PCF + legal entities với mục tiêu support PCF)
ii. Non-bank credit institution
- Article 4.4: “ Non-bank credit institution means a type of credit institution which may conduct one or
some banking operations under this Law, except taking deposits of individuals and providing
services of payment via client accounts. ( nhớ phải bỏ taking deposit and dịch vụ thanh toán)
- include finance companies, financial leasing companies and other non-bank credit institutions
•
-
Finance companies
The finance company constitutes a type of non-bank credit institution, with function of using equity
capital, mobilized capital and other capital sources to provide loans, make investment; provide
services on financial or monetary consultancy and provide some other services under the provisions
of law, but not to provide payment services, not to receive under-one year- deposits.”
❖ Notes: nhiệm vụ gồm có
+ Dùng vốn để đầu tư và cho vay
+ Cung cấp dịch vụ tư vấn tài chính hoặc tiền tệ
+ Không cung cấp dịch vụ thanh toán và nhận tiền gửi dưới 1 năm ( tiền gửi dưới 1 năm không thể
đem đi đầu tư được)
•
-
Financial leasing companies
Finance leasing company means a form of finance company with its main operation being finance
leasing
Finance leasing:
o the medium-term and long- term credit activities through the lease of machinery, equipment and
transport means and other movables (Note: phải là động sản)
o lesses request lessors to purchase needed things
lesses use the asset and pay rent
Lessors hold the ownership over the
leased asset
-
16
iii. Micro-finance institution
- Article 4.5: “Microfinance institution means a type of credit institution which mainly conducts some
banking operations to meet the needs of low-income individuals and households and super smallsized enterprises.” → Micro = nhỏ = người nghèo và công ty nhỏ
❖ Note: Nhận biết cty nhỏ dựa trên scale of the company and number of employees.
iv. People’s credit fund
- Article 4.6: “ People’s credit fund means a credit institution established voluntarily by legal entities,
individuals and households as a cooperative to conduct some banking operations under this Law
and the Law on Cooperatives for the main purpose of mutual assistance in production and business
development and life” → tổ chức được thành lập vì mục tiêu phát triển chung
v. Foreign credit institution
- Article 4.8
- Established in foreign country under the law of foreign but have a commercial presence in Vietnam
và hoạt động theo luật pháp Vietnam.
- Forms: representative office (a legal entity), joint venture bank – bank with one hundred (100) per cent
foreign owned capital (a legal entity), foreign bank branch ( not have a legal entity), joint venture
finance company, finance company with one hundred (100) per cent foreign owned capital, joint
venture finance leasing company, finance leasing company with one hundred (100) per cent foreign
owned capital.
❖ Note: là legal entity khi asset và properties của nó seperate from that of individual and công ty
chủ thể (ex: FTU2 is not a legal entity)
2. Forms of enterprises under the law on enterprises 2020
Mục lục articles under the law on enterprises:
Member
Single limited
liability company
- Organization or
individual
- 2-50 members
Multi limited
liability company
- Organization or
individual
- 1 member
Member Liability
Ability to issue
share
- cannot issue share
trừ khi chuyển đổi
thành cty cổ phần
- Can issue bond
Legal entity
- Liable for debts
From the date of
and
obligations
issuance of ERC
within the amount
of
contributed
capital
- nợ cá nhân và nợ
công ty tách biệt
- Liable for debts - cannot issue share From the date of
and
obligations trừ khi chuyển đổi issuance of ERC
within the amount thành cty cổ phần
- Can issue bond
17
Member
Joint – stock
company
3 trở lên
Member Liability
Ability to issue
share
Legal entity
of
contributed
capital
- nợ và tài sản cá
nhân tách biệt với
công ty
- liability for the - Can issue every From the date of
company’s debts types of security
issuance of ERC
and liabilities is
equal
to
the
amount of capital
contributed
a. Limited liabilities company (article 46-87)
i. LLC with 2 or more members (Chapter 3 – Section 1 – Article 46-73)
• Characteristics
- Member and member liability: A multiple-member limited liability company means an enterprise that
has 02 – 50 members that are organizations or individuals. A member’s liability for the enterprise’s
debts and other liabilities shall be equal to the amount of capital that member contributed to the
enterprise, except for the cases specified in Clause 4 Article 47 of this Law. The member’s stake
(contributed capital) may only be transferred in accordance with Articles 51, 52 and 53 of this Law.
(Article 46.1)
- In case không góp đủ số vốn: Trường hợp có thành viên chưa góp vốn hoặc chưa góp đủ số vốn đã
cam kết, công ty phải đăng ký thay đổi vốn điều lệ, tỷ lệ phần vốn góp của các thành viên bằng số
vốn đã góp trong thời hạn 30 ngày kể từ ngày cuối cùng phải góp đủ phần vốn góp theo quy định
tại khoản 2 Điều này. Các thành viên chưa góp vốn hoặc chưa góp đủ số vốn đã cam kết phải chịu
trách nhiệm tương ứng với tỷ lệ phần vốn góp đã cam kết đối với các nghĩa vụ tài chính của công
ty phát sinh trong thời gian trước ngày công ty đăng ký thay đổi vốn điều lệ và tỷ lệ phần vốn góp
của thành viên. (Article 47.4)
❖ Notes: members have limited liability → they lose their initial investment chứ không có trách
nhiệm đóng thêm tiền để pay debt ( nợ cá nhân và nợ công ty tách biệt)
- Ability to issue share: must not issue shares except for chuyển đổi thành công ty cổ phần
❖ Note: maximum là 50 người nên không thể issue thêm shares
- Legal entity: A multiple-member limited liability company has the status of a juridical person from the
day on which the Certificate of Enterprise Registration is issued. (article 46.2)
18
•
-
Finance:
Capital contribution
o Contributed asset: Article 34
▪ 1. Contributed assets include VND, convertible foreign currencies, gold, land use
right (LUR), intellectual property rights, technologies, technical secrets, other
assets that can be converted into VND.
▪ 2. Only the individual or organization that has the lawful right to ownership or right
to use the asset mentioned in Clause 1 of this Article may contribute it as capital as
prescribed by law.
o Valuation of contributed asset: Article 36
▪ 1. Contributed assets that are not VND, convertible foreign currencies or gold shall
be valued by members/partners/shareholders or a valuation organization and
expressed as VND.
▪ 2. (Định giá khi thành lập) Assets contributed upon establishment of an enterprise shall
be valued by members/partners/founding shareholders by consensus (nguyên tắt đồng
thuận) or by a valuation organization. In the latter case, the value of contributed assets
must be accepted by more than 50% of the members/partners/founding shareholders.
→ vì value theo nguyên tắt đồng thuận nên khi công ty định giá định giá thì vẫn phải
thông qua sự đồng thuận
In case a contributed asset is valued at a value higher than its actual value at contribution
time (overvalued), the members/partners/founding shareholders shall jointly
contribute an amount equal to the difference and are jointly responsible for the
damage caused by the overvaluation. → vì đã đồng thuận ngay từ đầu nên khi
overvalue thì phải cùng chịu trách nhiệm cho quyết định của mình ( cty định giá không
phải chịu)
▪ 3. (định giá trong quá trình hoạt động) Assets contributed during the operation shall
be valued by the owner or the Board of Members/Partners (for limited liability
companies and partnerships) or the Board of Directors (for joint stock companies) and
the contributor or by a valuation organization. In the latter case, the value shall be
accepted by the contributor and the owner, the Board of
Members/Partners/Directors. → giống case của việc định giá khi thành lập, chỉ thay
thế người định giá ở đây là contributor và những người chức bự.
In case a contributed asset is overvalued, the contributor, the owner and members of
the Board of Members/Partners/Director shall jointly contribute an amount equal to
the difference and are jointly responsible for the damage caused by the overvaluation.
o Capital contribution to establish the company and issuance of the certificate of capital
contribution: Article 47
▪ 1. The initially registered charter capital of a multiple-member limited liability
company is the total capital contributed or promised by the members and shall be
written in company's charter.
▪ 2. The members shall contribute sufficient and correct assets as promised when
applying for enterprise registration within 90 days from the issuance date of the
Certificate of Enterprise Registration, excluding the time needed to transport or
import the contributed assets and for completing ownership transfer
procedures. During this period, the members shall have rights and obligations that
are proportional to their promised contribution. The members may only contribute
19
assets that are different from the promised ones if the change is approved by more
than 50% of the remaining members. → phải góp đủ và đúng loại tài sản đã hứa
trong vòng 90 ngày kể từ ngày có ERC. Trong thời hạn 90 ngày, thành viên có quyền và
trách nhiệm tương ứng với phần vốn mình góp. Trong trường hợp thay đổi tài sản góp
phải được đồng thuận trên 50%.
▪ 3. In case a member fails to contribute or fully contribute capital as promised by the
expiration of the period mentioned in Clause 2 of this Article:
a) The member that has not contributed capital at all is obviously no longer a member
of the company;
b) The member that has not fully contributed capital will have the rights that are
proportional to the contributed capital;
c) The right to contribute the missing capital will be sold under a resolution or
decision of the Board of Members. → phần thiếu hụt sẽ được bán để bù vốn vô
▪ 4. In the cases mentioned in Clause 3 of this Article, the company shall register the
change in charter capital and the members’ holdings within 30 days from the deadline
for contributing capital specified in Clause 2 of this Article. The members who fail to
contribute or fully contribute capital shall be responsible for the financial
obligations incurred by the company during the period before the company registers
the change in charter capital and the members’ holdings in proportion to their promised
contributions.
❖ Notes: in case member fails to contribute or fully contribute capital, từ lúc ERC đến 90 ngày
sau đó, không đóng thì không còn là thành viên, đóng chưa đủ thì có quyền và nghĩa vụ tương
ứng với phần vốn đã góp ( cái này sẽ được áp dụng sau khi đăng ký điều chỉnh). Từ 90 days
deadline đến 30 ngày sau đó, phải đăng ký điều chỉnh lại charter capital và trong thời gian đó
thì những người không góp vốn hoặc vốn góp không đủ vẫn phải chịu trách nhiệm tương ứng
với phần vốn góp đã hứa.
▪ 5. In the cases specified in Clause 2 of this Article, the capital contributor will become
the company’s member from the day on which capital is fully contributed and
information about the capital contributor prescribed Points b, c, dd Clause 2 Article 48
of this Law has been fully recorded in the member register. On that day, the company
shall issue the capital contribution certificate to the member.
▪ 6. The capital contribution certificate shall contain the following information:
a) The company’s name, EID number, headquarter address;
b) The company’s charter capital;
c) Full name, signature, mailing address, nationality and legal document number if the
member is an individual; EID number or legal document number, headquarters address
if the member is an organization;
d) The capital contributed and the member’s holding;
dd) The number and date of issuance of the certificate of capital contribution;
e) Full names and signatures of the company’s legal representatives.
▪ 7. In case the capital contribution certificate is lost or damaged, the member will be
reissued with another certificate following the procedures specified in the company's
charter.
20
-
Transfer of contributed
o Transfer of ownership of contributed asset: Aritcle 35
▪ 1. Transfer of contributed assets by members of a limited liability company, partners
of a partnership, shareholders of a joint stock company shall comply with the following
regulations:
a) For assets whose ownership have been registered and LURs, the capital
contributor shall follow procedures for transfer the ownership of such assets or the
LUR to the company as prescribed by law. This transfer is exempt from registration
fee;
b) Contribution of assets whose ownership is not registered shall be recorded in
writing unless the contribution is made by wire transfer.
→ Với tài sản có đăng ký quyền thì phải làm thủ tục chuyển quyền sở hữu , với tài sản không
đăng ký quyền thì phải có biên lai xác nhận, trừ khi chuyển qua tài khoản.
▪ 2. The record on transfer of contributed assets shall contain the following information:
a) The company’s name and headquarters address;
b) Full name, mailing address, legal document number of the contributor that is an
individual; legal document number of the contributor that is an organization;
c) Types and quantities of contributed assets; total value of contributed assets and the
ratio of this value to the company’s charter capital;
d) Date of transfer; signatures of the contributor or the contributor’s authorized
representative and the company’s legal representative.
▪ 3. The contribution is considered complete once the lawful ownership of the assets
has been transferred to the company. → xong thủ tục mới tính là góp vốn thành công
▪ 4. Procedures for ownership transfer are exempt for assets serving business
operation of the sole proprietorship’s owner. → doanh nghiệp tư nhân thì không phải
làm thủ tục chuyển quyền sở hữu
▪ 5. Payment for transfer of shares/stakes, receipt of dividends of remittance of profits by
foreign investors shall be carried out through accounts in accordance with foreign
exchange laws, except for payment in assets and cashless payment. → nước ngoài
chuyển tiền về thì phải chuyển qua tài khoản theo quy định của pháp luật về quản lý
ngoại hối,
o Restriction on transfer of contribute capital: article 51-52-53
▪ Article 51: Repurchase of stakes
• 1. A member is entitled to request the company to repurchase that member’s
stake if that member has voted against a resolution or decision of the Board of
Members on the following issues: → không hợp ý thì mình out khỏi cty = yêu
cầu công ty repurchase the stake
a) Amendments to regulations of the company's charter on rights and obligations
of members and the Board of Members;
b) Reorganization of the company;
c) Other issues prescribed by the company's charter.
• 2. A written request for stake repurchase shall be sent to the company within
15 days from the day on which the resolution or decision mentioned in Clause
1 of this Article is ratified.
• 3. Within 15 days from the day on which the request mentioned in Clause 1 of
this Article is received, the company shall repurchase that member’s stake at
21
▪
▪
market value or at a value determined in accordance with the company's
charter, unless another value is agreed upon by both parties. The payment
shall only be made if the company is still able to pay its debts and other liabilities
afterwards.
→ phải đủ tiền trả nợ thì mới được mua lại
→ Yêu cầu mua lại phải được gửi trong vòng 15 ngày kể từ ngày quyết định
được đưa ra, và công ty phải mua lại trong vòng 15 ngày
• 4. In case the company is not able to pay for the repurchase of the stake as
requested, the member is entitled to sell the stake to another member or a nonmember.
Article 52. Transfer of stakes
• 1. Except for the cases specified in Clause 4 Article 51, Clause 6 and Clause 7
Article 53 of this Law, a member of a multiple-member limited liability
company is entitled to transfer part or all of their stake to another person as
follows:
a) Offer the stake to other members in proportion to their holdings under the
same conditions;
b) Transfer the stake under the same conditions as those applied to other
members mentioned in Point a of this Clause to a non-member if the other
members do not purchase or fully purchase the stake within 30 days from
the first day of offering.
→ Bán cho thành viên trước, sau 30 ngày chào bán mà không bán hết hoặc
không ai mua thì bán cho người ngoài
• 2. The transferor still has the rights and obligations to the company in
proportion to the stake until information about the buyer mentioned in Point
b, c and dd Clause 2 Article 48 of this Law is fully recorded in the member
register. → Người chuyển nhượng vẫn phải chịu trách nhiệm cho đến khi người
mua mới được ghi nhận.
• 3. In case only one member remains after transfer or change of the members’
stakes, the company shall be converted into a single-member limited liability
company and apply for change of enterprise registration information within
15 days from the day on which the transfer is complete.
Article 53. Settlement of stakes in some special cases
• 1. In case of the death of a member that is an individual, his/her heir at law or
designated by a will shall become a member of the company.
• 2. In case a member that is an individual is declared missing by the Court,
his/her rights and obligations shall be performed through his/her asset
manager as prescribed by civil laws.
• 3. In case a member that is an individual is incapacitated, has limited legal
capacity or has difficulty controlling his/her behaviors, his/her rights and
obligations shall be performed through his/her representative.
→ Mất thì người thừa kế trở thành member, mất tích thì người quản lý tài sản
thực hiện quyền và nghĩa vụ, mất hành vi nhân sự thì được địa diện thực hiện
• 4. A member’s stake shall be transferred or repurchased by the company in
accordance with Article 51 and Article 52 of this Law in the following cases:
a) The member’s heir does not wish to become a member;
22
•
•
•
•
•
b) The beneficiary mentioned in Clause 6 of this Article is not accepted as a
member by the Board of Members;
c) The member that is an organization is dissolved or goes bankrupt.
5. (mất mà không có người thừa kế) In case a member that is an individual dies
without an heir or the heir refuses the inheritance or is disinherited, the stake
shall be settled in accordance with civil laws.
6. (tặng) In case a member gives away part or all of his/her stake to another
person, the beneficiary will become a member of the company in the following
cases:
a) If the beneficiary is a lawful heir as prescribed by the Civil Code, he/she is
obviously a member of the company;
b) If the beneficiary is not a lawful heir mentioned in Point a of this Clause,
he/she will only become a member if it is accepted by the Board of Members.
7. (trả nợ) In case a member uses that member’s stake to pay debt, the
beneficiary may:
a) become a member of the company if it is accepted by the Board of Members;
b) Offer and sell the stake in accordance with Article 52 of this Law.
8. (bị tạm giam)In case a member that is an individual is being kept in
temporary detention, serving an imprisonment sentence, serving an
administrative penalty in a correctional institution or rehabilitation center, he/she
shall authorize another person to perform some or all of his/her rights and
obligations to the company.
9. (cấm hành nghề) A member that is an individual and is banned by the court
to do certain jobs must not do those jobs at the company; A member that is a
juridical person and is banned by the court from certain business lines must
suspend or stop business operation in those business lines.
-
Redemption of contributed capital amount
o When? Article 51.1 and 53.4 ( note ở phần trên)
o Consequences:
▪ Termination of member status
▪ The charter capital will be decreased
•
Management structure Article 54
1. A multiple-member limited liability company shall have a Board of Members, President of the Board
of Members, Director/General Director.
2. A state-owned multiple-member limited liability company prescribed in Point b Clause 1 Article 88
of this Law and each subsidiary company of a state-owned enterprise prescribed in Clause 1 Article 88
23
of this Law shall have a Board of Controllers. The establishment of the Board of Controllers in other
companies shall be decided by themselves.
3. A company shall have at least one legal representative who holds the title of President of the
Board of Members, Director/General Director. Unless otherwise prescribed by the company's
charter ( điều lệ công ty không quy định), the President of the Board of Members shall be the
company’s legal representative.
-
Legal representative: article 12 – 13 – 14 – 15
o Article 12: The enterprise’s legal representative
▪ 1. The enterprise’s legal representative is the person that, on behalf of the enterprise,
exercises and performs the rights and obligations derived from the enterprise’s
transactions, acts as the plaintiff, defendant or person with relevant interests and duties
before in court, arbitration, and performs other rights and obligations prescribed by law.
▪ 2. A limited liability company or joint stock company may have one or more than
one legal representative. The enterprise’s charter shall specify the quantity, position,
rights and obligations of its legal representatives. In case there are more than one
legal representative, the charter shall specify the rights and obligations of each of them.
Otherwise, each of the legal representatives shall fully representative the enterprise and
take joint responsibility for any damage to the enterprise as prescribed by civil laws and
relevant laws.
▪ 3. An enterprise shall have at least one legal representative residing in Vietnam.
Whenever this representative leaves Vietnam, he/she has to authorize another
Vietnamese resident, in writing, to act as the legal representative, in which case the
authorizing person is still responsible for the authorized person’s performance. → Có ít
nhất một người đại diện sống tại VN và khi họ đi phải ủy quyền lại cho người sống ở
Việt Nam. Trong thời gian đó thì người đại diện vẫn là người chịu trách nhiệm cho
performance của người được ủy quyền.
▪ 4. In case the authorizing person has not returned to Vietnam when the letter of
authorization mentioned in (3) expires and does not have any further actions:
a) In case the enterprise is a sole proprietorship, the authorized person shall continue
acting as the enterprise’s legal representative until the authorizing person returns;
b) In case the enterprise is a limited liability company, joint stock company or
partnership, the authorized person shall continue acting as the enterprise’s legal
representative until the authorizing person returns or until the enterprise’s owner,
Board of Members/Partners or Board of Directors designates another legal
representative.
▪ 5. In case the only legal representative of an enterprise she is not present in Vietnam
for more than 30 days without authorizing another person to act as the enterprise’s
legal representative, or is dead, missing, facing criminal prosecution, kept in temporary
detention, serving an imprisonment sentence, serving an administrative penalty in a
correctional institution or rehabilitation center, has limited legal capacity or is
incapacitated, has difficulty controlling his/her own behaviors, is banned by the court
from holding certain positions or doing certain works, the enterprise’s owner, Board of
Members/Partners or Board of Directors shall appoint another legal representative,
except for the cases specified in Clause 6 of this Article.
▪ 6. In a two-member limited liability company, if the member who is the company’s
legal representative (biến mất) is dead, missing, facing criminal prosecution, kept in
24
▪
temporary detention, serving an imprisonment sentence, serving an administrative
penalty in a correctional institution or rehabilitation center, making getaway; has limited
legal capacity or is incapacitated, has difficulty controlling his/her own behaviors, is
banned by the court from holding certain positions or doing certain works, the other
member shall obviously assume the position of the company’s legal representative
until the Board of Members issues a new decision on the company’s legal
representative.
7. The court and other proceeding authorities are entitled to appoint the legal
representative who participates in proceedings as prescribed by law.
o Article 13: Responsibilities of the enterprise’s legal representative
▪ 1. An enterprise’s legal representative shall:
a) Exercise and perform his/her rights and obligations in an honest and prudent
manner to protect the enterprise’s lawful interests;
b) Be loyal to the enterprise’s interests; not abuse his/her power and position or use the
enterprise’s information, secrets, business opportunities and assets for personal gain or
serve any other organization’s or individual’s interests;
c) Promptly and fully provide the enterprise with information about the enterprises
that he/she or his/her related person owns or has shares/stakes in as prescribed in this
Law.
▪ 2. The enterprise’s representative shall be personally responsible for any damage to
the enterprise within the limits of responsibilities specified in Clause 1 of this Article.
o Article 14: Authorized representatives of the owner/members/partners/shareholders that are
organizations (người đại diện của tổ chức)
▪ 1. Authorized representatives of the owner/members/partners/shareholders that are
organizations
shall
be
authorized
in
writing
by
the
owner/members/partners/shareholders in accordance with this Law.
▪ 2. Unless otherwise prescribed by the charter, the designation of the authorized
representative shall comply with the following regulations:
a) An organization that is a member of a multiple-member limited liability company
and holds at least 35% of charter capital may designate up to 03 authorized
representatives; → tổ chức là thành viên công ty và nắm hơn 35% cổ phần thì được cử
3 người địa diện trở lên
b) An organization that is a shareholder of a joint stock company and holds at least
10% of ordinary shares may designate up to 03 authorized representatives.
▪ 3. In case the owner/members/partners/shareholders designate more than one
authorized representative, the holding represented by each of them shall be specified.
Otherwise, the total holding shall be equally divided among the authorized
representatives. → có hơn nhiều một người đại diện thì phải chỉ định cụ thể phần vốn/
cổ phần mà từng người nắm giữ, nếu không thì chia đều (ex: total 35%, in case 1: A10%, B – 10%, C – 15%, nếu không chia thì lấy 35% chia 3)
▪ 4. The document designating the authorized representative shall be informed to the
company, be effective on the date it is received by the company and contain the
following information:
a) Names, enterprise identification (EID) numbers, headquarters addresses of the
owner/members/partners/shareholders;
b) Quantity of authorized representatives and their holdings;
25
▪
c) Full name, mailing address, nationality, legal document number of each authorized
representative;
d) The beginning date and duration of authorization of each authorized representative;
dd) Full names and signatures of the legal representatives of the
owner/members/partners/shareholders and of the authorized representatives.
5. An authorized representative shall satisfy the following requirements:
a) The authorized representative is not an entity specified in Clause 2 Article 17 of this
Law;
b) Members/partners/shareholders of state-owned enterprises prescribed in Point b
Clause 1 Article 88 of this Law must not designate a relative of the executive and the
person having the power to designate the executive as representative of another
company;
c) Other requirements specified in the company’s charter.
o Article 15: Responsibilities of authorized representatives of the
owner/members/partners/shareholders that are organizations (trách nhiệm của người đại
diện cho tổ chức)
▪ 1. Authorized representatives of the owner/members/partners/shareholders shall
exercise and perform their rights and obligations in accordance with this Law. All
limits imposed by the owner/members/partners/shareholders to the authorized
representatives’ performance at the Board of Members/Partners or General Meeting of
Shareholders shall not apply to any third party.
▪ 2. Authorized representatives have the responsibility to attend all meetings of the Board
of Members/Partners or General Meeting of Shareholders; exercise and perform the
authorized rights and obligations in an honest and prudent manner to protect lawful
interest of the owner/members/partners/shareholders that designated them.
▪ 3. Authorized representatives shall be responsible to the owner,
members/partners/shareholders for fulfillment of the responsibilities specified in this
Article. The owner, members/partners/shareholders that designate these authorized
representatives shall be responsible to third parties for performance of these
authorized representative. → người đại diện chịu trách nhiệm với công ty, công ty chịu
trách nhiệm với bên thứ 3
-
Member’s council:
o The Board of Members: Article 55
▪ 1. The Board of Members is the supreme governing body of the company, consists of
all members that are individuals and authorized representatives of members that are
organizations. The company's charter shall specify the frequency of meetings of the
Board of Members but at least one meeting shall be held per year.
▪ 2. The Board of Members has the following rights and obligations:
a) Decide the company’s annual business plan and development strategy;
b) Decide increase or decrease in charter capital, time and method for raising more
capital; issuance of bonds;
c) Decide investments in the company’s development projects; solutions for market
development, marketing and technology transfer;
d) Approve contracts for borrowing, lending, sale of assets and other contracts
prescribed by the company's charter whose value are at least 50% of the total assets
26
written in the latest financial statement (or a smaller ratio or value specified in the
company's charter);
dd) Elect, dismiss the President of the Board of Members; designate, dismiss, sign and
terminate contracts with the Director/General Director, chief accountant, controllers and
other executives specified in the company's charter;
e) Decide the salaries, remunerations, bonuses and other benefits of the President of the
Board of Members, Director/General Director, chief accountant, controllers and other
executives specified in the company's charter;
g) Ratify annual financial statements, plans for use and distribution of profits or
settlement of losses;
h) Decide the company’s organizational structure;
i) Decide establishment of subsidiary companies, branches and representative offices;
k) Revise the company's charter;
l) Decide reorganization of the company;
m) Decide dissolution or file bankruptcy of the company;
n) Other rights and obligations prescribed by Law and the company's charter.
o Chairperson of member’s council: article 56
▪ 1. The Board of Members shall elect a member as the President, who may
concurrently hold the position of Director/General Director of the company.
▪ 2. The President of the Board of Members has the following rights and obligations:
a) Plan the activities of the Board of Members;
b) Draw up agenda and prepare documents for meetings or surveys of the Board of
Members;
c) Convene and chair meetings of the Board of Members or organize surveys of the
Board of Members;
d) Supervise or organize supervision of the implementation of resolutions and decisions
of the Board of Members;
dd) Sign resolutions and decisions of the Board of Members on its behalf;
e) Other rights and obligations prescribed by Law and the company's charter.
▪ 3. The term of office of the President of the Board of Members shall be specified in the
company's charter bust must not exceed 05 years and has no term limit. → làm không
quá 5 năm nhưng có thể được bầu lại mấy lần cũng được
▪ 4. In case the President of the Board of Members is not present or not able to perform
his tasks, he/she shall authorize another member in writing to perform the rights and
obligations of the President of the Board of Members in accordance with the company's
charter. In case no member is authorized or the President is dead, missing, detained,
serving an imprisonment sentence, serving an administrative penalty in a correctional
institution or rehabilitation center, making a getaway; has limited legal capacity or is
incapacitated, has difficulty controlling his/her behavior, is prohibited by the court from
holding certain positions or doing certain works, one of the Board of Members shall
convene a meeting with the remaining members to elect one of them as the interim
President under the majority rule until a new decision is issued by the Board of
Members.
o Member’s council meeting: article 57
▪ 1. Meetings of the Board of Members shall be convened by the President of the Board
of Members or at the request of the member or group of members prescribed in Clause
27
▪
▪
▪
▪
▪
▪
2 and Clause 3 Article 49 of this Law. In case the President of the Board of Members
does not convene a meeting as requested by the aforementioned member of group of
members within 15 days from the day on which the request is received, the member of
group of members may convene the meeting themselves. Reasonable costs of convening
and conducting meetings of the Board of Members shall be reimbursed by the company.
2. The President of the Board of Members or the person that convenes the meeting shall
draw up the meeting agenda and prepare meting document; convene and chair the
meeting. Members are entitled to propose additional contents to the meeting agenda in
writing. Such a written proposal shall contain the following information:
a) Full name, signature, mailing address, nationality and legal document number if the
member is an individual; EID number or legal document number and headquarters
address if the member is an organization; full name and signature of the proposing
member or the proposing member’s authorized representative;
b) The member’s holding, number and date of issuance of the certificate of capital
contribution;
c) The proposed contents;
d) Reasons for proposal.
3. The President of the Board of Members or the person that convenes the meeting shall
accept a proposal that contains adequate information as prescribed in Clause 2 of this
Article and is sent to the company’s headquarters at least 01 working day before the
meeting date. In case a proposal is put forward right before the beginning of the meeting,
it may be accepted if it is accepted the majority of the participants.
4. Invitations to a meeting of the Board of Members can be sent physically, by phone,
fax, electronically or by other methods prescribed by the company's charter to each
member of the Board of Members. The invitation shall specify the time, location and
agenda of the meeting.
5. The meeting agenda and documents shall be sent to members before the meeting date.
Documents about revisions of the company's charter, ratification of the company’s
development strategy, annual financial statements, reorganization or dissolution shall be
sent to the members at least 07 working days before the meeting date. The deadlines for
sending other documents shall be specified in the company's charter.
6. Unless otherwise prescribed by the company's charter, a request to convene a meeting
of the Board of Members mentioned in Clause 1 of this Article shall be made in writing
and contain the following information:
a) Full name, signature, mailing address, nationality and legal document numbers of
members that are individuals; names, EID numbers or legal document numbers and
headquarters addresses of members that are organizations; each member’s holding,
number and issuance date of each member’s capital contribution certificate;
b) Reasons for convening the meeting and issues that need resolving;
c) The draft agenda;
d) Full names and signatures of the requesting members or their authorized
representatives.
7. In case the request does not contain adequate information as prescribed in Clause 6
of this Article, the President of the Board of Members shall send a written rejection to
the requesting member(s) within 07 working days from the day on which the request is
received. If the request is valid, the President of the Board of Members shall convene
the meeting within 15 days from the day on which the request is received.
28
▪
-
8. In case the President of the Board of Members fails to convene the meeting as
prescribed in Clause 7 of this Article, he/she shall be personally responsible for the
damage incurred by the company and relevant members.
Director/ General director
o Director/ General director: article 63
▪ 1. The Director/General Director is the person who manages the company’s everyday
busines operation and is responsible to the Board of Members for his/her
performance. → note: may concurrently act as the chairperson of the company or legal
representative
▪ 2. The Director/General Director has the following rights and obligations:
a) Organize the implementation of resolutions and decisions of the Board of Members;
b) Decide everyday operating issues of the company;
c) Organize implementation of the company’s busines plans and investment plans;
d) Issue the company’s rules and regulations unless otherwise prescribed by the
company's charter;
dd) Designate, dismiss the company’s executives, except those within jurisdiction of the
Board of Members;
e) Enter into contracts on behalf of the company, except those within jurisdiction of the
President of the Board of Members;
f) Propose the company’s organizational structure;
g) Submit annual financial statements to the Board of Members;
i) Propose plans for use and distribution of profits or settlement of business losses;
k) Recruit employees;
l) Other rights and obligations specified in the company's charter, resolution and
decisions of the Board of Members, and his/her employment contract.
o Requirements for holding the position of Director/General Director: article 64
▪ 1. Is not in one of the persons specified in Clause 2 Article 17 of this Law.
▪ 2. Has professional qualifications and experience of busines administration and satisfies
other conditions specified in the company's charter.
▪ 3. If the company is a state-owned enterprise prescribed in Point b Clause 1 Article 88
of this Law or a subsidiary company of a state-owned enterprise prescribed in Clause
1 Article 88 of this Law, is not a relative of the executives and controllers of the
company and the parent company, of the representative of enterprise’s investment
or state investment in the company and the parent company.
-
Controlling board: article 65
o 1. The Board of Controllers shall have 1 – 5 Controllers. The term of office of a controller
shall not exceed 05 years and without term limit. In case the Board of Controllers only has 01
controller, he/she shall be the Chief Controller and shall satisfy corresponding conditions.
o 2. The Chief Controller and Controllers shall satisfy the requirements specified in Clause 2
Article 168 and Article 169 of this Law.
o 3. Rights, obligations, responsibilities, dismissal and works of Controllers and the Board of
Controllers are specified in Articles 106, 170, 171, 172, 173 and 174 of this Law.
o 4. The Government shall elaborate this Article.
29
ii. LLC with 1 member (Chapter 3 – Section 2 – Article 74-87)
• Characteristics: article 74
- 1. A single-member limited liability company is an enterprise owned by a single organization or
individual ((hereinafter referred to as “owner”). The owner’s liability for the company’s debts and
other liabilities shall be equal to the company’s charter capital.
- 2. A single-member limited liability company has the status of a juridical person from the day on
which the Certificate of Enterprise Registration is issued.
- 3. A single-member limited liability company must not issue shares except for equitization.
- 4. Single-member limited liability companies may issue bonds in accordance with this Law and relevant
laws; private placement of bonds shall comply with Article 128 and Article 129 of this Law. → giống
với multi chỉ khác ở số lượng member là 1
• Finance
- Capital contribution: article 75
o 1. The initially registered charter capital of a single-member limited liability company is the
total assets promised by the owner and shall be written in company's charter.
o 2. The owner shall contribute adequate and correct assets as promised when applying for
enterprise registration within 90 days from the issuance date of the Certificate of Enterprise
Registration. The time needed to transport or import the contributed assets and for completing
ownership transfer procedures will be added to this 90-day period. During this period, the
owner shall have rights and obligations that are proportional to the promised capital. →
khác với multi là không tính thời gian vận chuyển vào 90 days
o 3. In the charter capital is not fully contributed by the deadline specified in Clause 2 of this
Article, the owner shall register the contributed capital as charter capital within 30 days
from the deadline, in which case the owner shall be responsible for the financial obligations
incurred by the company during the period before the change in charter capital is registered
in proportion to the promised capital. → nếu không đóng đủ số vốn theo deadline, Từ 90 days
deadline đến 30 ngày sau đó, phải đăng ký điều chỉnh lại charter capital và trong thời gian đó
thì những người không góp vốn hoặc vốn góp không đủ vẫn phải chịu trách nhiệm tương ứng
với phần vốn góp đã hứa.
o 4. The owner’s liability for the company’s financial obligations and the damage caused by the
failure to contribute or to fully and punctually contribute charter capital prescribed by this
Article shall be equal to all of the owner’s assets. → Thiệt hại từ việc không góp, không góp
đủ, không góp đúng hạn sẽ được chủ sở hữu chịu bằng tài sản cá nhân của mình
- Capital withdrawal and transfer: article 77 – Obligations of the owner
o 1. Contribute charter capital fully and punctually.
o 2. Comply with the company's charter.
o 3. Separate the company’s assets and the owner’s assets. The owner that is an individual shall
separate expenses of himself/herself and his/her family and those of the company’s President,
or General Director. → phân biệt tài sản và chi phí cá nhân với công ty
o 4. Comply with regulations of law on contracts and relevant laws while making purchases, sales,
borrowing, lending, leasing, entering into contracts and conducting other transactions between
the company and the company’s owner.
o 5. The company’s owner may only withdraw capital by transfer part or all of the charter
capital to another organization or individual. If the capital is withdrawn otherwise, the
owner and relevant organizations and individuals shall be jointly responsible for the
30
company’s debts and other liabilities. → chỉ được transfer một phần hoặc toàn bộ cho người/
tổ chức khác, nếu không, chủ sở hữu và cá nhân/ tổ chức có liên quan liên đới chịu trách nhiệm
o 6. The owner must not withdraw profit when the company is unable to fully pay its debts
and liabilities when they are due. → trả hết nợ mới được rút lời
o 7. Other obligations prescribed by Law and the company's charter.
- Adjustment to charter capital: article 87
o 1. A single-member limited liability company may increase its charter capital when its owner
contributes capital or raises capital from other persons. The owner shall decide on the specific
increase and the method.
o 2. In case of raising capital from other persons, the company shall be converted into a
multiple-member limited liability company or joint stock company. To be specific:
a) In case of conversion into a multiple-member limited liability company, a notification of
change in enterprise registration information shall be submitted within 10 days from the
day on which the change in charter capital is complete;
b) In case of conversion into a joint stock company, follow the instructions in Article 202 of
this Law;
o 3. A single-member limited liability company may decrease its charter capital in the following
cases:
a) Part of the contributed capital is returned to the company’s owner after the company has
operated for at least 02 consecutive years from the enterprise registration date and the
company is able to fully pay its debts and other liabilities after the return of capital;→ công
ty hoạt động 2 năm thì được rút vốn với điều kiện sau khi rút vốn, công ty vẫn có thể trả nợ và
trách nhiệm
b) Charter capital is not fully and punctually contributed by the owner as prescribed in Article
75 of this Law.
•
Management structure: article 79
- 1. A single-member limited liability company owned by an organization shall apply one of the two
models below:
a) A company with a President and the Director/General Director;
b) A company with a Board of Members and the Director/General Director.
- 2. In case the company’s owner is a state-owned enterprise prescribed in Clause 1 Article 88 of this
Law, a Board of Controllers shall be established. The establishment of a Board of Controllers in
other cases shall be decided by the company. The organizational structure, working regulations,
standards, requirements, dismissal, rights, duties and responsibilities of the Board of Controllers and
Controllers are specified in Article 65 of this Article. → state-owned thì luôn phải có BOC
31
- 3. The company shall have at least one legal representative who holds the title of President of the
Board of Members, the company’s President or Director/General Director. Unless otherwise
prescribed by the company's charter, the President of the company or President of the Board of
Members shall be the company’s legal representative.
- 4. Unless otherwise prescribed by the company's charter, organizational structure, functions, rights and
duties of the Board of Members, the company’s President, the Director/General Director shall comply
with this Law.
b. Joint-stock company (article 111-176)
• Characteristics
- Article 111: Joint stock companies
o 1. A joint stock company is an enterprise in which:
a) The charter capital is divided into units of equal value called shares;
b) Shareholders can be organizations and individuals; the minimum number of shareholders
is 03; there is no limit on the maximum number of shareholders;
c) A shareholder’s liability for the company’s debts and liabilities is equal to the amount of
capital contributed to the company by the shareholder;
d) Shareholders may transfer their shares to other persons except for the cases specified in
Clause 3 Article 120 and Clause 1 Article 127 of this Law.
o 2. A joint stock company has the status of a juridical person from the day on which the
Certificate of Enterprise Registration is issued.
o 3. A joint stock company may issue shares, bonds and other kinds of securities.
•
Shares
❖ Notes:
o There are 2 types: ordinary ( mandatory) and preference ( optional) – same type = same
rights and obligations
o Shares can be freely transfered, except: restriction stipulated in the charter, voting
preference share and ordinary share of founding shareholders within 3 years
Types
Voting
Cty phá sản
Transfer
(1. Redeemable
(2. Dividend
(3. Voting +
ordinary +
other types)
Ordinary
1
cty phá sản thì được Allowed to transfer
shares
nhận một phần tài their shares to other
sản còn lại tương persons except for the
ứng với cổ phần sở cases
specified
in
hữu của mình
Clause 3 Article 120
and Clause 1 Article
127
Ordinary
1
(không thấy nói)
trong vòng 3 năm kể từ
shares holding
ngày thành lập có thể
by
founding
chuyển nhượng cho
shareholders
other founding
shareholders. Nếu
muốn chuyển nhượng
cho người không phải
32
Voting
preference
share
Dividend
preference
share
Redeemable
preference
share
-
- Number of vote (không thấy nói)
được quy định
trong charter
- hiệu lực voting
preference
của
founding
shareholders có
hiệu lực trong 3
năm và hiệu lực
của các tổ chức
được ủy quyền bởi
nhà nước sẽ được
quy định trong
charter.
Trong
thời gian này,
preference
=
ordinary.
No voting right
khi công ty phá sản,
sau khi trả hết nợ và
redeemable
preference share thì
dividend share sẽ
được nhận phần còn
lại tương ứng
No voting right
cty phá sản thì được
nhận một phần tài
sản còn lại tương
ứng với cổ phần sở
hữu của mình
là founding
shareholders thì phải
được accepted by GMS,
trong TH này, người
chuyển nhượng không
có quyền biểu quyết.
not transfer these shares
to other persons unless
it is demanded by an
effective court judgment
or
decision
or
transferred
in
accordance
with
inheritance laws.
(không thấy nói)
Allowed to transfer
their shares to other
persons except for the
cases
specified
in
Clause 3 Article 120
and Clause 1 Article
127
Capital of a joint stock company: Article 112
o 1. A joint stock company’s charter capital is the total face value of the shares sold. The initially
registered charter capital of a joint stock company is the total face value of subscribed
shares (đã được đăng ký mua) and shall be written in the company's charter.
o 2. Sold shares are authorized shares that have been fully paid for the shareholders. Upon
registration of a joint stock company, sold shares are the total number of subscribed shares.
o 3. Authorized shares are the total number of shares that are offered by the General Meeting
of Shareholders (GMS) to raise capital. The number of authorized shares of a joint stock
company upon its registration is the total number of shares that will be offered by the company
to raise capital, including subscribed shares and unsubscribed shares. → cổ phần được
33
quyền chào báo khi đăng ký doanh nghiệp bao gồm cả cổ phần bán và chưa bán. Tuy nhiên,
vốn điều lệ chỉ bao gồm cổ phần đã bán
o 4. Unsold shares are authorized shares that have not been paid for. Upon registration of a joint
stock company, unsold shares are the total number of unsubscribed shares.
o 5. A joint stock company may decrease its charter capital in the following cases:
a) The decrease is decided by the GMS, in which case the company will return part of the
contributed capital to the shareholders in proportion to their holdings if the company has
operated for at least 02 consecutive years from the enterprise registration date and is able to
fully pay its debts and other liabilities after the return of capital;
b) The company repurchases the sold shares in accordance with Article 132 and Article 133
of this Law;
c) Charter capital is not fully and punctually contributed by the shareholders as prescribed
in Article 113 of this Law.
-
Types of shares: article 114
o 1. A joint stock company shall have ordinary shares, which are held by ordinary
shareholders.
o 2. In addition to ordinary shares, a joint stock company may have preference shares, which are
held by preference shareholders. Preference shares include:
a) Participating preference shares; - cổ phần ưu đãi cổ tức
b) Redeemable preference shares; - cổ phần ưu đãi hoàn lại
c) Super-voting shares; - cổ phần ưu đãi biểu quyết
d) Other types of preference shares prescribed by the company's charter and securities laws.
o 3. The persons that may purchase participating preference shares, redeemable preference
shares and other preference shares shall be specified in the company's charter or decided by
the GMS. → không phải ai cũng được mua cổ phần ưu đãi
o 4. Every share of the same type will confer upon the holder equal rights, obligations and
interest.
o 5. Ordinary shares cannot not be converted into preference shares. Preference shares may
be converted into ordinary shares under a resolution of the GMS. → cao xún thấp được chứ
thấp không lên cao được
o 6. Ordinary shares used as underlying assets to issue non-voting depository receipts are
called underlying ordinary shares. Non-voting depository receipts have interest and
obligations proportional to the underlying ordinary shares, except voting rights.
o 7. The Government shall provide for non-voting depository receipts.
-
Ordinary shares:
o Rights of ordinary shareholders: article 115
▪ 1. Ordinary shareholders have the right to:
a) Participate in and make comments at the General Meeting of Shareholders;
exercise the right to vote directly or through authorized representatives or another
method prescribed by law or the company's charter. Each ordinary share equals one vote;
→ 1 share = 1 vote
b) Receives dividends at the rate decided by the GMS;
c) Be given priority to buy additional shares in proportion to their holding of
ordinary shares in the company;
34
▪
▪
▪
▪
d) Transfer their shares to other persons except for the cases specified in Clause 3
Article 120 and Clause 1 Article 127 of this Law and relevant laws;
dd) Access names and addresses on the list of voting shareholders; request rectification
of incorrect information about themselves;
e) Access, extract, make copies of the company's charter, minutes and resolutions of the
GMS;
g) Receive part of the remaining assets in proportion to their holdings in the company
when the company is dissolved or goes bankrupt. → cty phá sản thì được nhận một
phần tài sản còn lại tương ứng với cổ phần sở hữu của mình
2. The shareholder or group of shareholders that holds at least 5% of the ordinary shares
(or a smaller ratio specified in the company's charter) shall have the rights to:
a) Access, extract the minutes of meetings, resolutions and decisions of the Board of
Directors, mid-year and annual financial statements, reports of the Board of Controllers,
contracts and transactions subject to approval by the Board of Directors and other
documents except those that involve the company’s business secrets;
b) Demand that a GMS be convened in the cases specified in Clause 3 of this Article;
c) Request the Board of Controllers to investigate into specific matters relevant to the
company’s administration where necessary. The request shall be made in writing and
contain the full names, mailing addresses, nationalities, legal document numbers of
shareholders that are individuals; names, EID numbers or legal document numbers,
headquarters addresses of shareholders that are organizations; quantities of shares and
time of shares registration of each shareholder, total quantity of shares of the group and
their holdings in the company; the matter that needs investigating and the purposes of
investigation;
dd) Other rights prescribed by this Law and the company's charter.
3. The shareholder or group of shareholders specified in Clause 2 of this Article is
entitled to demand a GMS be convened in the following cases:
a) The Board of Directors seriously violates the shareholders’ rights, obligations of
executives or issues decisions ultra vires;
b) Other cases prescribed by the company's charter.
4. A request mentioned in Clause 3 of this Article shall be made in writing and contain
the full names, mailing addresses, nationalities, legal document numbers of shareholders
that are individuals; names, EID numbers or legal document numbers, headquarters
addresses of shareholders that are organizations; quantities of shares and time of shares
registration of each shareholder, total quantity of shares of the group and their holdings
in the company; the reasons for convening the GMS. The request shall be enclosed
with documentary evidence of the violations committed by the Board of Directors or
the decision issued ultra vires. → yêu cầu triệu tập phải được viết bằng văn bản và được
kèm theo bởi các bằng chứng vi phạm
5. Unless otherwise prescribed by the company's charter, the shareholder or group of
shareholders that holds at least 10% of the ordinary shares (or a smaller ratio specified
in the company's charter) is entitled to nominate candidates for the Board of
Directors and the Board of Controllers as follows:
a) The ordinary shareholders shall hold a meeting to nominate candidates for the Board
of Directors and the Board of Controllers and inform the participating shareholders
before the opening of the GMS;
35
▪
b) The number of candidates depends on the quantity of members of the Board of
Directors and the Board of Controllers and shall be decided by the GMS. In case the
number of candidates nominated is smaller than the permissible number, the
remaining candidates shall be nominated by the Board of Directors, the Board of
Controllers and other shareholders.
6. Other rights prescribed by this Law and the company's charter.
o Ordinary shares of founding shareholders: article 120
▪ 1. A new joint stock company shall have at least 03 founding shareholders. A joint
stock company converted from a state-owned enterprise or limited liability
company or after division, consolidation, acquisition of another joint stock
company is not required to have founding shareholders. Instead, the company's
charter in the enterprise registration application shall contain signatures of the
company’s legal representatives or ordinary shareholders. → JSC phải có ít nhất 3
cổ đông sáng lập. Trong trường hợp JSC là công ty chuyển đổi từ state -owned, LLC
không nhất thiết phải có founding shareholder.
▪ 2. The founding shareholders shall subscribe for at least 20% of the total authorized
ordinary shares upon enterprise registration.
▪ 3. Within 03 years from the issuance date of the Certificate of Enterprise
Registration, the ordinary shares of founding shareholders may be transferred to
other founding shareholders and may only be transferred to a person that is not a
founding shareholder if the transfer is accepted by the GMS. In this case, the
transferor does not have the right to vote on this transfer. → trong vòng 3 năm kể từ
ngày thành lập có thể chuyển nhượng cho other founding shareholders. Nếu muốn
chuyển nhượng cho người không phải là founding shareholders thì phải được accepted
by GMS, trong TH này, người chuyển nhượng không có quyền biểu quyết.
▪ 4. The limitations specified in Clause 3 of this Article do not apply to the following
ordinary shares:
a) Additional shares acquired by founding shareholders after the enterprise is
registered;
b) Shares that have been transferred to other persons that are not founding
shareholders.
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Preference share
o Voting preference shares: article 116
▪ 1. Super-voting shares are ordinary shares that have more votes than other ordinary
shares. The number of votes of a preferred voting share shall be specified in the
company's charter. Only organizations authorized by the Government and
founding shareholders may hold super-voting shares. The super-voting powers of
founding shareholders shall be effective for 03 years from the issuance date of the
Certificate of Enterprise Registration. The right to vote and voting preference period
of super-voting shares held by organizations authorized by the Government shall
be specified in the company's charter. After this period expires, super-voting shares
shall become ordinary shares. → hiệu lực voting preference của founding shareholders
có hiệu lực trong 3 năm và hiệu lực của các tổ chức được ủy quyền bởi nhà nước sẽ
được quy định trong charter. Trong thời gian này, preference = ordinary.
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2. Holders of super-voting shares have the rights to:
a) Vote on the matters under the jurisdiction of the GMS with the number of votes
specified in Clause 1 of this Article;
b) Other rights of ordinary shareholders, except the cases specified in Clause 3 of this
Article.
3. Holders of super-voting shares must not transfer these shares to other persons
unless it is demanded by an effective court judgment or decision or transferred in
accordance with inheritance laws.
4. The Government shall elaborate this Article.
o Dividend preference shares: article 117
▪ 1. Participating preference shares are shares that provide their holders with higher
dividends than those of ordinary shares or with stable annual dividend. Annual
dividend includes fixed dividend and extra dividend. Fix dividends do not depend
on the company’s business performance. Fix dividend and method for determination
of extra dividend shall be written on the certificates of participating preference shares.
▪ 2. Holders of participating preference shares have the rights to:
a) Receive the dividend prescribed in Clause 1 of this Article;
b) Receive part of the company’s remaining assets in proportion to their holdings in
case the company is dissolved or goes bankrupt after the company’s debts and
redeemable preference shares are fully paid; → khi công ty phá sản, sau khi trả hết nợ
và redeemable preference share thì dividend share sẽ được nhận phần còn lại
c) Other rights of ordinary shareholders, except the cases specified in Clause 3 of this
Article;
▪ 3. Holders of participating preference shares do not have the right to vote, participate
in the GMS, nominate candidates for the Board of Directors and the Board of Controllers,
except the cases specified in Clause 6 Article 148 of this Law.
o Redeemable preference shares: article 118
▪ 1. Redeemable preference shares are shares that will be redeemed by the company at
the request of their holders or under the conditions written in the certificates of
redeemable preference shares and the company's charter.
▪ 2. Holders of redeemable preference shares have all of the rights of ordinary
shareholders, except the cases specified in Clause 3 of this Article.
▪ 3. Holders of redeemable preference shares do not have the right to vote, participate
in the GMS, nominate candidates for the Board of Directors and the Board of
Controllers, except the cases specified in Clause 5 Article 114 and Clause 6 Article 148
of this Law.
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Transfer of shares: article 127
o 1. Shares may be transferred freely except the cases specified in Clause 3 Article 120 of this
Law and other cases of restriction specified in the company's charter. The restrictions on transfer
of shares specified in the company's charter are only applicable if they are written in the
certificates of the shares subject to restriction.
o 2. The transfer shall be made into a contract or carried out on the securities market. In case
of transfer under a contract, the documents shall bear the signatures of the transferor and
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the transferee or their authorized representatives. In case shares are transferred on the
securities market, the transfer procedures prescribed by securities laws shall apply.
3. In case of the death of a shareholder that is an individual, his/her heir at law or designated
by a will shall become a shareholder of the company.
4. In case a shareholder that is an individual dies without an heir or the heir refuses the
inheritance or is disinherited, his/her shares shall be settled in accordance with civil laws.
5. A shareholder may donate all or part of their shares to other organizations and
individuals; use the shares to pay debts. The organization or individual that receives the
donation or debt payment will become a shareholder of the company.
6. The organizations and individuals that receive shares in the cases specified in this Article
will only become shareholders when the information specified in Clause 2 Article 122 of this
Law is fully recorded in the shareholder register.
7. The company shall register the changes of shareholders in the shareholder register as
requested by relevant shareholders within 24 hours after the request is received.
Management structure
Management structure: article 137
o 1. Unless otherwise prescribed by securities laws, a joint stock company may choose one of the
following models:
a) A joint stock company with the GMS, Board of Directors, Board of Controllers and
Director/General Director (model 1). If the joint stock company has fewer than 11
shareholders and the shareholders that are organizations hold less than 50% of the
company’s total shares, a Board of Controllers is not mandatory;
b) A joint stock company with the GMS, Board of Directors and Director/General Director
(model 2). In this case, at least 20% of the members of the Board of Directors shall be
independent members and there has to be an audit committee affiliated to the Board of
Directors. The organizational structure, functions and duties of the audit committee shall be
specified in the company's charter or the audit committee’s operating regulations promulgated
by the Board of Directors.
o 2. If the company has only one legal representative, the President of the Board of Directors
or the Director/General Director shall be the legal representative. The President of the Board
of Directors shall be the company’s legal representative unless otherwise prescribed by the
company's charter. If the company has more than one legal representative, the President of
the Board of Directors and the Director/General Director shall be the company’s legal
representatives.
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General meeting of shareholders ( article 138 – 152)
❖ Notes:
- Highest decision making body
- Comprise all shareholders having the right to vote
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- Resolution voting: majority rule - 1 member of BOM = 1 vote – if tie vote → chairperson is
decisive
o Rights and obligations of the GMS: article 138
▪ 1. The GMS shall consist of all voting shareholders and is the supreme body of a joint
stock company.
▪ 2. The GMS has the following rights and obligations:
a) Ratify the orientation for development of the company;
b) Decide the types of authorized shares and quantity of each type; decide the annual
dividends of each type of shares;
c) Elect, dismiss members of the Board of Directors and Controllers;
d) Decide investment in or sale of assets that are worth at least 35% of the total assets
written in the latest financial statement, unless another ratio or value is specified in the
company's charter;
dd) Decide revisions to the company’s charter;
e) Ratify annual financial statements;
g) Decide repurchase of more than 10% of total sold shares of each type;
h) Take actions against violations committed by members of the Board of Directors and
Controllers that cause damage the company and its shareholders;
i) Decide reorganization or dissolution of the company;
k) Decide the budget or total salaries, bonuses and other benefits of the Board of
Directors and the Board of Controllers;
l) Approve the rules and regulations of the company, the Board of Directors and the
Board of Controllers;
m) Approve the list of independent audit companies; choose independent audit
companies carry out audit of the company; dismiss independent audits where necessary;
n) Other rights and obligations prescribed by Law and the company's charter.
o General Meetings of Shareholders: article 139
▪ 1. General Meetings of Shareholders (GMS) shall be convened annually and whenever
necessary. The meeting location is the place where the chair attends and shall be within
Vietnam’s territory.
▪ 2. The annual GMS shall be convened within 04 months from the end of the fiscal
year. Unless otherwise prescribed by the company's charter, the Board of Directors
shall decide deferral of the annual GMS where necessary by up to 06 months from
the end of the fiscal year. → tổ chức trong vòng từ 4-6 months
▪ 3. The following issues shall be discussed and ratified at the annual GMS:
a) The company’s annual business plan;
b) The annual financial statement;
c) The report of the Board of Directors on its performance and that of its members;
d) The report of the Board of Controllers on the company’s business performance,
performance of the Board of Directors, the Director/General Director;
dd) The report of the Board of Controllers on its performance and that of the controllers;
e) Dividend of each type of shares;
g) Other issues within its jurisdiction.
o Convening GMS: article 140
▪ 1. Board of Directors shall convene annual and ad hoc GMS (bất thường). An ad hoc
GMS shall be convened in the following cases:
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a) The meeting is necessary for the company’s interests;
b) The quantity of remaining members of the Board of Directors and Board of
Controllers is smaller than the minimum quantity prescribed by law;
c) The meeting is requested by the shareholder or group of shareholders mentioned in
Clause 2 Article 115 of this Law;
d) The meeting is requested by the Board of Controllers;
dd) Other cases prescribed by law and the company's charter.
2. Unless otherwise prescribed by the company's charter, the Board of Directors shall
convene the GMS within 30 days from the date of occurrence of the event mentioned
in Point b Clause 1 of this Article or the day on which the request for holding the
meeting mentioned in Point c and Point d Clause 1 of this Article is received. If the
Board of Directors fails to convene such GMS, the President and members of the
Board of Directors shall pay compensation for the damage incurred by the company.
3. In case the Board of Directors fails to convene a GMS as prescribed in Clause 2 of
this Article, the Board of Controllers shall convene a GMS within the next 30 days
in accordance with regulations of this Law. If the Board of Controllers fails to convene
the GMS, it shall pay compensation for the damage incurred by the company → BOD
tổ chức -> fail -> BOC tổ chức -> fail -> shareholder tổ chức
4. In case the Board of Controllers fails to convene a GMS as prescribed in Clause 3
of this Article, the shareholder or group of shareholders prescribed in Clause 2 Article
115 of this Law may convene the GMS on behalf of the company in accordance with
this Law.
5. The person who convenes the GMS shall:
a) Prepare a list of shareholders entitled to participate in the GMS;
b) Provide information and settle complaints relevant to the aforementioned list;
c) Draw up the meeting agenda;
d) Prepare documents for the meeting;
dd) Draft the resolution of the GMS according to the meeting agenda; prepare a list and
detailed information about the candidates for members of the Board of Directors and
Controllers (in case of election);
e) Determine the meeting time and location;
g) Send the invitation to each and every shareholder on the list mentioned in (a);
h) Perform other tasks serving the meeting.
6. The cost of convening and conduct the GMS as prescribed in Clauses 2, 3 and 4 of
this Article shall be reimbursed by the company.
o List of shareholders entitled to participate in the GMS: aritcle 141
▪ 1. The list of shareholders entitled to participate in the GMS shall be compiled according
to the company’s shareholder register numbers. The list shall be compiled not more than
10 days before dan on which the invitations to participate in the GMS are sent if a shorter
period is not specified in the company's charter.
▪ 2. The list shall contain full names, mailing addresses, nationalities, legal document
numbers of shareholders that are individuals; names, EID numbers or legal document
numbers, headquarters addresses of shareholders that are organizations; quantities of
shares of each type and each shareholder registration date and number of each
shareholder.
▪ 3. Shareholders are entitled to access and make copies of names and mailing addresses
of shareholders on the list; request correction of errors or addition of information about
40
themselves on the list. The company’s executives shall promptly provide information in
the shareholder register, revise and add information as requested by the shareholders;
pay compensation for damage caused by the failure to provide or to accurately and
promptly provide shareholder registration numbers as requested. The procedures for
requesting provision of information in the shareholder register shall be specified in the
company's charter.
o Agenda of the GMS: article 143
▪ 1. The person who convenes the GMS shall prepare the agenda.
▪ 2. The shareholder or group of shareholders specified in Clause 2 Article 115 of this Law
is entitled to propose additional issues to the GMS agenda. The proposal shall be made
in writing and sent to the company at least 03 working days before the opening date
unless another period is specified in the company's charter. The proposal shall contain
the names of shareholders and the proposed issues.
▪ 3. In case the proposal mentioned in Clause 2 of this Article is rejected by the person
who convenes the GMS, a written response and explanation must be provided at least
02 days before the opening day. A proposal may only be rejected in the following cases:
a) The proposal is sent against the regulations of Clause 2 of this Article;
b) The issue exceeds the jurisdiction of the GMS;
c) Other cases prescribed by the company's charter.
▪ 4. The person who convenes the GMS shall include the issues proposed in accordance
with Clause 2 of this Article in the draft agenda, except in the cases specified in Clause
3 of this Article. The issues will be included in the official agenda if their inclusion is
accepted by the GMS.
o Invitations to the GMS: article 143
▪ 1. The person who convenes the GMS shall send invitations to all shareholders on the
list of shareholders entitled to participate in the GMS at least 21 days before the opening
day unless an earlier time is specified in the company's charter. The invitation shall
contain the participant’s name, headquarters/mailing address, EID number, time and
location of the meeting and other requirements.
▪ 2. Invitations shall be sent to mailing addresses of the shareholders and posted on the
company’s website. If necessary, the invitation may be published on a local or central
daily newspaper as prescribed by the company's charter.
▪ 3. An invitation shall be sent together with:
a) The meeting agenda, meeting documents and the draft resolution on each issue in the
agenda;
b) The votes.
▪ 4. The invitation and meeting documents mentioned in Clause 3 of this Article may be
uploaded on the company’s website (if any) instead of sending physical invitations and
documents. In this case, the invitation shall contain instructions on how to download the
documents.
o Exercising the right to attend the GMS: article 144
▪ 1. Shareholders and representatives of shareholders that are organizations may
directly participate in the GMS or authorize one or some other organizations and
individuals to participate the GMS, or participate in the GMS in one of the forms
specified in Clause 3 of this Article.
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2. The authorization of participants in the GMS shall be made in writing. The
authorization letter shall be made in accordance with civil laws and specify the name of
the authorized participant, the quantity of shares authorized. The authorized participant
shall present the authorization letter before entering the meeting room.
3. It will be considered that a shareholder attends and votes at the GMS in the
following cases:
a) The shareholder directly participates in and votes at the GMS;
b) The shareholder authorizes another organization or individual to participate in and
vote at the meeting;
c) The shareholder participates and votes online or through other electronic methods;
d) The shareholder sends the votes to the GMS by post, fax or email;
dd) The shareholder sends the votes by other means specified in the company's charter.
o Conditions for conducting the GMS: article 145
▪ 1. The GMS shall be conducted when it is participated by a number of shareholders
that represent more than 50% of the votes; the specific ratio shall be specified in the
company's charter.
▪ 2. In case the conditions for conducting the meeting prescribed in Clause 1 of this Article
are not fulfilled, the second invitation shall be sent within 30 days from the first meeting
date unless otherwise prescribed by the company's charter. The second GMS shall be
conducted when it is participated by a number of shareholders that represent at least 33%
of the votes; the specific ratio shall be specified in the company's charter.
▪ 3. In case the conditions for conducting the second meeting prescribed in Clause 2 of
this Article are not fulfilled, the third invitation shall be sent within 20 days from the
second meeting date unless otherwise prescribed by the company's charter. The third
GMS shall be conducted regardless of the number of votes represented by the
participants.
▪ 4. Only the GMS has the right to change the agenda enclosed with the invitation
prescribed in Article 142 of this Law.
o Meeting and voting protocols: article 146
▪ 1. The shareholders that participate in the GMS shall be registered before the meeting
is declared open;
▪ 2. Election of the chair, secretary and election board:
a) The President of the Board of Directors shall assume the role or the chair or
authorize a member of Board of Directors to chair the GMS if it is convened by the
Board of Directors. In case the chair is not present or is temporarily unable to work,
the remaining members of the Board of Directors shall elect one of them as the chair
under the majority rule. In case a chair cannot be elected, the chief of the Board of
Controllers shall preside over the election of the GMS chair, in which case the person
that receives the most votes will be the chair;
b) Except for the cases specified in Point a of this Clause, the person that signs the
decision to convene the GMS shall preside over the election of the chair by the GMS, in
which case the person that receives the most votes will be the chair;
c) The chair shall designate one or some persons as the secretary(ies) of the GMS;
d) The GMS shall elect one or some people as the election board as requested by the
chair;
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3. The meeting agenda shall be ratified by the GMS during the opening session. The
agenda shall specify the duration of each issue therein;
4. The chair is entitled to implement necessary and reasonable measures to maintain
order during the meeting and adhere to the ratified agenda and serve the majority of the
participants;
5. The GMS shall discuss and vote on each issue on the agenda. Votes include
affirmative votes, negative votes and abstentions. The voting result shall be
announced by the chair before the meeting ends unless otherwise prescribed by the
company's charter; → có 3 loại vote: tán thành, không tán thành và không có ý kiến
6. Shareholders and authorized participants that arrive at the meeting after it is
declared open will be registered and has the right to vote after registration. In this
case, previous voting result shall remain unchanged;
7. The person who convenes or chair the GMS has the rights to:
a) Request all participants to facilitate inspection and other lawful and reasonable
security measures;
b) Request a competent authority to maintain order during the meeting; expel those who
do not comply with the chair’s instructions, deliberately disrupt order, obstruct the
meeting progress or disobey security requirements;
8. The chair is entitled to postpone the GMS that has a sufficient number of
participants for up to 03 working days from the initial opening day or change the
meeting location in the following cases:
a) The current meeting location does not have enough seats for all participants;
b) Communication devices at the current meeting location are not adequate for all
participant to discuss and vote;
c) One or some participants disrupt the meeting and thus threaten the fairness and
legality of the meeting;
9. In case the chair postpones or suspends the GMS against Clause 8 of this Article,
the GMS shall elect another participant to chair the meeting until the end; all
resolutions ratified at the meeting shall be effective.
o Methods for ratifying resolutions of the GMS: article 147
▪ 1. The GMS shall decide ratification of resolutions by voting or questionnaire survey.
▪ 2. Unless otherwise prescribed by the company's charter, resolutions of the GMS on
the following issues shall be voted on at the meeting:
a) Revisions to the company's charter;
b) Orientation for development of the company;
c) Types of shares and quantity of each type;
d) Election and dismissal or members of the Board of Directors and the Board of
Controllers;
dd) Investment or sale of assets that are worth at least 35% of the total assets written in
the latest financial statement, unless another ratio or value is specified in the company's
charter;
e) Ratification of the annual financial statement;
g) Reorganization or dissolution of the company.
o Conditions for ratification of resolutions of the GMS: article 148
▪ 1. A resolution on one of the following issues will be ratified if it is voted for by a
number of shareholders that represent at least 65% (a specific ratio shall be specified
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in the company's charter) of votes of all participants, except for the cases specified in
Clauses 3, 4 and 6 of this Article:
a) Types of shares and quantity of each type;
b) Change of the company’s business lines;
c) Change of the company’s organizational structure;
d) Investment or sale of assets that are worth at least 35% of the total assets written in
the latest financial statement, unless another ratio or value is specified in the company's
charter;
dd) Reorganization or dissolution of the company.
e) Other issues specified in the company's charter.
2. A resolution will be ratified when it is voted for by a number of shareholders that
hold more than 50% (a specific ratio shall be specified in the company's charter) of the
votes of all participants, except for the cases specified in Clauses 1, 3 , 4 and 6 of this
Article.
3. Unless otherwise prescribed by the company's charter, the election of members of
the Board of Directors and the Board of Controllers shall be cumulative voting,
which means a shareholder will have a number of votes that is proportional to that
shareholder’s holding multiplied by (x) the number of members of the Board of
Directors or the Board of Controllers and a shareholder may use all or part of the votes
for one or some candidates. Successful candidates shall be chosen according to the
votes they receive in descending order until the number of members of the Board of
Directors or the Board of Controllers reaches the minimum number specified in the
company's charter. In case 02 or more candidates receive the same number of votes
for the last member of the Board of Directors or the Board of Controllers, these
candidates will undergo an additional election or be chosen according to the criteria
specified in the election regulations or company's charter.
4. In case of questionnaire survey, a resolution will be ratified when it is voted for by
a number of shareholders that hold more than 50% (a specific ratio shall be specified
in the company's charter) of the votes of all voting shareholders.
5. A resolution of the GMS shall be notified to the shareholders having the right to
participate in the GMS within 15 days from the day on which it is ratified or uploaded
onto the company’s website (if any).
6. A resolution on adverse changes to rights and obligations of preference shareholders
may only be ratified if it is voted for by a number of preference shareholders that
participate in the meeting and hold at least 75% of the same kind of preference shares.
In case of questionnaire survey, it needs to be approved by a number of preference
shareholders that holding at least 75% of the same kind of preference shares.
o Power and method for ratifying resolutions of the GMS by questionnaire survey: article 149
▪ 1. The Board of Directors is entitled to carry out questionnaire survey to ratify a
resolution of the GMS when it is considered necessary for the company’s interests,
except for the cases specified in Clause 2 Article 147 of this Law;
▪ 2. The Board of Directors shall prepare the questionnaires, the draft resolution and
explaining documents; send it to all voting shareholders at least 10 days before the
deadline for submission of the questionnaires unless a longer period is specified in the
company's charter. The list of shareholders to receive the questionnaires shall be
compiled in accordance with Clause 1 and Clause 2 Article 141 of this Law.
Questionnaires and documents shall be sent in accordance with Article 143 of this Law;
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3. A questionnaire shall contain:
a) he company’s name, EID number, headquarter address;
b) Purposes of the survey;
c) If the shareholder is an individual: full name, mailing address, nationality, legal
document number; If the shareholder is an organization: name, EID number or legal
document number of the organization or full name, mailing address, nationality, legal
document number of the organization’s representative; quantity of each type of shares
and number of votes of the shareholder;
d) The issues that need voting;
dd) The options including affirmative, negative, abstention;
e) Deadline for submission of the answered questionnaire;
g) Full name and signature of the President of the Board of Directors;
4. Shareholders may send answered questionnaires to the company by post, fax or
email as follows:
a) An answered questionnaire sent by post shall bear the signature of the shareholder
(if the shareholder is an individual) or the shareholder’s authorized representative or
legal representative (if the shareholder is an organization), be placed in a closed
envelope which must not be opened before vote counting time;
b) An answered questionnaire sent by fax or email shall be kept confidential until the
vote counting time;
c) Answered questionnaires that are submitted after the deadline or opened before
vote counting time (for those sent by post) or revealed (for those sent by fax or email)
shall be considered invalid. Questionnaires that are not submitted shall not be
counted as votes;
5. The Board of Directors shall organize vote counting and issue a vote counting
record in the presence of the Board of Controllers or the shareholders that are not
holding any managerial position in the company. The vote counting record shall have
the following information:
a) The company’s name, EID number, headquarter address;
b) Purposes and the issue that needs voting;
c) Quantities of voters, votes casted, valid votes and invalid votes, voting method and a
list of voters;
d) Quantities of affirmative votes, negative votes and abstentions on each issue;
dd) Ratified decisions and corresponding ratio of affirmative votes;
e) Full names and signatures of the President of the Board of Directors, vote counting
supervisors and vote counters.
The members of the Board of Directors, vote counters and vote counting supervisor
are jointly responsible for the accuracy and honesty of the vote counting record; for
the damage caused the decisions that are ratified due to inaccurate or dishonest vote
counting;
6. The vote counting record and the resolution shall be sent to all shareholders within 15
days from the date of vote counting completion or uploaded on the company’s website
(if any);
7. Answered questionnaires, the vote counting record, the ratified resolution and relevant
documents enclosed with the answered questionnaires shall be retained at the company’s
headquarters;
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8. An resolution that is ratified through questionnaire survey has the same value as
those ratified at the GMS.
o Minutes of the GMS: article 150
▪ 1. The minutes of the GMS shall be in Vietnamese language (audio recordings and
electronic files are optional), may be translated into foreign languages, and shall contain
the following information:
a) The company’s name, EID number, headquarter address;
b) Time and location of the GMS;
c) The meeting agenda;
d) Full names of the chair and secretary;
dd) Summary of developments of the meeting, comments at the GMS on each issue on
the agenda.
e) Quantities of shareholders and votes casted by shareholders that participated in the
meeting, the list of subscribed shareholders and shareholders’ representatives that
participated in the meeting and their votes;
g) Number of affirmative votes on each issue, voting method, numbers of valid votes,
invalid votes, affirmative votes, negative votes and abstentions, their ratios to total
number of votes of all participants;
h) Ratified decisions and corresponding ratio of affirmative votes;
i) Full names of the chair and secretary.
In case the chair and the secretary refuse to sign the minutes, they will be effective if
they are signed by the other members of the Board of Directors and contain all
information prescribed in this Clause. The minutes shall clearly state the reasons why
the chair and the secretary refuse to sign them.
▪ 2. The minutes of the GMS shall be completed and ratified before the meeting ends.
▪ 3. The chair and secretary or other persons who sign the minutes are joint responsible
for its accuracy and truthfulness.
▪ 4. The Vietnamese and foreign language copies of the minutes have the same legal value.
In case of any discrepancy between them, the Vietnamese copy shall prevail.
▪ 5. The minutes of the GMS shall be sent to all shareholders within 15 days from the
ending date of the meeting; the vote counting record may be uploaded to the company’s
website.
▪ 6. The minutes of the GMS, the list of registered participants, the ratified resolutions and
documents enclosed with the invitations shall be retained at the company’s headquarters.
o Requesting invalidation of a resolution of the GMS: article 151
▪ Within 90 days from the receipt of the resolution or minutes of the GMS or the vote
counting record, the shareholder or group of shareholders mentioned in Clause 2
Article 115 of this Law is entitled to request the court or an arbitral tribunal to
consider invalidating the resolution in part or in full in the following cases:
▪ 1. The procedures for convening the GMS and issuing decisions prescribed in this
Law and the company's charter are not followed, except for the cases specified in Clause
2 Article 152 of this Law;
▪ 2. The contents of the resolution violations the law or the company's charter.
o Effect of the resolution of the GMS: article 152
▪ 1. The resolution of the GMS takes effect from the day on which it is ratified or on
the effective date specified therein.
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2. A resolution that is ratified by 100% of the voting shares shall be lawful and
effective even if the procedures for convening the meeting and issuing such resolution
prescribed in this Law and the company's charter are not followed;
3. In case a shareholder or group of shareholders requests the court or an arbitral
tribunal to consider invalidating the resolution as prescribed in Article 151 of this
Law, the resolution shall remain effective until the effective date of the decision on
invalidation of such resolution, except for the cases in which temporary emergency
measures are implemented under a decision of a competent authority.
Board of management = board of director: article 153 - 160
o The Board of Directors: article 153
▪ 1. The Board of Directors is the managerial body of the company and has the right to
make decisions on behalf of the company, perform rights and obligations of the
company, except the rights and obligations of the GMS.
▪ 2. The Board of Directors has the following rights and obligations:
a) Decide the company’s medium-term development strategies and annual business
plans;
b) Propose the types of authorized shares and quantity of each type;
c) Decide sale of certain types of unsold authorized shares; decide other methods of
raising capital;
d) Decide selling prices for the company’s shares and bonds;
dd) Decide repurchase of shares as prescribed in Clause 1 and Clause 2 Article 133 of
this Law;
e) Decide the investment plan and investment projects within its jurisdictions and
limitations prescribed by law;
g) Decide solutions for market development, marketing and technology;
h) Approve sale contracts, purchase contracts, borrowing contracts, lending contracts,
other contracts and transactions that are worth at least 35% of the total assets written in
the latest financial statement, unless another ratio or value is specified in the company's
charter; contracts and transactions within the jurisdiction of the GMS as prescribed in
Point d Clause 2 Article 138, Clause 1 and Clause 3 Article 167 of this Law.
i) Elect, dismiss the President of the Board of Directors; designate, dismiss, enter into
and terminate contracts with the Director/General Director and other key executives
specified in the company's charter; decide salaries, remunerations, bonuses and other
benefits of these executives; designate authorized representatives to participate in the
Board of Members or GMS of another company; decide their remunerations and other
benefits;
k) Supervise the Director/General Director and other executives managing the
company’s everyday business;
l) Decide the company’s organizational structure, rules and regulations; establishment
of subsidiary companies, branches and representative offices; contribution of capital to
and purchase of shares of other enterprises;
m) Approve the agenda and documents of the GMS; convene the GMS or carry out
surveys for the GMS to ratify its resolutions;
n) Submit annual financial statements to the GMS;
o) Propose the dividends; decide the time and procedures for paying dividends or settling
business losses;
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p) Propose reorganization or dissolution of the bankruptcy; file bankruptcy of the
company;
q) Other rights and obligations prescribed by Law and the company's charter.
3. The Board of Directors shall ratify its resolution and decisions by voting at the
meeting, questionnaire survey or another method specified in the company's charter.
Each member of the Board of Directors shall have one vote.
4. In case a resolution or decision is ratified by the Board of Directors against
regulations of law or a resolution of the GMS or the company’s charter and causes
damage to the company, the members that vote for the ratification of such resolution
or decision shall be jointly responsible for it and pay compensation for the company;
the members that vote against such resolution or decision shall not be held
responsible. In this case, the company’s shareholders are entitled to request the court to
suspend or invalidate the resolution or decision.
o Term of office and quantity of members of the Board of Directors: article 154
▪ 1. The Board of Directors shall have 03 – 11 members. The specific quantity of
members shall be prescribed by the company's charter.
▪ 2. The term of office of a member of the Board of Directors shall not exceed 05 years
without term limit. An individual may only be elected independent member of the
Board of Directors of a company for up to 02 continuous terms.
▪ 3. In case the term of office of all members of the Board of Directors ends at the
same time, they shall remain members of the Board of Directors until new members
are elected and take over their jobs unless otherwise prescribed by company's charter.
▪ 4. The company's charter shall specify the quantity, rights, obligations of
independent members of the Board of Directors; method for organizing and
coordinating their activities.
o Organizational structure and requirements to be fulfilled by members of the Board of
Directors: article 155
▪ 1. To be a member of the Board of Directors, a person shall satisfy the following
requirements:
a) He/she is not one of the persons specified in Clause 2 Article 17 of this Law;
b) He/she has professional qualifications and experience of busines administration
in the company’s busines lines; a member is not necessarily a shareholder of the
company, unless otherwise prescribed by the company's charter;
c) A person may hold the position of member of the Board of Directors of more than
one company; → có thể đồng thời là thành viên hội đồng quản trị của nhiều công ty
d) A member of the Board of Directors of a state-owned enterprise prescribed in
Point b Clause 1 Article 88 of this Law and subsidiary companies of a state-owned
enterprise prescribed in Clause 1 Article 88 of this Law must not be a relative of the
Director/General Director or any other executive of the company, of the executive
or the person having the power to designate the executive of the parent company.
❖ Note: Khác biệt giữa member và independent member of BOD là có bất kỳ mối quan hệ nào với
công ty, nhóm công ty hoặc cơ quan điều hành của công ty hay không. Vì không có mqh nào
nên independent thường đưa ra ý kiến khách quan hơn
▪ 2. Unless otherwise prescribed by securities laws, an independent member of the
Board of Directors prescribed in Point b Clause 1 Article 137 of this Law shall satisfy
the following requirements:
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a) He/she is not working for the company or its parent company or subsidiary
company; did not worked for the company or its parent company or subsidiary company
within the last 03 years or longer; → không được đang làm hoặc đã làm trong 3 năm
liền kề trước đó
b) He/she is not receiving a salary from the company, except the allowances to which
members of the Board of Directors are entitled as per regulations;
C) His/her spouse, biological parents, adoptive parents, biological children, adopted
children and siblings are not major shareholders (hold +5% shares có quyền biểu
quyết) of the company, executives of the company or its subsidiary companies;
d) He/she is not directly or indirectly holding 1% of the company’s voting shares or
more;
dd) He/she did not hold the position of member of the Board of Directors or the
Board of Controllers of the company within the last 05 years or longer unless he/she
was designated in 02 consecutive terms.
3. An independent member of the Board of Directors shall notify the Board of
Directors if he/she no longer satisfies the requirements specified in Clause 2 of this
Article and is obviously no longer an independent member from the day on which a
condition is not satisfied. The Board of Directors shall the disqualification if this
member at the nearest GMS or convene the GMS to elect a new independent
member within 06 months from the day on which the notification is received from the
member.
o The President of the Board of Directors: article 156
▪ 1. The Board of Directors shall elect one of its members President of the Board of
Directors; dismiss its President.
▪ 2. The President of the Board of Directors of a public company or a joint stock
company prescribed in Point b Clause 1 Article 88 of this Law must not concurrently
hold the position of Director/General Director. → chủ tịch hội đồng quản trị không
đồng thời là giám đốc
▪ 3. The President of the Board of Directors has the following rights and obligations:
a) Plan the activities of the Board of Directors;
b) Draw up agenda and prepare documents for meetings of the Board of Directors;
convene and chair the meetings;
c) Organize the ratification of resolutions and decisions of the Board of Directors;
d) Supervise the implementation of resolutions and decisions of the Board of Directors;
dd) Chair the GMS;
e) Other rights and obligations prescribed by Law and the company's charter.
▪ 4. In case the President of the Board of Directors is not present or not able to
perform his tasks, he/she shall authorize another member in writing to perform the
rights and obligations of the President of the Board of Directors in accordance with the
company's charter. In case no member is authorized or the President is dead, missing,
detained, serving an imprisonment sentence, serving an administrative penalty in a
correctional institution or rehabilitation center, making a getaway; has limited legal
capacity or is incapacitated, has difficulty controlling his/her behavior, is prohibited by
the court from holding certain positions or doing certain works, one of the Board of
Directors shall convene a meeting with the remaining members to elect one of them
as the interim President under the majority rule until a new decision is issued by the
Board of Directors.
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5. Where necessary, the Board of Directors may designate the company’s secretary,
who will have the following rights and obligations:
a) Assist in convening the GMS and meetings of the Board of Directors; takes minutes
of the meetings;
b) Assists members of the Board of Directors in performing their rights and obligations;
c) Assists the Board of Directors in applying and implementing the business
administration rules;
d) Assist the company in development of shareholder relationship, protection of lawful
rights and interests of shareholders; fulfillment of the obligation to provide and disclose
information and administrative procedures;
dd) Other rights and obligations prescribed by the company's charter.
o Meetings of the Board of Directors: Article 157
▪ 1. The President of the Board of Directors shall be elected during the first meeting
of the Board of Directors within 07 working days from the election of that Board of
Directors. This meeting shall be convened and chaired by the member that received
the highest number of votes. In case more than one member received the same
highest number of votes, one of them will be elected by the members under majority
rule to convene the meeting of the Board of Directors.
▪ 2. Meetings of the Board of Directors shall be held at least quarterly and on an ad hoc
basis.
▪ 3. The President of Board of Directors shall convene a meeting of the Board of
Directors in the following cases:
a) It is requested by the Board of Controllers or independent members of the Board of
Directors;
b) It is requested by the Director or General Director and at least 05 other executives;
c) It is requested by at least 02 members of the Board of Directors;
d) Other cases specified in the charter.
▪ 4. The request mentioned in Clause 3 of this Article shall be made in writing and
specify the issues that need discussing and deciding within the jurisdiction of the Board
of Directors.
▪ 5. The President of the Board of Directors shall convene the meeting within 07
working days from the day on which the request mentioned in Clause 3 of this Article
is received. Otherwise, he/she shall be responsible for the damage to the company and
the requesting person is entitled to convene the meeting of the Board of Directors.
▪ 6. The President of the Board of Directors or the person that convenes the meeting
shall send the invitations at least 03 working days before the meeting day unless
otherwise prescribed by the company's charter. The invitation shall specify the meeting
time, location, agenda, issues to be discussed. The invitation shall be enclosed with
meeting documents and votes.
The invitations can be sent physically, by phone, fax, electronically or by other methods
prescribed by the company's charter to the registered mailing address of each member
of the Board of Directors.
▪ 7. The President of the Board of Directors or the person that convenes the meeting shall
send the same invitations and documents to the Controllers.
The Controllers are entitled to participate in meetings of the Board of Directors and
discuss but must not vote.
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▪
▪
▪
▪
8. A meeting of the Board of Directors shall be conducted when it is participated in
by at least three fourths (3/4) of the members. In case a meeting cannot be conducted
due to inadequate number of participants, the second meeting shall be convened within
07 days from the first meeting date unless a shorter period is prescribed by the company's
charter. The second meeting shall be conducted when it is participated in by more than
50% of the members.
9. It will be considered that a member participates in and votes at the meeting of the
Board of Directors in the following cases:
a) He/she directly participates in and votes at the meeting;
b) He/she authorizes another person to participate in and vote at the meeting as
prescribed in Clause 11 of this Article;
c) He/she participates in the meeting and votes online or through other electronic
methods;
d) He/she sends his/her vote to the meeting by post, fax or email;
dd) He/she sends the votes by other means specified in the company's charter.
10. A vote is sent by post shall be put in a closed envelope and be delivered to the
President of the Board of Directors at least 01 hour before the opening time. Votes
shall only be open in the presence of all participants.
11. The members shall participate in all meetings of the Board of Directors and may
authorize other persons to participate in and vote at the meeting if accepted by the
majority of the Board of Directors.
12. Unless a higher ratio is prescribed by the company's charter, a resolution or decision
of the Board of Directors shall be ratified if it is voted for by the majority of the
participants. In case of equality of votes, the option that is voted for by the President
of the Board of Directors shall prevail.**
o Minutes of meetings of the Board of Directors: article 158
▪ 1. The minutes of all meetings of the Board of Directors shall be taken. Audio recordings
and other electronic forms are optional. The minutes shall be written in Vietnamese
language, may be translated into foreign languages, and shall contain the following
information:
a) The company’s name, EID number, headquarter address;
b) Time and location of the meeting;
c) Purposes and agenda of the meeting;
d) Full names of participating members and the persons authorized to participate in the
meeting and how they participate; full names of non-participating members and their
excuses;
dd) The issues to be discussed and voted on at the meeting;
e) Summary of comments of each participating member in chronological order;
g) Voting result, the members that cast affirmative votes, negative votes and abstentions;
h) Ratified decisions and corresponding ratio of affirmative votes;
i) Full names, signatures of the chair and the minute taker, except the case in Clause 2
of this Article.
▪ 2. In case the chair and the minute take refuse to sign the minutes, they will be effective
if they are signed by all of the other members of the Board of Directors and contain all
the information prescribed in Points a, b, c, d, đ, e, g and h Clause 1 of this Article.
▪ 3. The chair, the minute take and the persons who sign the minutes shall be responsible
for its accuracy and truthfulness.
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▪
▪
4. The minutes and meeting documents shall be retained at the company’s headquarters.
5. The Vietnamese and foreign language copies of the minutes have the same legal value.
In case of any discrepancy between them, the Vietnamese copy shall prevail.
o Rights to information of members of the Board of Members: article 159
▪ 1. Members of the Board of Directors are entitled to request the Director/General
Director, Deputy Director/Deputy General Director and other executives of the company
to provide information and documents about the finance and business performance of
the company and its units.
▪ 2. The requested executives shall provide information and documents fully and
accurately as requested by the members. The procedures for requesting and providing
information shall be specified in the company's charter.
o Dismissal, replacement and addition of members of the Board of Directors: article 160
▪ 1. The GMS shall dismiss a member of the Board of Directors from office in the
following cases (miễn nhiệm – được thôi giữ chức vụ):
a) He/she does not fully satisfy the requirements specified in Article 155 of this Law;
b) He/she hands in a resignation and is accepted;
c) Other cases prescribed by the company's charter.
▪ 2. The GMS shall dismiss a member of the Board of Directors in the following cases
(bãi nhiệm – buộc thôi giữ chức vụ = bị cắt chức):
a) He/she fails to participate in activities of the Board of Directors for 06 consecutive
months, except in force majeure events;
b) Other cases prescribed by the company's charter.
▪ 3. Where necessary, the GMS shall replace members of the Board of Directors; dismiss
members of the Board of Directors in cases other than those specified in Clause 1 and
Clause 2 of this Article.
▪ 4. The Board of Directors shall convene the GMS to elect additional members of
Board of Directors in the following cases:
a) The number of members of the Board of Directors decreases by more than one
third of the number specified in the company's charter. The Board of Directors shall
convene the GMS within 60 days from that day;
b) The number of independent members of the Board of Directors falls below the
minimum number specified in Point b Clause 1 Article 137 of this Law;
c) Except the cases specified in Point a and Point b of this Clause, the nearest GMS
shall elect new members to replace the dismissed members.
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Auditing committee: article 161
o 1. The audit committee is a specialized body of the Board of Directors and has at least 02
members. The Chairperson of the audit committee shall be an independent member of the
Board of Directors. Other members of the audit committee shall be non-executive members
of the Board of Directors.
o 2. The audit committee shall ratify its decisions by voting at meetings, questionnaire survey or
another method specified in the company's charter or the audit committee’s operating
regulations. Each member of the audit committee has one vote. Unless a higher ratio is
prescribed by the company's charter or the audit committee’s operating regulations, a
decision of the audit committee shall be ratified if it is voted for by the majority of the
participating members. In case of equality of votes, the option that is voted for by the
Chairperson shall prevail.
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o 3. The audit committee has the following rights and obligations:
a) Inspect the accuracy of the company’s financial statements and make official announcements
about the company’s finance;
b) review the internal control and risk management system;
c) Review transactions with related persons subject to approval by the Board of Directors or the
GMS; offer recommendations on these transactions;
d) Supervise the company’s internal audit unit;
dd) Propose independent audit company, payment, terms and conditions in the contract with the
audit company to the Board of Directors before it is submitted to the annual GMS.
e) Monitor and evaluate the independence and objectivity of the audit company and
effectiveness of the audit, especially when the company uses non-audit services of the audit
company;
g) Supervise the company’s compliance with law, requests of the authorities and the company’s
rules and regulations.
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Director/ General director: article 162
o The Director/General Director: article 162 - 167
▪ 1. The Board of Directors shall designate one of its members or hire a person as the
Director/General Director.
▪ 2. The Director/General Director shall manage the company’s everyday busines
operation, is supervised by and responsible to the Board of Directors Members and
the law for his/her performance.
▪ The term of office of the Director/General Director shall not exceed 05 years without
term limit.
▪ 3. The Director/General Director has the following rights and obligations:
a) Decide everyday operating issues of the company that are outside the jurisdiction of
the Board of Directors;
b) Organize the implementation of resolutions and decisions of the Board of Directors;
c) Organize implementation of the company’s busines plans and investment plans;
d) Propose the company’s organizational structure, rules and regulations;
dd) Designate, dismiss the company’s executives, except those under jurisdiction of the
Board of Directors;
e) Decide salaries and other benefits of the company’s employees, including the
executives designated by the Director/General Director;
g) Recruit employees;
h) Propose plans distribution of dividends or settlement of business losses;
i) Other rights and obligations specified by law, the company's charter, resolutions and
decisions of the Board of Directors.
▪ 4. The Director/General Director shall manage the company’s everyday business in
accordance with law, the company’s charter, his/her employment contract with the
company, resolutions and decisions of the Board of Directors. Otherwise, the
Director/General Director shall be legally responsible for and pay damages to the
company.
▪ 5. The Director/General Director of a public company or state-owned enterprise
prescribed in Point b Clause 1 Article 88 of this Law or a subsidiary company of a stateowned enterprise prescribed in Clause 1 Article 88 of this Law shall satisfy the following
requirements:
a) He/she is not one of the persons specified in Clause 2 Article 17 of this Law;
53
b) He/she is not a relative of any of the executives, controllers of the company and
the parent company; the representatives of state investments and the enterprise’
investment in the company and the parent company;
c) He/she has professional qualifications and experience of busines administration.
o Salaries, remunerations, bonuses and other benefits of members of the Board of Directors
and the Director/General Director: article 163
▪ 1. The company is entitled to pay salaries and bonuses to members of the Board of
Directors, the Director/General Director and other executives according to the
company’s business performance.
▪ 2. Unless otherwise prescribed by the company's charter, the salaries, bonuses and other
benefits of the members of the Board of Directors and the Director/General Director
shall be paid as follows:
a) Members of the Board of Directors shall receive salaries and bonuses. The salary is
based on the number of days necessary to fulfill the member’s duties and the daily pay.
The Board of Directors shall estimate the salary of each member by consensus. The total
salaries and bonuses of the Board of Directors shall be decided by the annual GMS;
b) Members of the Board of Directors shall have the costs of food, stay, travel and other
reasonable costs reimbursed if their duties are fulfilled;
c) The Director/General Director’s salary and bonuses shall be decided by the Board of
Directors.
▪ 3. Salaries of members of the Board of Directors, the Director/General Director and
other executives shall be recorded as the company’s expenses in accordance with
regulations of law on corporate income tax in a separate section of the company’s
consolidated financial statement and shall be reported at the annual GMS.
o Disclosure of related interests: Article 164
▪ Article 164. Disclosure of related interests
▪ Unless more stringent requirements are prescribed by the company's charter, the
company's benefits and related persons shall be disclosed as follows:
▪ 1. The company shall compile a list of its related persons in accordance with Clause 23
Article 4 of this Law, their contracts and transactions with the company;
▪ 2. Members of the Board of Directors, Controllers, Director/General Director and other
executives of the company shall declare their related interests, including the following
information:
a) Names, enterprise ID numbers, headquarters addresses and business lines of the
enterprises they own or have shares/stakes in; the holdings and time of owning or
holding the shares/stakes;
b) Names, EID numbers, headquarters addresses, business lines of the enterprises their
related persons own, jointly own or have separate controlling shares/stakes that are
worth more than 10% of charter capital;.
▪ 3. The information specified in Clause 2 of this Article shall be declared within 07
working days from the day on which the related interests are brought about; any revision
shall be notified to the company within 07 working days from its date of occurrence;
▪ 4. The list mentioned in Clause 1 an declaration 2 of this Article shall be retained,
disclosed, accessed, extracted and copied as follows:
a) The company shall announce the list of related persons and interests at the annual
GMS;
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b) The list shall be retained at the company’s headquarters; part or all of the list may be
retained at the company’s branches where necessary;
c) Shareholders and their authorized representative, members of the Board of Directors,
the Board of Controllers, Director/General Director and other executives are entitled to
access, extract and make copies of the list;
d) The company shall enable the persons specified in Point c of this Clause to access,
extract and make copies of the list and must not obstruct them in the process. Procedures
for accessing, extracting and copying the list shall be specified in the company's charter;
5. When members of the Board of Directors and the Director/General Director do
business within the company’s business lines in their own names or others’ names, they
shall explain the nature and contents of such business to the Board of Directors and the
Board of Controllers, and may only proceed if it is accepted by the majority of the
remaining members of the Board of Directors. Otherwise, all incomes from such
business will belong to the company.
o Responsibilities of the company’s executives: article 165
▪ 1. Members of the Board of Directors, the Director/General Director and other
executives have the following responsibilities:
a) Perform their rights and obligations in accordance with this Law, relevant laws, the
company's charter and resolution of the GMS;
b) Perform their rights and obligations in an honest and prudent manner to serve the best
and lawful interests of the company;
c) Be loyal to the company’s interests; do not abuse their power and position or use the
enterprise’s information, secrets, business opportunities and assets for personal gain or
serve any other organization’s or individual’s interests;
d) Promptly and fully provide the company with the information specified in Clause 2
Article 164 of this Law;
dd) Other responsibilities prescribed by this Law and the company's charter.
▪ 2. The member of the Board of Directors, Director/General Director or executive that
violates Clause 1 of this Article shall be personally or jointly responsible for the loss,
return the benefits received and pay damages to the company and the third parties.
o Rights to file lawsuits against the Board of Directors and the Director/General Director
( khởi kiện): article 166
▪ 1. A shareholder or group of shareholders that holds at least 01% of the total
ordinary shares may, in their own names or in the company’s name, file lawsuit
against a member of the Board of Members or the Director/General Director if the
member or Director/General Director to claim the interest or damages:
a) fails to fulfill the executive’s duties prescribed in Article 165 of this Law;
b) fails to comply with or fully and punctually perform their rights and obligations as
prescribed by law, the company's charter, resolution or decision of the Board of Directors;
c) abuses his/her power and position or uses the enterprise’s information, secrets,
business opportunities and assets for personal gain or serve any other organization’s or
individual’s interests;
d) Other cases prescribed by law and the company's charter.
▪ 2. Lawsuits shall be filed in accordance with civil proceedings laws. Proceedings costs
in case the lawsuit is filed on behalf of the company shall be recorded as the company’s
expense unless the lawsuit is rejected.
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▪
3. The shareholder or group of shareholders mentioned in this Article is entitled to access
and extract necessary information under decision of the court or arbitral tribunal
before or during the proceedings.
o Approving contracts and transactions between the company and related persons: article 167
▪ 1. The GMS or Board of Directors shall approve contracts and transactions between the
company and the following related persons:
a) Shareholders and authorized representatives of shareholders that are organizations
holding more than 10% of the company’s total ordinary shares and their related persons;
b) Members of the Board of Directors, the Director/General Director and their related
persons;
c) Enterprises that must be declared by members of the Board of Directors, Controllers,
Director/General Director and other executives as prescribed in Clause 2 Article 164 of
this Law.
▪ 2. The Board of Directors shall approve the contracts and transactions that are mentioned
in Clause 1 of this Article and are worth less than 35% of the company’s total assets
according to the latest financial statement (or a smaller ratio or value specified in the
company's charter). In this case, the person that signs the contract or conducts the
transaction on behalf of the company shall send a notification to the members of the
Board of Directors and Controllers of the related persons together with the draft contract
or transaction summary. The Board of Directors shall decide whether to approve the
contract or transaction within 15 days from the day on which the notification is received
unless a different deadline is specified in the company's charter. Members of the Board
of Directors that are related to the parties to the contract or transaction must not vote.
▪ 3. The GMS shall approve the following contracts and transactions:
a) Contracts and transactions other than those specified in Clause 2 of this Article;
b) Contracts and transactions that involve borrowing, lending, selling assets that are
worth more than 10% of the company’s total assets according to the latest financial
statement between the company and shareholders that hold at least 51% of the total
voting shares or their related persons.
▪ 4. If a contract or transaction specified in Clause 3 of this Article is approved, the person
who concludes the contract or conducts the transaction on behalf of the company shall
send a notification to the Board of Directors and Controllers of the entities related to
such contract or transaction together with the draft contract or summary of the
transaction. The Board of Directors shall submit the draft contract or explain the contract
or transaction at the GMS or carry out a questionnaire survey. In this case, shareholders
that are related to the parties to the contract or transaction must not vote. The contract
or transaction shall be approved in accordance with Clause 1 and Clause 4 Article 148
of this Law, unless otherwise prescribed by the company's charter.
▪ 5. A contract or transaction shall be invalidated under a court decision and handled as
prescribed by law when it is concluded or carried out against regulations of this Article.
The person who concludes the contract or carries out the transaction, the related
shareholders, members of the Board of Directors, Director/General shall pay
compensation for any damage caused and return the benefits generated by such contract
or transaction to the company.
▪ 6. The company shall disclose related contracts and transactions in accordance with
relevant laws.
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Controlling board: article 168-174
o Board of Controllers: article 168
▪ 1. The Board of Controllers shall have 3 - 5 Controllers. The term of office of a
Controller shall not exceed 05 years without term limit.
▪ 2. The Chief Controller shall be elected by the Board of Controllers among the
Controllers. The Chief Controller shall be elected and dismissed under the majority
rule. Rights and obligations of the Chief Controller shall be specified in the
company's charter. More than half of the Controllers shall have permanent residences
in Vietnam. The Chief Controller shall have a bachelor’s degree in economics, finance,
accounting, audit, law, business administration or a major that is relevant to the
enterprise’s business operation, unless higher standards are prescribed in the company's
charter.
▪ 3. In case the term of office of all Controllers expires before an election can be carried
out, the existing Controllers shall keep performing until Controllers are elected and
take over the job.
o Requirements to be satisfied by Controllers: article 169
▪ 1. A Controller shall satisfy the following standards and requirements:
a) He/she is not in one of the persons specified in Clause 2 Article 17 of this Law;
b) His/her major is economics, finance, accounting, audit, law, business administration
or a major that is relevant to the enterprise’s business operation;
c) He/she is not a relative of any of the members of the Board of Directors,
Director/General Director and other executives;
d) He/she is not the company’s executive, is not necessarily a shareholder or
employee of the company unless otherwise prescribed by the company's charter;
dd) Other standards and requirements are satisfied as prescribed by law and the
company's charter.
▪ 2. In addition to the standards and requirements specified in Clause 1 of this Article,
Controllers of a public company or state-owned enterprise prescribed in Point b
Clause 1 Article 88 of this Law must not be relatives of the executives of the company
and the parent company; of the representative of enterprise’s investment or state
investment in the company and the parent company.
o Rights and obligations of the Board of Controllers: article 170
▪ 1. Supervise the Board of Directors and the Director/General Director managing the
company.
▪ 2. Inspect the rationality, legitimacy, truthfulness and prudency in business
administration; systematic organization, uniformity and appropriateness of accounting
works, statistics and preparation of financial statements.
▪ 3. Validate the adequacy, legitimacy and truthfulness of the income statements, annual
and biannual financial statements, reports on performance of the Board of Directors;
submit validation reports at the annual GMS. Review contracts and transactions with
related persons subject to approval by the Board of Directors or the GMS and offer
recommendations.
▪ 4. Review, inspect and evaluate the effectiveness of the internal control, internal audit,
risk management and early warning systems of the company.
▪ 5. Inspect accounting books, accounting records, other documents of the company, the
company’s administration where necessary, under resolutions of the GMS or at the
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request of the shareholder or group of shareholders specified in Clause 2 Article 115 of
this Law.
6. When requested by the shareholder or group of shareholders specified in Clause 2
Article 115 of this Law, the Board of Controllers shall carry out an inspection within 07
working days from the day on which the request is received. Within 15 days after the
end of the inspection, the Board of Controllers shall submit a report to the Board of
Directors or the requesting shareholder or group of shareholders. The inspection must
not obstruct normal operation of the Board of Directors or interrupt the company’s
business operation.
7. Propose changes or improvements to the company’s organizational structure and
administration to the Board of Directors or the GMS.
8. Promptly submit a written notification to the Board of Directors whenever a member
of the Board of Directors, the Director/General Director is found to be violating Article
165 of this law, request the violator to stop the violations and implement remedial
measures.
9. Participate in and discuss at the GMS, meetings of the Board of Directors and other
meetings of the company.
10. Employ independent counsels and internal audit unit of the company to perform their
tasks.
11. The Board of Controllers may discuss with the Board of Directors before submitting
reports and proposals to the GMS.
12. Other rights and obligations prescribed by this Law, the company's charter and
resolution of the GMS
o Rights to information of the Board of Controllers: article 171
▪ 1. Documents and information shall be sent to Controllers in the same manner as those
being sent to members of the Board of Directors, including:
a) Meeting invitations, questionnaires and enclosed documents;
b) Resolutions, decisions and minutes of meetings of the Board of Directors and the
GMS;
c) Reports of the Director/General Director to the Board of Directors or other documents
issued by the company.
▪ 2. Controllers are entitled to access the company’s documents at the headquarters,
branches and other locations; enter the executives’ and employees’ workplace during
working hours.
▪ 3. The Board of Directors, members of the Board of Directors, the Director/General
Director and other executives shall fully and promptly provide information and
documents about the company’s administration as requested by Controllers or the Board
of Controllers.
o Salaries, bonuses and other benefits of Controllers: article 172
▪ Unless otherwise prescribed by the company's charter, the salaries, bonuses and other
benefits of Controllers shall be paid as follows:
▪ 1. Controllers’ salaries, bonuses, other benefits and operating budget shall be decided by
the GMS;
▪ 2. Reasonable costs of food, stay, travel, independent counseling services of Controllers
shall be reimbursed. The total salaries and costs must not exceed the annual operating
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budget of the Board of Controllers which has been approved by the GMS, unless
otherwise prescribed by the GMS;
3. Salaries and operating costs of the Board of Controllers shall be recorded as the
company’s expenses in accordance with regulations of law on corporate income tax and
relevant laws and placed in a separate section in the company’s annual financial
statements.
o Responsibilities of Controllers: article 173
▪ 1. Comply with regulations of law, the company's charter, resolutions of the GMS and
code of ethics in performance of their rights and obligations.
▪ 2. Perform their rights and obligations in an honest and prudent manner to serve the best
and lawful interests of the company.
▪ 3. Be loyal to the company’s interests; do not abuse their power and position or use the
enterprise’s information, secrets, business opportunities and assets for personal gain or
serve any other organization’s or individual’s interests.
▪ 4. Other obligations prescribed by Law and the company's charter.
▪ 5. The Controller that violates Clauses 1, 2, 3 or 4 of this Article and causes damage to
the company or another person shall be personally or jointly responsible for the damage
and return the benefits earned from the violation to the company
▪ 6. Send a written notification to the Board of Controllers of violations committed by
another Controller and request the violator to stop the violation and implement remedial
measures
o Dismissal of Controllers: article 174
▪ 1. The GMS shall dismiss a Controller from office (miễn nhiệm – được từ chức) in the
following cases:
a) He/she does not fully satisfy the standards and requirements specified in Article 169
of this Law;
b) He/she hands in a resignation and is accepted;
c) Other cases specified in the charter.
▪ 2. The GMS shall dismiss a Controller ( bãi nhiệm – bị cắt chức) in the following cases:
a) He/she fails to perform his/her duties;
b) He/she fails to perform his/her rights and obligations for 06 consecutive months,
except in force majeure events;
c) He/she commits multiple, serious violations of Controller’s duties prescribed by this
Law and the charter;
d) Other cases specified in resolutions of the GMS.
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3. Forms of credit institution under the law on credit institution
a. Joint stock credit institution
• Characteristic:
- Member: Minimum of 100 shareholders and no maximum.
- Shares: 2 types of shares base on Article 52:
o Ordinary Shares
o Preference Shares: there are 2 types of preference:
▪ Dividend Preference Shares: lưu ý các điểm sau (theo Article 52.3):
❖ “When a credit institution suffers a business loss, or makes a profit which is insufficient for
payment of fixed dividends, the fixed dividend payable on dividend preference shares shall be
accumulated in subsequent years” → Nếu kinh doanh không đủ trả cổ tức năm này, thì dividend
preference được cộng dồn vào năm sau, còn ordinary thì không
❖ “Members of the board of management, members of the board of controllers, the general
director (director) and other managers and executives of a credit institution are not permitted to
purchase dividend preference shares issued by such credit institution. People permitted to
purchase dividend preference shares shall be stipulated in the charter of the credit institution or
shall be decided by the general meeting of shareholders” → Quy định ai không được mua
preference share, những người được thì sẽ được quy định trong charter của công ty or general
shareholder meeting
❖ Khác ordinary ở chỗ: “Shareholders holding dividend preference shares have the same rights
as ordinary shareholders, except for the voting right, the right to attend the general meeting of
shareholders, and the right to nominate persons for the board of management and board of
controllers.”
▪ Voting Preference Shares: lưu ý các điểm sau (theo Article 52.4)
❖ “Only organizations authorized by the Government and founding shareholders are entitled
to hold voting preference shares. The voting preference right of founding shareholders shall
only be valid for three years from the date on which the credit institution is issued with its
business registration certificate. After such period, voting preference shares of founding
shareholders shall be converted into ordinary shareholders. Voting preference shareholders
shall have the same rights as ordinary shareholders, except for the right to assign such shares
to others.” → Chỉ có 2 đối tượng được nhận voting preference share, founding thì được giữ 3
năm, sau đó thành ordinary.
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❖ “Ordinary shares may not be converted into preference shares. Preference shares may be
converted into ordinary shares pursuant to a resolution of the general meeting of
shareholders”
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Management Structure:
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General Meeting of Shareholder right and duties:
To pass the developmental direction of the credit institution;
To make amendments of and additions to the charter of the credit institution;
To approve rules on organization and operation of the board of management and board
of controllers;
To make decisions on the number of members of the board of management and board of
controllers for each term of office; to elect, remove, discharge or elect new members
and replace members of the board of management and of the board of controllers in
compliance with the criteria and conditions stipulated in this Law and the charter of the
credit institution;
To make decisions on the amount of remuneration, bonuses and other benefits for
members of the board of management and board of controllers and on the operational
budgets for such boards;
To consider and deal, within its authority, with breaches by the board of management
and board of controllers causing loss to the credit institution and its shareholders;
To make decisions on the organizational structure and managerial and executive
apparatus of the credit institution;
To approve plans for change of the level of charter capital, and plans for share offers
including classes of shares and the number of new shares to be offered;
To approve redemption of shares sold;
To approve plans for issuance of convertible bonds;
To approve annual financial statements, and profit distribution plans after full discharge
of tax and other financial obligations of the credit institution;
To approve reports on implementation of assigned duties by the board of management
and board of controllers;
To make decisions on establishment of subsidiary companies;
To approve plans for capital contribution to and share purchase in enterprises and other
credit institutions valued at twenty (20) per cent or more of the charter capital of the
credit institution as recorded in its most recent audited financial statements;
To make investment decisions and decisions on purchase and sale of assets of the credit
institution valued at twenty (20) per cent or more of the charter capital of the credit
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institution as recorded in its most recent audited financial statements or at a lower
percentage if stipulated in the charter of the credit institution;
To approve contracts valued at more than twenty (20) per cent of the charter capital of
the credit institution as recorded in its most recent audited financial statements or at a
lower percentage if stipulated in the charter of the credit institution between the credit
institution [on the one hand] and a member of the board of management or board of
controllers, the general director (director), a major shareholder or a related person of a
manager, of a member of the board of controllers or of a major shareholder; and a
subsidiary company or affiliated company of the credit institution [on the other hand];
To make decisions on division, demerger, consolidation, merger and conversion of the
legal form, on dissolution and on petition for bankruptcy of the credit institution;
To make decisions on solutions to overcome major changes in the finances of the credit
institution
Board of Management:
▪ Quantity: từ 5-11
▪ Term: 1 nhiệm kỳ không quá 5 năm, tuy nhiên được bầu đi bầu lại nhiều nhiệm kỳ
(unlimited)
o Mức độ thẩm quyền của BoM: “The board of management or members' council shall be the
body managing the credit institution with full authority to make decisions in the name of the
credit institution and to exercise the rights and discharge the obligations of the credit institution,
except for issues within the authority of the general meeting of shareholders or owner”
o Điều kiện để trở thành BoM:
▪ Not belong to the category of people stipulated in article 33.1 of this Law;
▪ Having professional ethics;
▪ Having a university or post-graduate degree;
▪ Having at least 3 years' working experience as manager or executive of a credit
institution or having at least 5 years' experience as manager or executive of an
enterprise operating in the finance, banking, accounting [or] auditing sectors or of
another enterprise with equity at least equalling the legal capital level stipulated by law
for each corresponding form of credit institution, or at least 5 years' direct working
experience in a finance, banking, accounting or auditing professional section
▪ Là cá nhân sở hữu hoặc người được ủy quyền đại diện sở hữu ít nhất 5% vốn điều lệ
của tổ chức tín dụng, trừ trường hợp là thành viên Hội đồng thành viên, thành viên độc
lập của Hội đồng quản trị
▪ Right and Obligations:
▪ To be responsible for establishment and commencement of operation of the credit
institution after the first meeting of the general meeting of shareholders.
▪ 2. To be responsible to the general meeting of shareholders for implementation of the
board's assigned duties and powers.
▪ 3. To submit issues which fall within the authority of the general meeting of shareholders
as stipulated in article 59.2 of this Law to the general meeting of shareholders for
decision or passing.
▪ 4. To make decisions on establishment of branches, representative offices and
professional units.
▪ 5. To appoint, remove, discipline and/or suspend the positions of general director
(director), deputy general director (deputy director), chief accountant and secretary of
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▪
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▪
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the board of management and other managers and executives and make decisions on the
amount of salaries and other benefits for such positions in accordance with internal rules
of the board of management.
6. To pass plans on capital contribution to or share purchase in other enterprises or credit
institutions valued at below twenty (20) per cent of the charter capital of the credit
institution as recorded in its most recent audited financial statements.
7. To appoint representatives of the capital contribution portion of the credit institution
in other enterprises and credit institutions.
8. To make decisions on investment or transactions for purchase or sale of assets of the
credit institution valued at ten (10) per cent or more of the charter capital of the credit
institution as recorded in its most recent audited financial statement, except for
investments and transactions for purchase or sale of assets of the credit institution
stipulated in article 59.2(p) of this Law.
9. To make decisions on extension of credit stipulated in article 128.7 of this Law, except
for transactions falling within the decision-making authority of the general meeting of
shareholders pursuant to article 59.2(q) of this Law.
10. To approve contracts between the credit institution and subsidiary companies or
affiliated companies of the credit institution; contracts between the credit institution and
members of the board of management or board of controllers, the general director
(director), major shareholders or their related persons valued at twenty (20) per cent or
less of the charter capital of the credit institution as recorded in its most recent audited
financial statements or at a smaller specific percentage if stipulated in the charter of the
credit institution. In this case, the relevant member shall not be entitled to vote.
11. To inspect, supervise and direct the general director (director) in performing his or
her assigned duties; to evaluate annually the efficiency of the work of the general
director (director).
12. To issue internal rules on organization, management and operation of the credit
institution in compliance with this Law and relevant laws, except for issues falling
within the authority of the board of controllers or the general meeting of shareholders.
13. To make decisions on risk management policies and to supervise implementation of
risk preventive measures of the credit institution.
14. To consider and approve annual reports.
15. To select valuers30 to value in accordance with law assets used for capital
contribution other than Vietnamese currency, freely convertible foreign currency and
gold.
16. To submit issues to the Governor of the State Bank for his approval in accordance
with law.
17. To make decisions on offering new shares within the number of shares which may
be offered for sale.
18. To make decisions on the price of shares and convertible bonds of the credit
institution offered for sale.
19. To make decisions on redemption of shares of the credit institution.
20. To recommend plans for distribution of profit and dividend rates to be paid; to make
decisions on the time-limit and procedures for payment of dividends or for dealing with
losses incurred during the business process.
21. To prepare items and relevant data and submit them to the general meeting of
shareholders for decision on issues falling within the authority of the general meeting of
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shareholders, except for matters falling within the functions and powers of the board of
controllers.
22. To approve operational plans and programs of the board of management; the agenda,
contents and data for meetings of the general meeting of shareholders; to convene
meetings of the general meeting of shareholders or obtain written opinions in order for
the general meeting of shareholders to pass resolutions and decisions. To organize
implementation, inspection and supervision of implementation of resolutions and
decisions of the general meeting of shareholders and of the board of management.
24. To promptly notify the State Bank of any information negatively affecting the status
of a member of the board of management or of the board of controllers or of the general
director (director).
25. Other rights and duties as stipulated in the charter of the credit institution.
Resolution of B.M:
Director and General Director:
o Rights and obligations
▪ 1. To organize implementation of resolutions and decisions of the general meeting of
shareholders and of the board of management or members' council.
▪ 2. To make decisions on issues within his or her authority relating to the day-to-day
business activities of the credit institution.
▪ 3. To establish and maintain an internal control system which operates efficiently.
▪ 4. To prepare financial statements and submit them to the board of management or
members' council for approval or for report to the authorized level for approval. To be
responsible for the accuracy and truthfulness of financial statements, statistics reports,
accounting finalization data and other financial information.
▪ 5. To issue internal rules and regulations within his or her authority, and operational rules
and procedures in order to operate the business executive operational system and the
information reporting system.
▪ 6. To report the business operation and business results of the credit institution to the
board of management or members' council, to the board of controllers, general meeting
of shareholders and competent State agencies.
▪ 7. To make decisions taking measures exceeding his or her authority in the event of a
natural calamity, enemy-inflicted destruction, fire or breakdown and to be liable for such
decisions, and to promptly report [any such decision] to the board of management or
members' council.
▪ 8. To recommend and/or propose the organizational and operational structure of the
credit institution and submit same to the board of management or members' council and
general meeting shareholders for decision in accordance with its authority.
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9. To request an extraordinary meeting of the board of management or members' council
in accordance with the provisions of this Law.
10. To appoint, remove or dismiss managerial and executive positions of the credit
institution, except for positions within the decision-making authority of the general
meeting of shareholders, the owner, capital contributing members, the board of
management or members' council.
11. To enter into contracts in the name of the credit institution in accordance with
provisions of the charter and the internal rules of the credit institution.
12. To recommend plans for using profit or dealing with losses during the business of
the credit institution.
13. To recruit employees, and to make decisions on salaries and bonuses for employees
within his or her authority.
14. Other rights and obligations as stipulated in the charter of the credit institution
o Criteria:
▪ (a) Not belong to the category of people stipulated in article 33.1 of this Law;
▪ (b) Having professional ethics;
▪ (c) Having a university or post-graduate degree in one of the faculties of economics,
business administration or law;
▪ (d) Having worked for at least 5 years as an executive of a credit institution, or for at
least 5 years as the general director (director) or deputy general director (deputy director)
of an enterprise with equity at least equalling the legal capital level as stipulated by law
for each corresponding form of credit institution and having worked for at least 5 years
directly in the financial, banking, accounting or auditing sectors, or having worked for
at least 10 years directly in the financial, banking, accounting or auditing sectors.
▪ (e) Reside in Vietnam during his or her term of office.
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Conditions to hold/ concurrent position
o Article 33 Cases in which people are not permitted to hold positions
▪ 1. Những người sau đây không được là thành viên Hội đồng quản trị, thành viên Hội
đồng thành viên, thành viên Ban kiểm soát, Tổng giám đốc (Giám đốc), Phó Tổng
giám đốc (Phó giám đốc) và chức danh tương đương của tổ chức tín dụng:
a) Người thuộc đối tượng quy định tại khoản 2 Điều này;
b) Người thuộc đối tượng không được tham gia quản lý, điều hành theo quy định của
pháp luật về cán bộ, công chức và pháp luật về phòng, chống tham nhũng;
c) Người đã từng là chủ doanh nghiệp tư nhân, thành viên hợp danh của công ty hợp
danh, Tổng giám đốc (Giám đốc), thành viên Hội đồng quản trị, thành viên Hội đồng
thành viên, thành viên Ban kiểm soát của doanh nghiệp, Chủ nhiệm và các thành viên
Ban quản trị hợp tác xã tại thời điểm doanh nghiệp, hợp tác xã bị tuyên bố phá sản, trừ
trường hợp doanh nghiệp, hợp tác xã bị tuyên bố phá sản vì lý do bất khả kháng;
d) Người đại diện theo pháp luật của doanh nghiệp tại thời điểm doanh nghiệp bị đình
chỉ hoạt động, bị buộc giải thể do vi phạm pháp luật nghiêm trọng, trừ trường hợp là đại
diện theo đề nghị của cơ quan nhà nước có thẩm quyền nhằm chấn chỉnh, củng cố doanh
nghiệp đó;
đ) Người đã từng bị đình chỉ chức danh Chủ tịch Hội đồng quản trị, thành viên Hội đồng
quản trị, Chủ tịch Hội đồng thành viên, thành viên Hội đồng thành viên, Trưởng Ban
kiểm soát, thành viên Ban kiểm soát, Tổng giám đốc (Giám đốc) của tổ chức tín dụng
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theo quy định tại Điều 37 của Luật này hoặc bị cơ quan có thẩm quyền xác định người
đó có vi phạm dẫn đến việc tổ chức tín dụng bị thu hồi Giấy phép;
e) Người có liên quan của thành viên Hội đồng quản trị, thành viên Hội đồng thành viên,
Tổng giám đốc (Giám đốc) không được là thành viên Ban kiểm soát của cùng tổ chức
tín dụng;
g) Người có liên quan của Chủ tịch Hội đồng quản trị, Chủ tịch Hội đồng thành viên
không được là Tổng giám đốc (Giám đốc) của cùng tổ chức tín dụng;
h)20 Người phải chịu trách nhiệm theo kết luận thanh tra dẫn đến việc tổ chức tín dụng,
chi nhánh ngân hàng nước ngoài bị xử phạt vi phạm hành chính trong lĩnh vực tiền tệ và
ngân hàng ở khung phạt tiền cao nhất đối với hành vi vi phạm quy định về giấy phép,
quản trị, điều hành, cổ phần, cổ phiếu, góp vốn, mua cổ phần, cấp tín dụng, mua trái
phiếu doanh nghiệp, tỷ lệ bảo đảm an toàn theo quy định của pháp luật về xử lý vi phạm
hành chính trong lĩnh vực tiền tệ và ngân hàng.
2. Những người sau đây không được là Kế toán trưởng, Giám đốc chi nhánh, Giám
đốc công ty con của tổ chức tín dụng:
a) Người chưa thành niên, người bị hạn chế hoặc bị mất năng lực hành vi dân sự;
b) Người đang bị truy cứu trách nhiệm hình sự, đang chấp hành bản án, quyết định về
hình sự của Tòa án;
c) Người đã bị kết án về tội từ tội phạm nghiêm trọng trở lên;
d) Người đã bị kết án về tội xâm phạm sở hữu mà chưa được xóa án tích;
đ) Cán bộ, công chức, người quản lý từ cấp phòng trở lên trong các doanh nghiệp mà
Nhà nước nắm từ 50% vốn điều lệ trở lên, trừ người được cử làm đại diện quản lý phần
vốn góp của Nhà nước tại tổ chức tín dụng;
e) Sỹ quan, hạ sỹ quan, quân nhân chuyên nghiệp, công nhân quốc phòng trong các cơ
quan, đơn vị thuộc Quân đội nhân dân Việt Nam; sỹ quan, hạ sỹ quan chuyên nghiệp
trong các cơ quan, đơn vị thuộc Công an nhân dân Việt Nam, trừ người được cử làm đại
diện quản lý phần vốn góp của Nhà nước tại tổ chức tín dụng;
g) Các trường hợp khác theo quy định tại Điều lệ của tổ chức tín dụng;
3. Cha, mẹ, vợ, chồng, con và anh, chị, em của thành viên Hội đồng quản trị, thành viên
Hội đồng thành viên, Tổng giám đốc (Giám đốc) và vợ, chồng của những người này
không được là Kế toán trưởng hoặc là người phụ trách tài chính của tổ chức tín
dụng.
o Article 34 Cases in which people are not permitted to hold concurrent positions
▪ 1. Chủ tịch Hội đồng quản trị, Chủ tịch Hội đồng thành viên của tổ chức tín dụng
không được đồng thời là người điều hành của tổ chức tín dụng đó và của tổ chức
tín dụng khác, trừ trường hợp Chủ tịch Hội đồng quản trị của quỹ tín dụng nhân dân
đồng thời là thành viên Hội đồng quản trị của ngân hàng hợp tác xã. Thành viên Hội
đồng quản trị, thành viên Hội đồng thành viên của tổ chức tín dụng không được
đồng thời là người quản lý của tổ chức tín dụng khác, trừ trường hợp tổ chức này là
công ty con của tổ chức tín dụng đó hoặc là thành viên Ban kiểm soát của tổ chức
tín dụng đó.
▪ 2. Trưởng Ban kiểm soát không được đồng thời là thành viên Ban kiểm soát, người
quản lý của tổ chức tín dụng khác. Thành viên Ban kiểm soát không được đồng thời
đảm nhiệm một trong các chức vụ sau đây:
a) Thành viên Hội đồng quản trị, thành viên Hội đồng thành viên, người điều hành, nhân
viên của cùng một tổ chức tín dụng hoặc công ty con của tổ chức tín dụng đó hoặc nhân
viên của doanh nghiệp mà thành viên Hội đồng quản trị, thành viên Hội đồng thành viê
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▪
▪
n, Tổng giám đốc (Giám đốc) của tổ chức tín dụng là thành viên Hội đồng quản trị,
người điều hành hoặc là cổ đông lớn của doanh nghiệp đó;
b) Thành viên Hội đồng quản trị, thành viên Hội đồng thành viên, người điều hành của
doanh nghiệp mà thành viên Ban kiểm soát của doanh nghiệp đó đang là thành viên Hội
đồng quản trị, thành viên Hội đồng thành viên, người điều hành tại tổ chức tín dụng.
3. Tổng giám đốc (Giám đốc), Phó Tổng giám đốc (Phó giám đốc) và các chức danh
tương đương của tổ chức tín dụng không được đồng thời là thành viên Hội đồng quản
trị, thành viên Hội đồng thành viên, thành viên Ban kiểm soát của tổ chức tín dụng khác,
trừ trường hợp tổ chức đó là công ty con của tổ chức tín dụng. Phó Tổng giám đốc (Phó
giám đốc) và các chức danh tương đương của tổ chức tín dụng không được đồng thời là
Tổng giám đốc (Giám đốc), Phó Tổng giám đốc (Phó giám đốc) hoặc các chức danh
tương đương của doanh nghiệp khác.
4.Chủ tịch Hội đồng quản trị, Chủ tịch Hội đồng thành viên, Tổng giám đốc (Giám đốc)
của tổ chức tín dụng không được đồng thời là Chủ tịch Hội đồng quản trị, thành viên
Hội đồng quản trị, Chủ tịch Hội đồng thành viên, thành viên Hội đồng thành viên, Chủ
tịch công ty, Tổng giám đốc (Giám đốc), Phó Tổng giám đốc (Phó giám đốc) hoặc các
chức danh tương đương của doanh nghiệp khác.
o Article 50 Conditions and criteria for managers, executives and a number of other positions
of credit institutions
▪ 1. Thành viên Hội đồng quản trị, thành viên Hội đồng thành viên phải có đủ các tiêu
chuẩn, điều kiện sau đây:
a) Không thuộc đối tượng quy định tại khoản 1 Điều 33 của Luật này;
b) Có đạo đức nghề nghiệp;
c)25 Có bằng đại học trở lên;
d)26 Có ít nhất 03 năm là người quản lý, người điều hành của tổ chức tín dụng hoặc có
ít nhất 05 năm là người quản lý, người điều hành của doanh nghiệp hoạt động trong
ngành tài chính, ngân hàng, kế toán, kiểm toán hoặc của doanh nghiệp khác có vốn chủ
sở hữu tối thiểu bằng mức vốn pháp định đối với loại hình tổ chức tín dụng tương ứng
hoặc có ít nhất 05 năm làm việc trực tiếp tại bộ phận nghiệp vụ về tài chính, ngân hàng,
kế toán, kiểm toán.
▪ 2. Thành viên độc lập của Hội đồng quản trị phải có đủ các tiêu chuẩn, điều kiện quy
định tại khoản 1 Điều này và các tiêu chuẩn, điều kiện sau đây:
a) Không phải là người đang làm việc cho chính tổ chức tín dụng hoặc công ty con của
tổ chức tín dụng đó hoặc đã làm việc cho chính tổ chức tín dụng hoặc công ty con của
tổ chức tín dụng đó trong 03 năm liền kề trước đó;
b) Không phải là người hưởng lương, thù lao thường xuyên của tổ chức tín dụng ngoài
những khoản phụ cấp của thành viên Hội đồng quản trị được hưởng theo quy định;
c) Không phải là người có vợ, chồng, cha, mẹ, con, anh, chị, em và vợ, chồng của những
người này là cổ đông lớn của tổ chức tín dụng, người quản lý hoặc thành viên Ban kiểm
soát của tổ chức tín dụng hoặc công ty con của tổ chức tín dụng;
d) Không trực tiếp, gián tiếp sở hữu hoặc đại diện sở hữu từ 1% vốn điều lệ hoặc vốn cổ
phần có quyền biểu quyết trở lên của tổ chức tín dụng; không cùng người có liên quan
sở hữu từ 5% vốn điều lệ hoặc vốn cổ phần có quyền biểu quyết trở lên của tổ chức tín
dụng;
đ) Không phải là người quản lý, thành viên Ban kiểm soát của tổ chức tín dụng tại bất
kỳ thời điểm nào trong 05 năm liền kề trước đó.
▪ 3. Thành viên Ban kiểm soát phải có đủ các tiêu chuẩn, điều kiện sau đây:
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▪
▪
▪
a) Không thuộc đối tượng quy định tại khoản 1 Điều 33 của Luật này;
b) Có đạo đức nghề nghiệp;
c) Có bằng đại học trở lên về một trong các ngành kinh tế, quản trị kinh doanh, luật, kế
toán, kiểm toán; có ít nhất 03 năm làm việc trực tiếp trong lĩnh vực ngân hàng, tài chính,
kế toán hoặc kiểm toán; nhiệm.
d) Không phải là người có liên quan của người quản lý tổ chức tín dụng;
đ) Thành viên Ban kiểm soát chuyên trách phải cư trú tại Việt Nam trong thời gian
đương
4. Tổng giám đốc (Giám đốc) phải có đủ các tiêu chuẩn, điều kiện sau đây:
a) Không thuộc đối tượng quy định tại khoản 1 Điều 33 của Luật này;
b) Có đạo đức nghề nghiệp;
c) Có bằng đại học trở lên về một trong các ngành kinh tế, quản trị kinh doanh, luật;
d)27 Có ít nhất 05 năm là người điều hành của tổ chức tín dụng hoặc có ít nhất 05 năm
là Tổng giám đốc (Giám đốc), Phó Tổng giám đốc (Phó giám đốc) doanh nghiệp có vốn
chủ sở hữu tối thiểu bằng mức vốn pháp định đối với loại hình tổ chức tín dụng tương
ứng và có ít nhất 05 năm làm việc trực tiếp trong lĩnh vực tài chính, ngân hàng, kế toán,
kiểm toán hoặc có ít nhất 10 năm làm việc trực tiếp trong lĩnh vực tài chính, ngân hàng,
kế toán, kiểm toán;
đ) Cư trú tại Việt Nam trong thời gian đương nhiệm.
5. Phó Tổng giám đốc (Phó giám đốc), Kế toán trưởng, Giám đốc Chi nhánh, Giám đốc
công ty con và các chức danh tương đương phải có đủ các tiêu chuẩn, điều kiện sau đây:
a) Không thuộc đối tượng quy định tại khoản 2 Điều 33 của Luật này; đối với Phó Tổng
giám đốc (Phó giám đốc) không thuộc đối tượng quy định tại khoản 1 Điều 33 của Luật
này;
b) Có bằng đại học trở lên về một trong các ngành kinh tế, quản trị kinh doanh, luật hoặc
lĩnh vực chuyên môn mà mình sẽ đảm nhiệm; hoặc có bằng đại học trở lên ngoài các
ngành, lĩnh vực nêu trên và có ít nhất 03 năm làm việc trực tiếp trong lĩnh vực ngân
hàng, tài chính hoặc lĩnh vực chuyên môn mà mình sẽ đảm nhiệm;
c) Cư trú tại Việt Nam trong thời gian đương nhiệm.
6. Ngân hàng Nhà nước quy định cụ thể tiêu chuẩn, điều kiện đối với người quản lý,
người điều hành, thành viên Ban kiểm soát của tổ chức tài chính vi mô.
b. Single member LL credit institution
• Member: can be both individual and organization, max and min of 1
• Transfer of capital: The owner of a credit institution being a single member limited liability company
has the following powers:
- (d) To make a decision changing the charter capital of the credit institution; to assign all or part of the
charter capital of the credit institution and change the legal form of the credit institution; (Article 66.1.d)
c. Multi member LL credit institution
• Member (Article 70):
- “A capital contributing member of a credit institution being a multiple member limited liability company
must be a legal entity, except for the cases stipulated in article 88 of this Law. The total number of
members shall not exceed five members. The maximum ratio of ownership of any one member and its
related persons shall not exceed fifty (50) per cent of the charter capital of the credit institution” →
Member phải là legal entity, tối đa 5 thành viên, tỉ lệ sở hữu tối đa của 1 thành viên không được vượt
quá 50%
- Capital contributing members have the following powers:
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o (a) To appoint, remove and dismiss their representative as a member of the members' council or
board of controllers on the basis of the amount of their capital contribution portion to the credit
institution or upon agreement among capital contributing members;
o (b) To be provided with information and reports on the operational status of the members'
council and board of controllers, with books of account, annual financial statements and other
documents and data of the credit institution;
o (c) To receive distribution of profit corresponding to their capital contribution portion after the
credit institution has fully paid taxes and fulfilled all other financial obligations;
o (d) To receive distribution of the remaining assets of the credit institution corresponding to their
capital contribution portion, upon dissolution or bankruptcy of the credit institution;
o (dd) To make a complaint about or initiate legal action against a member of the members'
council, a member of the board of controllers or the general director (director) for failure to
fully discharge his or her obligations thereby causing loss to the lawful rights and interests of
the credit institution or of the capital contributing member.
• Restriction on Transfer
- (Article 70.3) Capital contributing members have the following duties :
o (a) Not to withdraw their contributed capital in any form, except in a case of assignment of
the contributed capital portion as prescribed in article 71 of this Law;
➔ Không được rút vốn giữa chừng
o (b) To comply with the charter of the credit institution;
o (c) Other duties as stipulated in the charter of the credit institution.
- “Capital contributing members are permitted to assign their capital contribution portions and shall be
given priority in making additional capital contributions when the credit institution increases its charter
capital.” → Được quyền góp thêm vốn khi credit institution nâng vốn điều lệ (Article 71.1)
- (Decree 88/2019-NDCP) A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed
for failure to obtain the written approval from SBV when:
o a) establishing or acquiring a subsidiary or associate company as prescribed in Clause 2,
Clause 3 Article 103 and Clause 3 Article 110 of the Law on Credit Institutions;
o b) making capital contribution, buying shares, transferring or purchasing stake of a credit
institution according to Article 71, Point b Clause 4 Article 103 of the Law on Credit
Institutions;
o c) participating in the international payment system; or
o d) carrying out the repurchase of shares resulting in reduction of charter capital as
prescribed in Article 57 of the Law on Credit Institutions.
➔ Nếu làm những điều trên mà không xin phép là bị phạt
4. Operation of credit institutions
a. Capital mobilization ( nguyên)
i. Deposit taking
- Types of deposit (Art 4.13): Receipt of deposits means the operation of receiving money from
organizations and individuals in the form of on-call deposit, fixed term deposit and savings deposit,
issuance of deposit certificates, promissory notes, bank notes and other forms of receipt of deposits
on the principle of repayment of principal and interest in full to the depositor as agreed [with such client]
- In particular of some credit institutions:
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Types
Commercial Banks
(Art 98)
Non Bank Credit
Institutions (Art 108
Art 112)
Deposti Taking
Able to receive all kinds of deposit:
- “Receipt of on-call deposits, fixed
term deposits, savings deposits and
other types of deposit.
- Issuance of deposit certificates,
promissory notes, bank notes and
bonds in order to raise both
domestic and foreign capital”
Not receive deposti from individuals:
- Receipt
of
deposits
from
organizations;
- Issuance of deposit certificates,
promissory notes, bank notes and
bonds in order to raise capital from
organizations;
Peoples credit fund
(Art 118)
Able to receive deposit in the Vietnam
dong currency;
- “To receive deposits in Vietnamese
Dong in the following cases:
o (a) Receipt of deposits from
its members;
o (b) Receipt of deposits from
non-members in accordance
with
State
Bank
regulations.”
Micro finance
Able to receive deposit in VND:
institutions (Art 119)
- To receive deposits in Vietnamese
Dong in the following cases:
o (a) Receipt of deposits from
its members;
o (b) Receipt of deposits from
non-members in accordance
with State Bank regulations.
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Borrowings
- Able to borrow from State
Bank of VN and credit
institution and finance
institition
- Borrowing
from
both
domestic and foreign
credit institutions and
finance institutions in
accordance with law; and
borrowing from the State
Bank in the form of
refinancing in accordance
with the Law on State
Bank of Vietnam
- Able to borrow funds from
other credit institution
and finance institutions
- Borrowing funds from both
domestic and foreign
credit
institutions,
finance
institutions,
organizations
and
individuals in accordance
with law.
ii. Borrowings
- From other credit institution (Art 100 108,.1.c 112. 119.2) – as mentioned above on the table
- From SBV
o For refinancing (Art 11 – SBVL)
▪ Re-financing means the form of extension of credit by the State Bank aimed at providing
short-term capital and means of payment to credit institutions.
▪ The State Bank shall stipulate and carry out re-financing to credit institutions in the
following forms:
• (a) Making loans guaranteed by pledges of valuable papers;
• (b) Discounting valuable papers;
• (c) Other forms of re-financing
o For specail loans (Art 24.2 SBVL): to consider to provide special loans in these circumstances:
▪ Credit institutions which insolvent thereby threatening to cause instability to the system
of credit institutions;
▪ Credit institutions which are in danger of insolvency due to other serious events.
iii. Deposit insurance: laww on deposit insurance 2012
- Definition: Deposit Insurance is a guarantee for repayment of deposits to the insured persons of
deposit within the limit of premium payment when the deposit insurance participating organizations
fall into the state of inability to repay deposits to the depositors or go bankrupt.
- Objective:
o Protect the legitimate rights and interests of depositors
o Contribute to maintain the stability of the system of credit institutions
o Ensure the safe and healthy development of the banking operation
- Deposit insurer: Deposit Insurance of Vietnam (DIV), non-profit purposes
- Deposit insurance purchaser: Who purchases?
- Dựa theo Điều 10 Luật bảo hiểm: Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài có trách nhiệm sau đây:
Tham gia tổ chức bảo toàn (preservation), bảo hiểm tiền gửi (insurance organization) theo quy định của
pháp luật và công bố công khai việc tham gia tổ chức bảo toàn, bảo hiểm tiền gửi tại trụ sở chính và chi nhánh
- Insured deposit: Insured deposits shall be deposits in Vietnam Dong
- Who are the insured deposit:
71
- Insurance money: Điều 3 Quyết định/Decision 32/2021/QĐ-TTg có quy định hạn mức trả tiền bảo
hiểm như sau:
o Số tiền tối đa tổ chức bảo hiểm tiền gửi trả cho tất cả các khoản tiền gửi được bảo hiểm theo
quy định của Luật Bảo hiểm tiền gửi (gồm cả gốc và lãi) của một người tại một tổ chức tham
gia bảo hiểm tiền gửi khi phát sinh nghĩa vụ trả tiền bảo hiểm là 125.000.000 đồng (một trăm
hai mươi lăm triệu đồng).
b. Credit extension ( thư)
i. Lending
“Lending means the form of extension of credit whereby a CI provides a client with or undertakes to
provide a client with an amount of money to be used for a specified purpose within a specified period of
time as agreed, on the principle of repayment of both principal and interest.” - Art 2.1- Circular
39/2016/TT-NHNN
•
-
Principles of lending
Using the borrowed funds for the purpose as agreed in the credit contract
o Legal basis: “Clients borrowing from CIs must ensure they use the loan money for the correct
purpose, and that they repay on time the loan principal and interest as agreed with the CI.” Art 4.2- Circular 39/2016/TT-NHNN
o Corporate issuers include:
▪ Commercial banks;
▪ Cooperative banks;
▪ Non-banking credit institutions;
▪ Micro-finance institutions;
▪ People's credit funds;
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▪ Foreign bank branches.
o Clients include person and business:
▪ A client borrowing from a credit institution (hereinafter abbreviated as client) means a
legal entity or individual and includes: → nước ngoài hay nước mình đều mượn được
(a) A legal entity established and operating in Vietnam, or a legal entity established
overseas and lawfully operating in Vietnam;
(b) An individual with Vietnamese nationality or an individual with foreign
nationality
o Sanction:
▪ The credit institution shall be accorded the right to terminate a loan and collect debt
prior to the payment due date under terms and conditions of a loan agreement when it
has established that the customer provided unauthentic information or violated terms
and conditions of a loan agreement and/or loan guarantee contract. (Art 21 – Circular
39/2016/TT-NHNN)
-
Repayment of the principals and interests on due dates as agreed in the credit contract
o Legal basis: “Clients borrowing from CIs must ensure they use the loan money for the correct
purpose, and that they repay on time the loan principal and interest as agreed with the CI.” Art 4.2- Circular 39/2016/TT-NHNN
o Sanction:
▪ If a customer fails to repay or fully repay the agreed amount of loan principal and/or
interest at the payment due date, the customer shall be obliged to repay loan interest
as prescribed hereunder:
• a) The amount of interest on principal is charged at the agreed interest rate
in proportion to the period during which repayment of that principal due has
not been made;
• b) If a customer fails to make due payment of interest as prescribed by Point
a of this Clause, that customer must pay late payment interest charged at the
interest rate agreed upon between the credit institution and customer which is
not allowed to exceed 10%/year interest rate on the outstanding balance of
late payment interest in proportion to the period of late payment;
• c) Where a debt has become delinquent (nợ quá hạn), the customer owing a
delinquent debt must pay interest on the outstanding amount of principal
which is overdue in proportion to the period of late payment for which the
interest rate charged is not allowed to exceed 150% of the interest rate
charged on due repayment that is determined upon the date of such debt
becoming delinquent.
❖ Notes:
- Another method: debt restructure
o Adjustment to a repayment period
o Extension of a loan term
- Loan term: Loan term refers to a period of time starting on the day following the day when a
credit institution begins to disburse the borrowed fund to a customer and ending on the day
when that customer has to repay principal and interest amounts in full as agreed upon between
the credit institution and customer.
- Repayment period: Repayment period refers to a set periods of time constituting the agreed loan
term and, at the end of each of these time periods, a customer is obliged to repay loan principal
and/or interest amounts in part or in whole to a credit institution
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-
(điều kiện)Principle of risk diversification
o Entities to whom extension of credit is not permitted (không được phép cấp): article 126 –
credit institution
▪ 1. A credit institution or foreign bank branch is not permitted to extend credit to the
following individuals and organizations:
(a) Members of the board of management, of the members' council or board of
controllers, the general director (director) or deputy general directors (deputy
directors) and equivalent positions in the credit institution or foreign bank branch;
legal entities being a shareholder whose representative of the capital contribution
portion is a member of the board of management or of the board of controllers of
the shareholding credit institution; or legal entities being capital contributing
members or the owner of the credit institution being a limited liability company; →
gồm có cá nhân hoặc pháp nhân có người đại diện là thành viên của BOC, BOD, GD/D;
pháp nhân là người góp vốn, chủ sở hữu của cổ chức tịn dụng theo form LLC
(b) A parent, spouse or child of a member of the board of management, of a member
of the members' council or of the board of controllers or of the general director (director)
or a deputy general director (deputy director) and equivalent positions. → Cha, mẹ, vợ,
chồng, con của mấy người có chức danh trên
▪ 2. The provisions of clause 1 above do not apply to people's credit funds or the case
of extension of credits in the form of issuance of credit cards to individuals. Credit
card limits applicable to individuals as prescribed in clause 1 above shall accord with
State Bank regulations.
▪ 3. A credit institution or foreign bank branch is not permitted to extend credit to
clients on the basis of security (cơ sở bảo đảm include: guarantee, mortgage and cầm
cố) provided by any of the subjects specified in clause 1 of this article. A credit
institution or a foreign bank branch is not permitted to provide security in any form
in order for another credit institution to extend credit to any of the subjects
stipulated in clause 1 of this article. → không cấp khoảng vay cho khách hàng được
đảm bảo bởi những đối tượng của khoảng 1 và không được đảm bảo khoảng vay cho
các đối tượng ở khoảng 1
▪ 4. A credit institution is not permitted to extend credit to an enterprise operating in the
securities business sector if the credit institution has the right to control such
enterprise. → nắm quyền kiểm soát thì không được cho vay
▪ 5. A credit institution is not permitted to extend credit on the basis of receipt of
security being shares owned by such credit institution or by a subsidiary company
of such credit institution. → không nhận bảo đảm bằng cổ phiếu của chính tổ chức tín
dụng hoặc công ty con của tổ chức tín dụng.
▪ 6. A credit institution or foreign bank branch is not permitted to extend to credit in
order to contribute capital to or to purchase shares in a credit institution.
▪ 7. Extension of credit as prescribed in clauses 1, 3, 4, 5 and 6 of this article includes
activities of purchase of and investment in enterprise bonds.
o Restrictions on credit extension (hạn chế cấp): article 127 – credit institution
▪ 1. A credit institution or foreign bank branch is not permitted to extend credit without
security or to extend credit on preferential conditions (không được cấp tín dụng
không có bảo đảm, cấp tín dụng với điều kiện ưu đãi) to the following:
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(a) Auditing organizations and auditors currently conducting an audit at the credit
institution or foreign bank branch; or inspectors currently conducting an inspection at
the credit institution or foreign bank branch;
(b) The chief accountant of a credit institution or foreign bank branch, the chairman
or other members of the board of management, the head or other member of the
board of controllers, directors, deputy directors and equivalent positions of a people's
credit fund;
(c) Major shareholders and founding shareholders;
(d) Enterprises of which more than ten (10) per cent of the charter capital is owned
by one of the subjects specified in article 126.1 of this Law;
(dd) People conducting appraisal and approval of loans;
(e) Subsidiary companies or affiliated companies of the credit institution or of an
enterprise controlled by the credit institution.
2. The total balance of extension of credit to the subjects specified in sub-clauses (a)
to (dd) of clause 1 of this article shall not exceed five per cent of the equity of the
credit institution or foreign bank branch.
3. The extension of credit to any subjects specified in clause 1 of this clause must be
approved by the board of management or members' council of the credit institution
and shall be published within the credit institution.
4. The total balance of extension of credit to any one subject specified in sub-clause
(e) of clause 1 of article shall not exceed ten (10) per cent of the equity of the credit
institution or foreign bank branch; and to all subjects specified in sub-clause (e) of
clause 1 of article, shall not exceed twenty (20) per cent of the equity of the credit
institution.
5. The total balance of extension of credit prescribed in clause 2 above comprises the
total amount for purchases or investments in bonds issued by the entities prescribed
in sub-clauses (a), (c) and (d) of clause 1 above; and the total balance of extension of
credit prescribed in clause 4 above comprises the total amount for purchases and
investments in bonds issued by the entities prescribed in clause 1(a) above.
o Limit on the credit extension: article 128 – credit institution
▪ 1. The total balance of extension of credit to a single client shall not exceed fifteen
(15) per cent of the equity of the commercial bank, foreign bank branch, people's
credit fund or micro-finance institution; the total balance of loans made to a single
client and related persons shall not exceed twenty five (25) per cent of the equity of
the commercial bank, foreign bank branch, people's credit fund or micro-finance
institution.
▪ 2. The total balance of extension of credit to a single client shall not exceed twenty
five (25) per cent of the equity of the non-banking institution; and the total balance of
extension of credit made to a single client and related persons shall not exceed fifty
(50) per cent of the equity of the non-banking institution.
→ bank, PCF and micro-finance institution: 15% (single) – 25% ( single + related)
→ non-bank: 25% (single) – 50% ( single + related)
▪ 3. The total balance of extension of credit stipulated in clauses 1 and 2 of this article do
not include loans from funds entrusted by the Government, organizations or
individuals or where the borrower is another credit institution. → không bao gồm các
khoản cho vay từ nguồn vốn ủy thác của Chính phủ, của tổ chức, cá nhân hoặc trường
hợp khách hàng vay là tổ chức tín dụng khác.
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•
4. The total balance of extension of credit stipulated in clauses 1 and 2 of this article
includes the total amount for purchases or investment in bonds issued by clients
and/or their related persons.
5. The State Bank provides regulations on limits and conditions for extending credit by
credit institutions and foreign bank branches for investment in and trading shares and
enterprise bonds.
6. Where the need for capital of a single client and related persons exceeds the limit on
extension of credit stipulated in clauses 1 and 2 of this article, then the credit institution
or foreign bank branch shall be permitted to extend syndicated credit in accordance
with State Bank regulations.
7. In a special case and in order to implement socio-economic tasks where the capacity
of credit institutions and foreign bank branches to extend syndicated credit is unable
to satisfy the requirement for a loan to a single client, the Prime Minister of the
Government may make a decision on a maximum extension of credit exceeding the
limits specified in clauses 1 and 2 of this article on a case-by-case basis. The Prime
Minister of the Government shall provide regulations on the conditions, application
file and sequence for requesting approval of an extension of credit exceeding the limits
prescribed in clauses 1 and 2 of this article.
8. The total amount of syndicated credit extended by any one credit institution or
foreign bank branch as stipulated in clause 7 of this article shall not exceed four times
the equity of such credit institution or foreign bank branch.
❖ Notes: Equity comprises the actual value of a credit institution’s charter capital or
a foreign bank branch’s allocated capital, reserve funds (undistributed profit – ex:
tăng giá của bất động sản) and other certain liabilities as stipulated by the State
Bank of Vietnam → when an enterprise has just established (chưa có fund từ các
sources khác, chưa có sự chênh lệch value của asset,...), equity= charter capital
Distinguish between: legal capital, own capital, charter capital and business capital
o Legal capital: article 19 – credit institution
▪ 1. The Government regulates the levels of legal capital applicable to each form of
credit institution and to foreign bank branches. → legal capital is fixed
▪ 2. Credit institutions and foreign bank branches must maintain the actual value of
their charter capital or funded capital respectively, at least equal to the level of their
legal capital.
▪ 3. The State Bank provides specific regulations on dealing with cases where the actual
value of the charter capital of a credit institution or of the funded capital of a foreign
bank branch reduces to a level lower than that of its legal capital.
o Charter capital: article 76 – credit institution
▪ 1. The charter capital of a co-operative bank or people's credit fund shall be the total
capital contributed by members and shall be specified in the charter.
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2. The maximum and minimum capital contribution of a member shall be as decided
by the general meeting of members in accordance with State Bank regulations.
❖ Note: “charter capital” must be at least equal to the “legal capital”, and in most
cases are much higher than the “legal capital”.
o Business capital: vốn kinh doanh - huy động để cho vay
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Conditions for loans
1. If that customer is a legal person, it must have civil capacity in accordance with the civil law
jurisdictions. If that customer is a natural person, (s)he must be aged exactly 18 years or older and
have full capacity for civil conduct in accordance with the civil law jurisdictions, or must be aged
between exactly 15 and nearly 18 years and must not have his/her incapacity or restricted capacity
for civil conduct as provided by laws.
2. Demonstrate that customer’s demands for a loan to be used for legally accepted purposes.
3. Establish that customer’s plan for effective use of borrowed fund.
4. Prove the customer’s sound financial capability to repay debt owed.
5. Where that customer obtains a loan from a credit institution on which the interest rate is prescribed
by Clause 2 Article 13 hereof, it shall be rated transparent and healthy in its financial status by a
credit institution.
Legal issues on security for loan
Security for Performance of Obligations: article 392 – 308 – civil code
o Article 292 [Types of] security for performance of obligations
▪ [Types of] security for the performance of obligations comprise:
▪ 1. Pledge of property.
▪ 2. Mortgage of property
▪ 3. Performance bond.
▪ 4. Security deposit.
▪ 5. Escrow deposit.
▪ 6. Reserve of ownership rights.
▪ 7. Guarantee.
▪ 8. Fidelity guarantees.
▪ 9. Retention of property
o Article 293 Scope of secured obligations
▪ 1. An obligation may be fully or partly secured, as agreed or as provided by law; if
there is no agreement on or if the law does not provide, the scope of the security, then
the obligation, including the obligation to pay interest or fine and to compensate for any
damage, shall be deemed to be fully secured.
▪ 2. Secured obligations may be current obligations, future obligations and conditional
obligations.
▪ 3. In the case of providing security for future obligations, an obligation which is
formed during the term of security shall be the secured obligation, unless otherwise
agreed.
o Article 294 Security for performance of future obligations
▪ 1. Trường hợp bảo đảm thực hiện nghĩa vụ trong tương lai, các bên có quyền thỏa thuận
cụ thể về phạm vi nghĩa vụ được bảo đảm và thời hạn thực hiện nghĩa vụ được bảo đảm,
trừ trường hợp pháp luật có quy định khác.
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2. Khi nghĩa vụ trong tương lai được hình thành, các bên không phải xác lập lại biện
pháp bảo đảm đối với nghĩa vụ đó.
o Article 295 Security property
▪ 1. Tài sản bảo đảm phải thuộc quyền sở hữu của bên bảo đảm, trừ trường hợp cầm
giữ tài sản, bảo lưu quyền sở hữu.
▪ 2. Tài sản bảo đảm có thể được mô tả chung, nhưng phải xác định được.
▪ 3. Tài sản bảo đảm có thể là tài sản hiện có hoặc tài sản hình thành trong tương lai.
▪ 4. Giá trị của tài sản bảo đảm có thể lớn hơn, bằng hoặc nhỏ hơn giá trị nghĩa vụ được
bảo đảm.
o Article 296 Single item of property used as security for performance of several obligations
▪ 1. Một tài sản có thể được dùng để bảo đảm thực hiện nhiều nghĩa vụ, nếu có giá trị tại
thời điểm xác lập giao dịch bảo đảm lớn hơn tổng giá trị các nghĩa vụ được bảo đảm,
trừ trường hợp có thỏa thuận khác hoặc pháp luật có quy định khác.
▪ 2. Trường hợp một tài sản được bảo đảm thực hiện nhiều nghĩa vụ thì bên bảo đảm phải
thông báo cho bên nhận bảo đảm sau biết về việc tài sản bảo đảm đang được dùng để
bảo đảm thực hiện nghĩa vụ khác. Mỗi lần bảo đảm phải được lập thành văn bản.
▪ 3. Trường hợp phải xử lý tài sản để thực hiện một nghĩa vụ đến hạn thì các nghĩa vụ
khác tuy chưa đến hạn đều được coi là đến hạn và tất cả các bên cùng nhận bảo đảm đều
được tham gia xử lý tài sản. Bên nhận bảo đảm đã thông báo về việc xử lý tài sản có
trách nhiệm xử lý tài sản, nếu các bên cùng nhận bảo đảm không có thỏa thuận khác.
Trường hợp các bên muốn tiếp tục thực hiện các nghĩa vụ chưa đến hạn thì có thể thỏa
thuận về việc bên bảo đảm dùng tài sản khác để bảo đảm việc thực hiện các nghĩa vụ
chưa đến hạn.
o Article 297 Enforceable against third persons
▪ 1. Biện pháp bảo đảm phát sinh hiệu lực đối kháng với người thứ ba từ khi đăng ký biện
pháp bảo đảm hoặc bên nhận bảo đảm nắm giữ hoặc chiếm giữ tài sản bảo đảm.
▪ 2. Khi biện pháp bảo đảm phát sinh hiệu lực đối kháng với người thứ ba thì bên nhận
bảo đảm được quyền truy đòi tài sản bảo đảm và được quyền thanh toán theo quy định
tại Điều 308 của Bộ luật này và luật khác có liên quan.
o Article 298 Registration of security
▪ 1. Biện pháp bảo đảm được đăng ký theo thỏa thuận hoặc theo quy định của luật.
Việc đăng ký là điều kiện để giao dịch bảo đảm có hiệu lực chỉ trong trường hợp luật có
quy định.
▪ 2. Trường hợp được đăng ký thì biện pháp bảo đảm phát sinh hiệu lực đối kháng với
người thứ ba kể từ thời điểm đăng ký.
▪ 3. Việc đăng ký biện pháp bảo đảm được thực hiện theo quy định của pháp luật về đăng
ký biện pháp bảo đảm.
o Article 299 Cases of realization of security property
▪ 1. Đến hạn thực hiện nghĩa vụ được bảo đảm mà bên có nghĩa vụ không thực hiện hoặc
thực hiện không đúng nghĩa vụ.
▪ 2. Bên có nghĩa vụ phải thực hiện nghĩa vụ được bảo đảm trước thời hạn do vi phạm
nghĩa vụ theo thỏa thuận hoặc theo quy định của luật.
▪ 3. Trường hợp khác do các bên thỏa thuận hoặc luật có quy định.
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o Article 300 Notice of realization of security property
▪ 1. Trước khi xử lý tài sản bảo đảm, bên nhận bảo đảm phải thông báo bằng văn bản trong
một thời hạn hợp lý về việc xử lý tài sản bảo đảm cho bên bảo đảm và các bên cùng
nhận bảo đảm khác.
Đối với tài sản bảo đảm có nguy cơ bị hư hỏng dẫn đến bị giảm sút giá trị hoặc mất toàn
bộ giá trị thì bên nhận bảo đảm có quyền xử lý ngay, đồng thời phải thông báo cho bên
bảo đảm và các bên nhận bảo đảm khác về việc xử lý tài sản đó.
▪ 2. Trường hợp bên nhận bảo đảm không thông báo về việc xử lý tài sản bảo đảm theo
quy định tại khoản 1 Điều này mà gây thiệt hại thì phải bồi thường cho bên bảo đảm,
các bên cùng nhận bảo đảm khác.
o Article 301 Delivery of security property for realization
▪ Người đang giữ tài sản bảo đảm có nghĩa vụ giao tài sản bảo đảm cho bên nhận bảo đảm
để xử lý khi thuộc một trong các trường hợp quy định tại Điều 299 của Bộ luật này.
▪ Trường hợp người đang giữ tài sản không giao tài sản thì bên nhận bảo đảm có quyền
yêu cầu Tòa án giải quyết, trừ trường hợp luật liên quan có quy định khác.
o Article 302 Right to recover security property
▪ Trước thời điểm xử lý tài sản bảo đảm mà bên bảo đảm thực hiện đầy đủ nghĩa vụ của
mình đối với bên nhận bảo đảm và thanh toán chi phí phát sinh do việc chậm thực hiện
nghĩa vụ thì có quyền nhận lại tài sản đó, trừ trường hợp luật có quy định khác.
o Article 303 Method of realization of pledged or mortgaged property Article 304 Sale of
pledged or mortgaged property
▪ 1. Bên bảo đảm và bên nhận bảo đảm có quyền thỏa thuận một trong các phương thức
xử lý tài sản cầm cố, thế chấp sau đây:
a) Bán đấu giá tài sản;
b) Bên nhận bảo đảm tự bán tài sản;
c) Bên nhận bảo đảm nhận chính tài sản để thay thế cho việc thực hiện nghĩa vụ của bên
bảo đảm;
d) Phương thức khác.
▪ 2. Trường hợp không có thỏa thuận về phương thức xử lý tài sản bảo đảm theo quy định
tại khoản 1 Điều này thì tài sản được bán đấu giá, trừ trường hợp luật có quy định khác.
o Article 304 Sale of pledged or mortgaged property
▪ 1. Việc bán đấu giá tài sản cầm cố, thế chấp được thực hiện theo quy định của pháp luật
về bán đấu giá tài sản.
▪ 2. Việc tự bán tài sản cầm cố, thế chấp của bên nhận bảo đảm được thực hiện theo quy
định về bán tài sản trong Bộ luật này và quy định sau đây:
a) Việc thanh toán số tiền có được từ việc xử lý tài sản được thực hiện theo quy định tại
Điều 307 của Bộ luật này;
b) Sau khi có kết quả bán tài sản thì chủ sở hữu tài sản và bên có quyền xử lý tài sản
phải thực hiện các thủ tục theo quy định của pháp luật để chuyển quyền sở hữu tài sản
cho bên mua tài sản.
o Article 305 Receipt of security property in replacement of performance of obligation of
securing party
▪ 1. Bên nhận bảo đảm được quyền nhận chính tài sản bảo đảm để thay thế cho việc
thực hiện nghĩa vụ của bên bảo đảm nếu có thỏa thuận khi xác lập giao dịch bảo đảm.
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2. Trường hợp không có thỏa thuận theo quy định tại khoản 1 Điều này thì bên nhận
bảo đảm chỉ được nhận chính tài sản bảo đảm để thay thế cho việc thực hiện nghĩa
vụ khi bên bảo đảm đồng ý bằng văn bản.
3. Trường hợp giá trị của tài sản bảo đảm lớn hơn giá trị của nghĩa vụ được bảo đảm
thì bên nhận bảo đảm phải thanh toán số tiền chênh lệch đó cho bên bảo đảm;
trường hợp giá trị tài sản bảo đảm nhỏ hơn giá trị của nghĩa vụ được bảo đảm thì phần
nghĩa vụ chưa được thanh toán trở thành nghĩa vụ không có bảo đảm.
4. Bên bảo đảm có nghĩa vụ thực hiện các thủ tục chuyển quyền sở hữu tài sản cho
bên nhận bảo đảm theo quy định của pháp luật.
o Article 306 Valuation of security property
▪ 1. Bên bảo đảm và bên nhận bảo đảm có quyền thỏa thuận về giá tài sản bảo đảm hoặc
định giá thông qua tổ chức định giá tài sản khi xử lý tài sản bảo đảm.
▪ Trường hợp không có thỏa thuận thì tài sản được định giá thông qua tổ chức định giá tài
sản.
▪ 2. Việc định giá tài sản bảo đảm phải bảo đảm khách quan, phù hợp với giá thị trường.
▪ 3. Tổ chức định giá phải bồi thường thiệt hại nếu có hành vi trái pháp luật mà gây thiệt
hại cho bên bảo đảm, bên nhận bảo đảm trong quá trình định giá tài sản bảo đảm.
o Article 307 Payment of proceeds from realization of pledged or mortgaged property
▪ 1. Số tiền có được từ việc xử lý tài sản cầm cố, thế chấp sau khi thanh toán chi phí
bảo quản, thu giữ và xử lý tài sản cầm cố, thế chấp được thanh toán theo thứ tự ưu
tiên quy định tại Điều 308 của Bộ luật này.
▪ 2. Trường hợp số tiền có được từ việc xử lý tài sản cầm cố, thế chấp sau khi thanh toán
chi phí bảo quản, thu giữ và xử lý tài sản cầm cố, thế chấp lớn hơn giá trị nghĩa vụ
được bảo đảm thì số tiền chênh lệch phải được trả cho bên bảo đảm.
▪ 3. Trường hợp số tiền có được từ việc xử lý tài sản cầm cố, thế chấp sau khi thanh toán
chi phí bảo quản, thu giữ và xử lý tài sản cầm cố, thế chấp nhỏ hơn giá trị nghĩa vụ
được bảo đảm thì phần nghĩa vụ chưa được thanh toán được xác định là nghĩa vụ
không có bảo đảm, trừ trường hợp các bên có thỏa thuận bổ sung tài sản bảo đảm. Bên
nhận bảo đảm có quyền yêu cầu bên có nghĩa vụ được bảo đảm phải thực hiện
phần nghĩa vụ chưa được thanh toán.
o Article 308 Order of priority for payment between jointly secured parties
▪ 1. Khi một tài sản được dùng để bảo đảm thực hiện nhiều nghĩa vụ thì thứ tự ưu tiên
thanh toán giữa các bên cùng nhận bảo đảm được xác định như sau:
a) Trường hợp các biện pháp bảo đảm đều phát sinh hiệu lực đối kháng với người thứ
ba thì thứ tự thanh toán được xác định theo thứ tự xác lập hiệu lực đối kháng;
b) Trường hợp có biện pháp bảo đảm phát sinh hiệu lực đối kháng với người thứ ba
và có biện pháp bảo đảm không phát sinh hiệu lực đối kháng với người thứ ba thì
nghĩa vụ có biện pháp bảo đảm có hiệu lực đối kháng với người thứ ba được thanh
toán trước;
c) Trường hợp các biện pháp bảo đảm đều không phát sinh hiệu lực đối kháng với
người thứ ba thì thứ tự thanh toán được xác định theo thứ tự xác lập biện pháp bảo
đảm.
▪ 2. Thứ tự ưu tiên thanh toán quy định tại khoản 1 Điều này có thể thay đổi, nếu các
bên cùng nhận bảo đảm có thỏa thuận thay đổi thứ tự ưu tiên thanh toán cho nhau.
Bên thế quyền ưu tiên thanh toán chỉ được ưu tiên thanh toán trong phạm vi bảo đảm
của bên mà mình thế quyền.
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Security without assets
o Fidelity guarantee (tín chấp): article 344 – 345 – civil code
▪ Article 344: Fidelity guarantees provided by socio-political organizations
• A socio-political organization at the grassroots level may provide a fidelity
guarantee in order that poor individuals and households are able to borrow
sums from credit institutions for purposes of production, business or
consumption in accordance with law. → tổ chức chính trị xã hội đứng ra đảm
bảo đề người nghèo đi vay
▪ Article 345: Formalities and contents of fidelity guarantees
• A loan guaranteed by a fidelity guarantee must be made in writing and be
certified by the socio-political organization providing the fidelity guarantee in
terms of conditions and situation of the borrower.
• The agreement providing a fidelity guarantee must specify the loan amount,
the purpose of loan, the term of loan, the interest rate, and the rights, obligations
and responsibilities of the borrower, the lending credit institution and the sociopolitical organization which provides the fidelity guarantee.
❖ Note: some commercial banks are offering unsecured loans without collateral or
guarantee. Is this offer a fidelity guarantee ? → no, because
o Đối tượng ở đây không chỉ có người nghèo
o Lender là credit institution chứ không phải socio-political organization
❖ Note: socio-political organization provide fidelity guarantee → socio-political
organization chấp thuận thì commercial bank mới provide loan → khi fail to make
pmt thì no one have to pay
o Guarantee: article 335 – 343 – civil code
▪ Article 335 Guarantees
• 1. Guarantee means an undertaking made by a third person (hereinafter
referred to as the guarantor: bên bảo lãnh) to an obligee (hereinafter referred
to as the beneficiary: bên nhận bảo lãnh) to perform an obligation on behalf
of an obligor (hereinafter referred to as the principal: bên được bảo lãnh) if
the obligation falls due and the principal fails to perform or performs
incorrectly the obligation.
• 2. The parties may agree that the guarantor shall only be obliged to perform
the obligation on behalf of the principal if the principal is incapable of
performing it.
▪ Article 336 Scope of guarantees
• 1. A guarantor may guarantee an obligation in whole or in part on behalf of a
principal.
• 2. A guaranteed obligation includes interest on the principal, penalties,
compensation for any loss and damage and interest on the late amount for
the period of the delay, unless otherwise agreed.
• 3. The parties may agree to use a security over a property as security for
performance of the obligation to provide a guarantee. → có thể sử dụng tài
sản đảm bảo để thực hiện bảo lãnh
• 4. Where the guaranteed obligation is a future obligation, the scope of the
guarantee shall not include any obligation arising after the guarantor dies
or the legal entity being the guarantor terminates its existence.
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Article 337 Remuneration (thù lao)
• The guarantor shall be entitled to receive remuneration if so agreed by the
guarantor with the principal.
▪ Article 338 Joint guarantors
• When more than one person guarantee an obligation, those persons must
perform jointly the guarantee, except where it is agreed or provided by law
that the guarantee comprises separate portions. The obligee may demand any
one of the joint guarantors to perform the obligation in its entirety.
• Where one of the joint guarantors has performed the entire obligation on
behalf of the principal, the guarantor may demand the other guarantors
perform their respective portions of the obligation with respect to that
guarantor. → khi một người bảo lãnh đã thực hiện hết toàn bộ nghĩa vụ thì có
quyền yêu cầu những người bảo lãnh còn lại phải thực hiện phần nghĩa vụ của
họ với mình ( back lại phần tiền tương ứng)
▪ Article 339 Relationship between guarantors and beneficiaries
• 1. Where a principal fails to perform or performs incorrectly its obligations,
the beneficiary shall have the right to request the guarantor to perform the
guaranteed obligation, except where the parties agree that the guarantor shall
only be obliged to perform the obligation on behalf of the principal if the
principal is incapable of performing it.
• 2. A beneficiary may not demand a guarantor to perform an obligation on
behalf of the principal until the obligation falls due. → không được đòi người
bảo lãnh trước ngày đến hạn
• 3. Where a beneficiary is able to offset the obligation with the principal, the
guarantor does not have to perform the guaranteed obligation.
❖ Notes: Difference between guarantee and mortgage off a third party’s asset
Guarantee
Third party’s asset
Procedure when
borrower fails to
pay
When price of
collateral giảm giá
▪
▪
Article 339 – civil code
Article 324 – civil code
Guarantor phải pay more
Third party thì không
Article 340 Right to demand of guarantors
• A guarantor may demand the principal indemnify the guarantor to the extent of
the guaranteed obligation which has been performed, unless otherwise agreed.
Article 341 Discharge from guaranteed obligations ( miễn thực hiện nghĩa vụ bảo
lãnh)
• 1. Where a guarantor is required to perform a guaranteed obligation which the
beneficiary discharges the guarantor from performing, the principal shall not
be required to perform the obligation with respect to the beneficiary, unless
otherwise agreed or provided by law. → NH miễn thực hiện cho người bảo lãnh
thì người đi vay không phải thực hiện nghĩa vụ đối với NH
• 2. Where one person from amongst the joint guarantors is discharged from
the performance of its portion of the guaranteed obligation, the other joint
guarantors must, nevertheless, perform their [portion of the] guaranteed
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obligation. → một trong số nhiều người guarantors được miễn thực hiện thì
những người còn lại vẫn phải thực hiện
• 3. Where one person from amongst the joint beneficiaries discharges the
guarantor from the performance of its portion of the obligation with respect to
such person, the guarantor remains liable to perform the remaining portion
of the obligation with respect to the other joint beneficiaries. → một trong số
các Ngân hàng nhận bảo lãnh miễn thực hiện thì guarantor vẫn phải thực hiện
nghĩa vụ cho các NH còn lại
Article 342 Civil liability of guarantors
• 1. Where a principal fails to perform or performs incorrectly an obligation,
the guarantor must perform such obligation.
• 2. Where a guarantor fails to perform correctly a guaranteed obligation, the
beneficiary shall have the right to request the guarantor pay the value of the
breached obligation and compensate for any loss and damage. → người bảo
lãnh không thực hiện được thì NH đòi người bảo lãnh chứ không đòi người đi
vay
Article 343 Termination of guarantees
• A guarantee shall terminate in the following cases:
1. The guaranteed obligation terminates.
2. The guarantee is cancelled or is substituted by another security.
3. The guarantor has satisfied the guaranteed obligation.
4. As agreed by the parties.
Security with assets
o Pledge ( cầm cố tài sản - transfer): article 309-316 – civil code
▪ Article 309 Pledges of property
• Pledge of property means the delivery by one party (hereinafter referred to as
the pledgor) of property under its ownership to another party (hereinafter
referred to as the pledgee) as security for the performance of an obligation.
▪ Article 310 Effectiveness of pledges of property
• 1. A contract of pledge of property shall be effective as from the time of
entering into the contract, unless otherwise agreed or provided by law.
• 2. A pledge of property shall be enforceable against a third person as from the
time when the pledgee holds the pledged property.
Where an immoveable property is the subject matter of a pledge in accordance
with law, the pledge of the immoveable property shall be enforceable against a
third person as from the time of registration.
▪ Article 311 Obligations of pledgors
• 1. To deliver the pledged property to the pledgee as agreed.
• 2. To notify the pledgee of any third person rights, if any, with respect to the
pledged property; in the case of failure to provide such notice, the pledgee
shall have the right to cancel the contract of pledge of property and demand
compensation for loss and damage or [the right to] maintain the contract and
agree on the rights of the third person with respect to the pledged property. →
nếu không thông báo về quyền của bên thứ 3 thì bên nhận cầm cố có quyền hủy
hợp đồng và yêu cầu bồi thường hoặc chấp nhận giữ hợp đồng và đồng ý quyền
của bên thứ 3
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3. To pay the pledgee reasonable expenses for taking care of the pledged
property, unless otherwise agreed.
Article 312 Rights of pledgors
• 1. To demand the pledgee suspend use of the pledged property in cases
provided in clause 3 of article 314 of this Code if the pledged property is in
danger of losing its value or depreciating in value as a result of such use. →
có quyền yêu cầu bên cho vay ngưng sử dụng nếu việc sử dụng tài sản làm giảm/
mất giá trị của tài sản cầm cố
• 2. To demand the pledgee return the pledged property and relevant
documents, if any, after the obligation secured by the pledge has terminated.
→ yêu cầu trả lại khi nghĩa vụ được đảm bảo chấm dứt
• 3. To demand the pledgee compensate for any loss and damage caused to the
pledged property.
• 4. To sell, replace, exchange or give the pledged property if the pledgee
agrees or as provided by law.
Article 313 Obligations of pledgees: nghĩa vụ của bên nhận cầm cố
• 1. To take care of and preserve the pledged property; if [the pledgee] loses,
mislays or damages the pledged property, the pledgee must compensate the
pledgor for loss and damage.
• 2. Not to sell, exchange or give the pledged property and not to use it as
security for the performance of another obligation.
• 3. Not to lease, lend or exploit the use functions of, nor to enjoy the benefits or
income derived from the pledged property, unless otherwise agreed. → tóm lại
chỉ giữ nó và không có quyền gì khác nếu không có sự đồng ý của bên cầm cố.
• 4. To return the pledged property and relevant documents, if any, when the
obligation secured by the pledge terminates or is substituted with another
security
Article 314 Rights of pledgees: quyền của người nhận cầm cố
• 1. To demand a person unlawfully possessing or using the pledged property
return the property.
• 2. To realize the pledged property in accordance with the methods as agreed
or as provided by law. → xử lý theo luật hoặc hợp đồng
• 3. To lease, lend or exploit the use functions of the pledged property, and to
enjoy the benefits and income derived from the pledged property if so agreed.
• 4. Upon returning the pledged property to the pledgor, to be reimbursed for
reasonable expenses incurred in taking care of the pledged property.
Article 315 Termination of pledges of property
• A pledge of property shall terminate in the following cases:
1. The obligation secured by the pledge has terminated.
2. The pledge of property has been cancelled or substituted with another security.
3. The pledged property has been realized.
4. As agreed by the parties.
Article 316 Return of pledged property
• Where a pledge of property is terminated in accordance with clause 1 or 2 of
article 315 of this Code or as agreed by the parties, the pledged property and
documents relating to the pledged property shall be returned to the pledgor.
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Any benefits and income derived from the pledged property shall also be
returned to the pledgor, unless otherwise agreed.
o Mortgage ( thế chấp – not transfer): article 317-327 – civil code
▪ Article 317 Mortgages of property
• 1. Mortgage of property means the use by one party (hereinafter referred to as
the mortgagor) of property under its ownership as security for the performance
of an obligation to the other party (hereinafter referred to as the mortgagee)
without transferring such property to the mortgagee.
• 2. Mortgaged property shall be held by the mortgagor. The parties may agree
to deliver the mortgaged property to a third person to hold. → thường thì
người thế chấp sẽ giữ, nhưng cũng có thể thỏa thuận giao cho bên thứ 3 giữ tài
sản đó
▪ Article 318 Mortgaged property
• 1. Where an entire immoveable property or moveable property having
auxiliary objects is mortgaged, such auxiliary objects shall also form part of
the mortgaged property, unless otherwise agreed. → khi thế chấp toàn bộ động
sản và bất động sản thì những vật phụ của nó cũng là vật thế chấp
• 2. Where a portion of an immoveable property or moveable property having
auxiliary objects is mortgaged, such auxiliary objects shall also form part of the
mortgaged property, unless otherwise agreed. → khi thế chấp một phần thì vật
phẩm nào dính với phần thế chấp cũng là vật thế chấp
• 3. Where a land use right of land having assets attached to the land under the
ownership right of the mortgagor is mortgaged, such assets shall also form
part of the mortgaged property, unless otherwise agreed.
• 4. Where a mortgaged property is insured, the mortgagee must notify the
insurer that the insured property is being mortgaged. The insurer shall pay
the insured sum directly to the mortgagee upon occurrence of an insured
event.
If the mortgagee fails to notify the insurer that the insured property is being
mortgaged, the insurer shall pay the insured sum in accordance with the
insurance contract and the mortgagor shall be obliged to make payment to
the mortgagee. → nếu người nhận thế chấp không thông báo được, thì người
thế chấp nhận tiền bảo hiểm và chuyển cho người nhận thế chấp
▪ Article 319 Effectiveness of mortgages of property
• 1. A contract of mortgage of property shall be effective as from the time of
entering into the contract, unless otherwise agreed or provided by law.
• 2. A mortgage of property shall be enforceable against a third person as from
the time of registration.
▪ Article 320 Obligations of mortgagors: nghĩa vụ của bên thế chấp
• 1. To deliver documents relating to the mortgaged property if the parties so
agree, unless otherwise provided by law.
• 2. To take care of and preserve the mortgaged property.
• 3. If the mortgaged property is in danger of losing its value or depreciating in
value due to its exploitation, to take necessary remedial measures, including
ceasing the exploitation of the mortgaged property. → Áp dụng các biện pháp
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cần thiết để khắc phục, kể cả phải ngừng việc khai thác công dụng tài sản thế
chấp khi tài sản bị hao hụt giá trị
• 4. When the mortgaged property is damaged, then the mortgagor must conduct
within a reasonable period of time repairs or replace the property with another
property of equivalent value, unless otherwise agreed.
• 5. To provide the mortgagee with information on the current status of the
mortgaged property.
• 6. To deliver the mortgaged property to the mortgagee for realization in one
of the cases of realization of security property stipulated in article 299 of this
Code.
• 7. To notify the mortgagee of any third person rights, if any, with respect to
the mortgaged property. In the case of failure to provide such notice, the
mortgagee shall have the right to cancel the contract of mortgage of property
and demand compensation for loss and damage or [the right to] maintain the
contract and agree on the rights of the third person with respect to the
mortgaged property. → nếu không thông báo về quyền của bên thứ 3 thì bên
nhận thế chấp có quyền hủy hợp đồng và yêu cầu bồi thường hoặc chấp nhận
giữ hợp đồng và đồng ý quyền của bên thứ 3
• 8. Not to sell, replace, exchange or donate the mortgaged property, except in
the cases provided in clauses 4 and 5 of article 321 of this Code.
Article 321 Rights of mortgagors: quyền của bên thế chấp
• 1. To exploit the use functions, and to enjoy the benefits and income derived
from the mortgaged property, except where the benefits and income also form
part of the mortgaged property as agreed.
• 2. To invest in order to increase the value of the mortgaged property.
• 3. To recover the mortgaged property held by a third person and the documents
relating to the mortgaged property held by the mortgagee when the obligation
secured by the mortgage is terminated or is substituted by another security. →
nhận lại tài sản và giấy tờ liên quan khi nghĩa vụ chấm dứt
• 4. To sell, replace or exchange mortgaged property being goods rotating
during the production and business process. In this case, the right to demand
that the purchaser pay money, the proceeds received, the assets formed from
the proceeds received or substituted or exchanged assets shall form the
mortgaged property. → khi mà tài sản thế chấp là hàng hóa luân chuyển trong
quá trình sản xuất thì có quyền bán, thay thế và trao đổi. Những thứ nhận được
sau khi bán, thay thế và trao đổi đều sẽ là tài sản thế chấp
When a warehouse is mortgaged, the mortgagor may substitute goods in the
warehouse but must ensure the value of the goods in the warehouse remains
the value agreed.
• 5. To sell, exchange or give mortgaged property not being goods rotating
during the production and business process, if the mortgagee agrees or as
provided by law.
• 6. To lease or lend the mortgaged property provided that notice must be
provided to the lessee and the borrower that the property is being mortgaged
and that the mortgagee must also be notified that such notice has been
provided.
Article 322 Obligations of mortgagees
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1. Where the parties agree that the mortgagee will hold the documents
relating to the mortgaged property, to return to the mortgagor such
documents upon termination of the mortgage.
• 2. To conduct the procedures for realization of the mortgaged property in
accordance with law.
Article 323 Rights of mortgagees: quyền của bên nhận thế chấp
• 1. To examine and inspect directly the mortgaged property provided that such
examination and inspection does not hinder or cause difficulty to the formation,
use and exploitation of the mortgaged property. → Xem xét, kiểm tra trực tiếp
tài sản thế chấp, nhưng không được cản trở hoặc gây khó khăn cho việc hình
thành, sử dụng, khai thác tài sản thế chấp.
• 2. To require the mortgagor to provide information on the current status of
the mortgaged property.
• 3. To require the mortgagor to apply necessary measures to preserve the
property and the value of the property if there is a danger that use and
exploitation of the mortgaged property will cause loss of value or depreciation
in value of the property.
• 4. To conduct registration of the mortgage in accordance with law.
• 5. To require the mortgagor or a third person holding the mortgaged property to
deliver it to the mortgagee for realization if the mortgagor has failed to
perform or performed incorrectly the obligation.
• 6. To hold the documents relating to the mortgaged property if the parties so
agree, unless otherwise provided by law.
• 7. To realize the mortgaged property in the cases provided in article 299 of
this Code.
Article 324 Rights and obligations of third persons holding mortgaged property
• 1. A third person holding mortgaged property has the following rights:
(a) To exploit the use functions of the mortgaged property if so agreed.
(b) To receive remuneration and be reimbursed for expenses incurred in
taking care of and preserving the mortgaged property, unless otherwise agreed.
• 2. A third person holding mortgaged property has the following obligations:
(a) To take care of and preserve the mortgaged property, and to compensate
for any loss and damage if the third person loses the mortgaged property or
causes the mortgaged property to lose its value or depreciate in value;
(b) If the property is in danger of losing its value or depreciating in value due
to exploitation of the use function of the mortgaged property, to cease such
exploitation.
(c) To return the mortgaged property to the mortgagee or mortgagor as
agreed or as provided by law.
Article 325 Mortgage of land use rights without mortgaging property attached to
land ( thế chấp đất, không thế chấp tài sản)
• 1. In the case of a mortgage of a land use right without mortgaging the property
attached to the land and the land user is also the owner of the property attached
to the land, then the property to be realized shall include the property
attached to the land, unless otherwise agreed. → không thế chấp tài sản mà chủ
người sử dụng đất đồng thời là chủ sở hữu của tài sản thì tài sản đó vẫn được
xử lý
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2. In the case of a mortgage of a land use right and the land user is not also the
owner of the property attached to the land, then on realization of the land use
right, the owner of the property attached to the land is entitled to continue to
use the land within its rights and obligations; and the rights and obligations
of the mortgagor in the relationship with the owner of the property attached to
the land shall be transferred to the person receiving the transfer of the land use
right, unless otherwise agreed. → Trường hợp thế chấp quyền sử dụng đất mà
người sử dụng đất không phải là chủ sở hữu tài sản gắn liền với đất thì khi xử lý
quyền sử dụng đất, chủ sở hữu tài sản gắn liền với đất được tiếp tục sử dụng đất
trong phạm vi quyền, nghĩa vụ của mình; quyền và nghĩa vụ của bên thế chấp
trong mối quan hệ với chủ sở hữu tài sản gắn liền với đất được chuyển giao cho
người nhận chuyển quyền sử dụng đất, trừ trường hợp có thỏa thuận khác.
Article 326 Mortgage of property attached to land without mortgaging land use
right ( thế chấp tài sản, không thế chấp đất)
• 1. In the case of a mortgage of property attached to land without mortgaging the
land use right and the owner of the property attached to the land is also the
land user, then the property to be realized shall include the land use right,
unless otherwise agreed. → chủ sở hữu tài sản là người sử dụng đất thì đất cũng
bị thế chấp
• 2. In the case of a mortgage of property attached to land without mortgaging the
land use right and the owner of the property attached to the land is not also the
land user, then on realization of the property attached to the land, the person
receiving the transfer of the ownership right to such property attached to the
land is permitted to continue to use the land within the transferred rights and
obligations of the owner of the property attached to the land, unless otherwise
agreed. → người nhận chuyển quyền sở hữu tài sản gắn liền với đất được tiếp
tục sử dụng đất trong phạm vi quyền, nghĩa vụ của chủ sở hữu tài sản gắn liền
với đất được chuyển giao
Article 327 Termination of property mortgages
• A mortgage of property shall terminate in any of the following cases:
1. The obligation which is secured by the mortgage has terminated.
2. The mortgage of the property has been cancelled or substituted with another
security.
3. The mortgaged property has been realized.
4. As agreed by the parties.
o Pledge, mortgage of the third party’s assets ( không tìm thấy luật)
Pledging/mortgage contract
Made in writing
Benotarized or certified: A testator may request that the will be notarized or certified (
o Đối với cầm cố, thế chấp, mua bất động sản, mua xe thì cần có công chứng ( notarized)
o Có 2 loại chứng thực ( certified): chứng thực bản sao có chữ kí và chứng thực bản sao có công
chứng
Register with security transaction: article 298 – civil code
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Relation between security contract and credit contract
Credit contract: article 23 – credit institution
o A loan contract must be made in the form of a written contract containing at least the following
items:
(a) Name, address and enterprise code number of the lending CI; and name, address and number
of people's identity card or passport, or enterprise code number of the client;
o (b) Amount of the loan; lending limit in the case of a loan pursuant to a credit facility; lending
limit in the case of a loan pursuant to a standby credit facility; and overdraft limit in the case of
overdraft lending on a payment account;
o (c) Capital utilization purpose;
o (d) Loan currency and repayment currency;
o (dd) Lending method;
o (e) Loan term, and term for maintaining the credit facility if relevant; or effective term of the
limit in the case of a standby credit facility; or term for maintaining the limit on the overdraft
in the case of overdraft lending on a payment account;
o (g) Interest rate on the loan as agreed and such interest rate converted to an annual percentage
of the actual loan balance and the term for maintaining such actual loan balance in accordance
with article 13.3 of this Circular; principles and factors for determining the interest rate, and the
time for determining the interest rate in the case of application of an adjusted interest rate;
interest rate applicable to overdue principal repayment; interest rate applicable to late payment
of interest; and the types and levels of fees applicable to the loan;
o (h) Drawdown of loan capital and use of payment means to drawdown loan capital;
o (i) Repayment of principal and interest and the priority order for recovery of principal and
interest on loan monies; early repayment;
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Relation between security contract and credit contract
o When a contract involving secured obligations is invalidated but the contracting parties
have not yet performed it, the security transaction shall terminate. If the contract involving
secured obligations has been partially or wholly performed, the security transaction shall
not terminate, unless otherwise agreed upon. → khi contract vay hết hiệu lực mà các bên chưa
thực hiện = giao dịch bảo đảm bị hủy, còn nếu đã thực hiện một phần hoặc toàn bộ = giao dịch
bảo đảm không bị hủy
o Unless otherwise agreed upon, invalid security transaction shall not terminate the contract
involving the secured obligations → giao dịch bảo đảm vô hiệu không chấm dứt hợp đồng vay.
c. Banking services
i.
Lending
- General regulations:
o Civil Code No. 91/2015/QH13, passed by the NA on 24/12/2015
o Law on Credit Institutions
o Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11, passed by the Standing
Committee of NA on 13/12/2005, as amended and supplemented by Ordinance No.
06/2013/UBTVQH13 passed by the Standing Committee of NA on 18/3/2013
ii.
Loans
- Offshore loan:
o Decree No. 219/2013/ND-CP of the Government dated 26 December 2013 on management of
offshore loans without Government guarantee.
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o Circular 08/2023/TT-NHNN dated 30/6/2023 (replacing Circular 12/2014) guiding the
conditions for offshore loans without Government guarantee
o Circular 12/2022/TT-NHNN dated 30/9/2022 (replacing Circular 03/2016) on foreign exchange
control over offshore borrowing and payment by enterprises
-
Onshore loan:
o Circular No. 39/2016/TT-NHNN dated 30/12/2016 regulating [onshore] lending by credit
institutions and foreign bank branches to clients (as amended by Cir.06/2023 dated 28/6/2023)
o Circular No. 14/2017/TT-NHNN dated 29/9/2017 on methods of calculating interest on
depositing and credit extension transaction between credit institutions and customers
o Circular No. 22/2019/TT-NHNN of SBV dated 15/11/2019 on limits and prudential ratios of
banks and foreign bank branches
-
Permit/ approval
o The SBV Approval is a condition to the medium/long-term loan’s disbursement and
repayment/payment of principals, interest, fees, costs and/or expense
→ SBV Approval is always a CP to first drawdown
o Any changes to contents specified in an already-issued SBV Approval will result in an
application for an amendment to it
ii. Borrowings limits
- Borrower being FDI company
o Mid/long term loans: borrowing limits (including onshore and offshore debts) ≤ investment
capital - contributed charter capital (as indicated in the Borrower’s IRC) ➢Short term loan: no
limit
- Borrower being domestic company
o Mid/long term loans: borrowing limits (including onshore and offshore debts) (including shortterm loans that are extended and overdue short-term loans that are treated as medium/long-term
loans) ≤ total demand for borrowed capital defined in its plan for use of foreign loan capital
approved by an authorized approving authority ➢Short term loan: no limit
- Borrower being a credit institution
o Mid/long term loan: no limit but still has to comply with prudential ratios set out under the LCI
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o Short term loan: A borrower may apply for a short-term foreign loan if it meets the limit on
short-term foreign loans as at December 31 of the year preceding the year in which the loan
application is submitted.
o The limit on short-term foreign loans is the maximum ratio of total outstanding principal of
short-term foreign loans to standalone equity, and shall not exceed:
▪ 30% if the borrower is a commercial bank; or
▪ 150% if the borrower is a FBB or another credit institution.
Offshore borrowing purpose – What can do?
Onshore borrowing purpose – What can’t do?
o Loan used for investing in sectors or activities prohibited by Investment Law
o Loan used for paying expenses or meeting financial demands of transactions or acts which are
prohibited by Investment Law/other laws
o Loan used for purchasing or using goods or services in the list of sectors or activities prohibited
by Investment Law
o Loan used for buying gold bullions
o Loan used for repaying loan debts owed to lending CI, except for those used for paying loan
interest arising during the construction process of which cost is accounted for in the construction
cost estimate approved by a regulatory authority in accordance with laws
o Loan used for repaying loan debts (excluding offshore loans in form of goods sale/purchase
with deferred payment), loans granted by other CIs, unless it is used for prepayment of debts in
case of satisfying all the following requirements:
▪ a) Having a tenor not exceeding the residual tenor of the refinanced loan;
▪ b) Not yet subject to debt rescheduling
o Loan used for placing deposits
o Loan used for paying capital contribution, capital acquisition, capital transfer, etc.
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o Loan used for paying capital contributions under capital contribution agreement,
investment/business cooperation contract for implementing investment projects which do not
satisfy conditional business requirements
o Loan used for covering financial shortfalls unless such loan fully meets the following
conditions:
▪ a) The customer has used their own funds for paying costs incurred from their business
project for a period of less than 12 months by the time of grant of lending decision by
CI;
▪ b) Costs paid using the customer’s funds for executing a business project are costs to be
covered using the fund borrowed from CI under the plan to use borrowed fund submitted
to the credit institution when applying for a medium-term or long-term loan for
executing that business project
- Other notable issues
o Account bank (as to offshore loans)
o Security servicing bank (as to secured offshore loans)
o Fees that can be collected relating to onshore and offshore loan
iii. Discounting
- Definition:
o “ Chiết khấu là việc mua có kỳ hạn hoặc mua có bảo lưu quyền truy đòi các công cụ chuyển
nhượng, giấy tờ có giá khác của người thụ hưởng trước khi đến hạn thanh toán”
o “Mua có kỳ hạn giấy tờ có giá là việc tổ chức tín dụng mua và nhận chuyển nhượng quyền sở
hữu giấy tờ có giá chưa đến hạn thanh toán từ khách hàng, đồng thời khách hàng cam kết sẽ
mua lại giấy tờ có giá đó sau một khoảng thời gian được xác định tại hợp đồng chiết khấu.”
- Discounting by CIs/FBBs for their customers: According to Circular 04/2013/TT-NHNN dated 1
March 2013
o Terms:
▪ 1. Hợp đồng chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác là văn bản thỏa
thuận giữa tổ chức tín dụng, chi nhánh ngân hàng nước ngoài và khách hàng nhằm xác
lập, thay đổi hoặc chấm dứt quyền và nghĩa vụ của các bên về việc chiết khấu (sau đây
gọi tắt là hợp đồng chiết khấu).
▪ 2. Thời hạn còn lại của công cụ chuyển nhượng, giấy tờ có giá khác là khoảng thời gian
kể từ ngày công cụ chuyển nhượng, giấy tờ có giá khác được tổ chức tín dụng, chi nhánh
ngân hàng nước ngoài nhận chiết khấu đến ngày đến hạn thanh toán toàn bộ số tiền ghi
trên công cụ chuyển nhượng, giấy tờ có giá khác đó.
▪ 3. Thời hạn chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác là khoảng thời gian
tính từ ngày tiếp theo của ngày tổ chức tín dụng, chi nhánh ngân hàng nước ngoài nhận
chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác đến ngày khách hàng phải thực
hiện nghĩa vụ cam kết mua lại hoặc đến ngày đến hạn thanh toán toàn bộ số tiền ghi trên
công cụ chuyển nhượng, giấy tờ có giá khác đó, bao gồm cả ngày nghỉ và ngày lễ.
▪ 4. Giá chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác là số tiền mà tổ chức tín
dụng, chi nhánh ngân hàng nước ngoài chi trả cho khách hàng khi thực hiện chiết khấu
công cụ chuyển nhượng, giấy tờ có giá khác.
o Principles: Article 4
▪ Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài được thực hiện hoạt động chiết khấu
công cụ chuyển nhượng, giấy tờ có giá khác khi có đủ các điều kiện sau:
▪ 1. Thuộc đối tượng quy định tại khoản 1 Điều 2 Thông tư này.
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2. Trong Giấy phép thành lập và hoạt động do Ngân hàng Nhà nước Việt Nam cấp có
ghi nội dung cấp tín dụng dưới hình thức chiết khấu công cụ chuyển nhượng, giấy tờ có
giá khác.
3. Có quy định nội bộ để thực hiện hoạt động chiết khấu công cụ chuyển nhượng, giấy
tờ có giá khác phù hợp với quy định tại Thông tư này, Luật Các tổ chức tín dụng và pháp
luật liên quan.
Article 5. Nguyên tắc chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác. Tổ chức
tín dụng, chi nhánh ngân hàng nước ngoài thực hiện hoạt động chiết khấu công cụ
chuyển nhượng, giấy tờ có giá khác đối với khách hàng phải đảm bảo các nguyên tắc
sau:
1. Thực hiện theo thỏa thuận giữa tổ chức tín dụng, chi nhánh ngân hàng nước ngoài với
khách hàng, phù hợp với quy định tại Luật Các tổ chức tín dụng, Luật Các công cụ
chuyển nhượng, Thông tư này, các quy định của pháp luật liên quan và tập quán thương
mại quốc tế do Phòng thương mại quốc tế ban hành.
2. Khách hàng phải sử dụng tiền chiết khấu để thanh toán các giao dịch mà pháp luật
không cấm, đảm bảo khả năng tài chính để mua lại công cụ chuyển nhượng, giấy tờ có
giá khác hoặc thanh toán đầy đủ số tiền chiết khấu, lãi chiết khấu và các chi phí hợp
pháp khác cho tổ chức tín dụng, chi nhánh ngân hàng nước ngoài theo thỏa thuận ghi
trong hợp đồng chiết khấu.
3. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài phải thực hiện xét duyệt chiết khấu
theo nguyên tắc phân định trách nhiệm giữa khâu thẩm định và quyết định thực hiện
hoạt động chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác.
4. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài và khách hàng thỏa thuận trong
hợp đồng chiết khấu việc thanh toán tiền chiết khấu trước hạn, thu phí hoặc không thu
phí khi khách hàng thanh toán tiền chiết khấu trước hạn.
5. Khi tổ chức tín dụng, chi nhánh ngân hàng nước ngoài thực hiện chiết khấu theo
phương thức mua có kỳ hạn công cụ chuyển nhượng, giấy tờ có giá khác chưa đến hạn
thanh toán, thì khách hàng phải cam kết sẽ mua lại công cụ chuyển nhượng, giấy tờ có
giá khác ngay khi hết thời hạn chiết khấu.
6. Khi thực hiện hoạt động chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác có
mệnh giá ghi trả bằng ngoại tệ, tổ chức tín dụng, chi nhánh ngân hàng nước ngoài và
khách hàng phải đảm bảo tuân thủ các quy định tại Thông tư này, quy định về quản lý
ngoại hối và pháp luật có liên quan.
7. Khi thực hiện hoạt động chiết khấu công cụ chuyển nhượng có yếu tố nước ngoài, tổ
chức tín dụng, chi nhánh ngân hàng nước ngoài và khách hàng thực hiện theo các quy
định của Luật Các công cụ chuyển nhượng về áp dụng điều ước quốc tế, tập quán thương
mại quốc tế trong quan hệ công cụ chuyển nhượng có yếu tố nước ngoài, quy định của
pháp luật về quan hệ dân sự có yếu tố nước ngoài, quy định về quản lý ngoại hối và
Thông tư này.
8. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài xem xét, quyết định việc chiết
khấu công cụ chuyển nhượng, giấy tờ có giá khác đảm bảo an toàn, thu hồi đầy đủ, đúng
hạn tiền chiết khấu, tiền lãi và các chi phí hợp pháp khác có liên quan đến hoạt động
chiết khấu.
Điều 6. Loại công cụ chuyển nhượng, giấy tờ có giá khác được chiết khấu:
1. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài lựa chọn chiết khấu các công cụ
chuyển nhượng phát hành ở Việt Nam hoặc phát hành ở nước ngoài được chuyển nhượng
ở Việt Nam, bao gồm:
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•
•
•
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a) Hối phiếu đòi nợ;
b) Hối phiếu nhận nợ;
c) Séc;
d) Các loại công cụ chuyển nhượng khác được chiết khấu theo quy định của pháp
luật.
2. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài lựa chọn chiết khấu các loại giấy
tờ có giá khác bao gồm:
• a) Tín phiếu Ngân hàng Nhà nước;
• b) Trái phiếu Chính phủ;
• c) Trái phiếu được Chính phủ bảo lãnh;
• d) Trái phiếu Chính quyền địa phương;
• đ) Kỳ phiếu, tín phiếu, chứng chỉ tiền gửi, trái phiếu do tổ chức tín dụng, chi
nhánh ngân hàng nước ngoài phát hành theo quy định của Ngân hàng Nhà nước
Việt Nam;
• e) Kỳ phiếu, tín phiếu, trái phiếu do tổ chức khác phát hành và được chiết khấu
theo quy định của pháp luật hiện hành.
o Currency: Article 8
▪ 1. Đối với công cụ chuyển nhượng, giấy tờ có giá khác ghi trả bằng đồng Việt Nam, thì
đồng tiền chiết khấu là đồng Việt Nam.
▪ 2. Đối với công cụ chuyển nhượng, giấy tờ có giá khác ghi trả bằng ngoại tệ, tổ chức tín
dụng, chi nhánh ngân hàng nước ngoài và khách hàng thực hiện như sau:
• a) Chiết khấu bằng ngoại tệ ghi trả trên công cụ chuyển nhượng, giấy tờ có giá
khác đối với khách hàng được phép thu và sử dụng ngoại tệ trên lãnh thổ Việt
Nam theo quy định của pháp luật về quản lý ngoại hối hoặc khách hàng sử dụng
tiền chiết khấu để thực hiện giao dịch thanh toán mà pháp luật quy định đồng
tiền giao dịch phải bằng ngoại tệ.
• b) Chiết khấu bằng đồng Việt Nam đối với khách hàng không được phép thu và
sử dụng ngoại tệ trên lãnh thổ Việt Nam theo quy định của pháp luật về quản lý
ngoại hối hoặc khách hàng có nhu cầu chiết khấu bằng đồng Việt Nam.
o Method, procedure:
▪ Điều 10. Phương thức chiết khấu
▪ Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài và khách hàng thỏa thuận, lựa chọn
các phương thức chiết khấu sau đây:
▪ 1. Mua có kỳ hạn công cụ chuyển nhượng, giấy tờ có giá khác là việc tổ chức tín dụng,
chi nhánh ngân hàng nước ngoài mua và nhận chuyển nhượng quyền sở hữu công cụ
chuyển nhượng, giấy tờ có giá khác chưa đến hạn thanh toán từ khách hàng, đồng thời
khách hàng cam kết sẽ mua lại công cụ chuyển nhượng và giấy tờ có giá khác đó sau
một khoảng thời gian được xác định tại hợp đồng chiết khấu.
▪ 2. Mua có bảo lưu quyền truy đòi công cụ chuyển nhượng, giấy tờ có giá khác là việc tổ
chức tín dụng, chi nhánh ngân hàng nước ngoài mua và nhận quyền sở hữu công cụ
chuyển nhượng, giấy tờ có giá khác chưa đến hạn thanh toán từ khách hàng; khách hàng
phải có trách nhiệm hoàn trả đối với số tiền chiết khấu, lãi chiết khấu và các chi phí hợp
pháp khác có liên quan đến hoạt động chiết khấu trong trường hợp tổ chức tín dụng, chi
nhánh ngân hàng nước ngoài không nhận được đầy đủ số tiền được thanh toán từ người
có trách nhiệm thanh toán công cụ chuyển nhượng, người phát hành giấy tờ có giá khác.
▪ Điều 14. Thủ tục chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác
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1. Khi nhận được đề nghị của khách hàng về việc chiết khấu công cụ chuyển nhượng,
giấy tờ có giá khác, tổ chức tín dụng, chi nhánh ngân hàng nước ngoài thẩm định đánh
giá mục đích sử dụng tiền chiết khấu, khả năng tài chính của khách hàng và khả năng
thanh toán của công cụ chuyển nhượng, giấy tờ có giá khác để quyết định việc nhận
chiết khấu. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài yêu cầu khách hàng
chứng minh công cụ chuyển nhượng, giấy tờ có giá khác có đủ điều kiện chiết khấu theo
quy định tại Thông tư này.
2. Khi tổ chức tín dụng, chi nhánh ngân hàng nước ngoài chấp thuận chiết khấu công cụ
chuyển nhượng, giấy tờ có giá khác cho khách hàng, khách hàng chuyển giao ngay và
thực hiện các thủ tục về chuyển nhượng công cụ chuyển nhượng, chuyển quyền sở hữu
giấy tờ có giá khác cho tổ chức tín dụng, chi nhánh ngân hàng nước ngoài theo quy định
của pháp luật.
3. Trường hợp chiết khấu theo phương thức mua có kỳ hạn, khi khách hàng hoàn thành
nghĩa vụ cam kết mua lại công cụ chuyển nhượng, giấy tờ có giá khác, tổ chức tín dụng,
chi nhánh ngân hàng nước ngoài chuyển giao ngay và thực hiện các thủ tục về chuyển
nhượng công cụ chuyển nhượng, chuyển quyền sở hữu giấy tờ có giá khác cho khách
hàng theo quy định của pháp luật.
o Contents of the discounting contract:
▪ Điều 12. Hợp đồng chiết khấu
• Hợp đồng chiết khấu bao gồm các nội dung chính sau: Tên, địa chỉ của tổ chức
tín dụng, chi nhánh ngân hàng nước ngoài thực hiện hoạt động chiết khấu; tên,
địa chỉ của khách hàng; số chứng minh thư nhân dân/hộ chiếu/mã số thuế của
khách hàng; các thông tin chính của công cụ chuyển nhượng, giấy tờ có giá khác
được chiết khấu; giá chiết khấu; mục đích sử dụng số tiền chiết khấu; đồng tiền
chiết khấu; thời hạn chiết khấu; lãi suất chiết khấu và các chi phí liên quan; quyền
và nghĩa vụ của các bên; các trường hợp chấm dứt hợp đồng chiết khấu trước
thời hạn; xử lý vi phạm hợp đồng; các nội dung khác do các bên thỏa thuận phù
hợp với quy định của pháp luật.
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o Classifying assets, levels and methods of setting up provisions and using provisions for
risk control:
▪ Điều 17. Phân loại tài sản có, mức trích, phương pháp trích lập dự phòng rủi ro và việc
sử dụng dự phòng để xử lý rủi ro
• Khi thực hiện chiết khấu công cụ chuyển nhượng, giấy tờ có giá khác, tổ chức
tín dụng, chi nhánh ngân hàng nước ngoài thực hiện việc phân loại tài sản có,
mức trích, phương pháp trích lập dự phòng rủi ro và việc sử dụng dự phòng để
xử lý rủi ro đối với số tiền chiết khấu theo quy định của Ngân hàng Nhà nước
Việt Nam về phân loại tài sản có, mức trích, phương pháp trích lập dự phòng rủi
ro và việc sử dụng dự phòng để xử lý rủi ro trong hoạt động của tổ chức tín dụng,
chi nhánh ngân hàng nước ngoài.
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Discounting by SBV for CIs/FBBs: Guided by Circular 01/2012/TT-NHNN dated 16 February
2012
o Conditions for CIs/FBBs participating in discounting operations (Art. 8, Cir 01)
▪ Điều 8. Điều kiện thực hiện nghiệp vụ chiết khấu: Các tổ chức tín dụng, chi nhánh ngân
hàng nước ngoài tham gia nghiệp vụ chiết khấu phải đáp ứng đầy đủ các điều kiện sau:
• 1. Là các tổ chức tín dụng không bị đặt vào tình trạng kiểm soát đặc biệt.
• 2. Không có nợ quá hạn tại Ngân hàng Nhà nước tại thời điểm đề nghị chiết khấu.
• 3. Có tài khoản tiền gửi mở tại Ngân hàng Nhà nước (Sở Giao dịch hoặc Ngân
hàng Nhà nước chi nhánh tỉnh, thành phố trực thuộc Trung ương (sau đây gọi tắt
là Ngân hàng Nhà nước chi nhánh được ủy quyền) thực hiện chiết khấu.
• 4. Có hồ sơ đề nghị thông báo hạn mức chiết khấu giấy tờ có giá gửi Ngân hàng
Nhà nước đúng hạn theo quy định tại Khoản 3 Điều 9 Thông tư (Cái này là thông
tin về hồ sơ thôi) này.
• 5. Có giấy tờ có giá đủ điều kiện và thuộc danh mục các giấy tờ có giá được chiết
khấu tại Ngân hàng Nhà nước.
• 6. Trường hợp giao dịch theo phương thức gián tiếp, tổ chức tín dụng, chi nhánh
ngân hàng nước ngoài phải trang bị đầy đủ máy móc, thiết bị tin học, đường
truyền và kết nối với hệ thống máy chủ tại Ngân hàng Nhà nước (Sở Giao dịch
và Cục Công nghệ tin học).
-
Finance Leasing: According Decree 39/2014/ND-CP dated 7/5/2014 on operation of financial
companies and financial leasing companies (as amended)
o Terms:
▪ Article 3
• 5. Công ty cho thuê tài chính là công ty tài chính chuyên ngành, hoạt động chính
là cho thuê tài chính theo quy định tại Nghị định này. Dư nợ cho thuê tài chính
phải chiếm tối thiểu 70% tổng dư nợ cấp tín dụng.
• 6. Tín dụng tiêu dùng là hình thức cấp tín dụng cho mục đích tiêu dùng của cá
nhân bằng nghiệp vụ cho vay bao gồm cho vay trả góp, cho vay tiêu dùng và
phát hành thẻ tín dụng.
• 7. Cho thuê tài chính là hoạt động cấp tín dụng trung hạn, dài hạn trên cơ sở hợp
đồng cho thuê tài chính giữa bên cho thuê tài chính với bên thuê tài chính. Bên
cho thuê tài chính cam kết mua tài sản cho thuê tài chính theo yêu cầu của bên
thuê tài chính và nắm giữ quyền sở hữu đối với tài sản cho thuê tài chính trong
suốt thời hạn cho thuê. Bên thuê tài chính sử dụng tài sản thuê tài chính và thanh
toán tiền thuê trong suốt thời hạn thuê quy định trong hợp đồng cho thuê tài
chính.
• 8. Tài sản cho thuê tài chính (sau đây gọi tắt là tài sản cho thuê) là máy móc,
thiết bị hoặc tài sản khác theo quy định của Ngân hàng Nhà nước. Ngân hàng
Nhà nước hướng dẫn cụ thể các loại tài sản cho thuê trong từng thời kỳ.
• 9. Bên cho thuê tài chính (sau đây gọi tắt là bên cho thuê) là công ty cho thuê tài
chính, công ty tài chính.
• 10. Bên thuê tài chính (sau đây gọi tắt là bên thuê) là tổ chức, cá nhân hoạt động
tại Việt Nam, trực tiếp sử dụng tài sản thuê cho mục đích hoạt động của mình.
• 11. Tiền thuê là số tiền mà bên thuê phải trả cho bên cho thuê theo thỏa thuận
trong hợp đồng cho thuê tài chính.
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•
▪
12. Hợp đồng cho thuê tài chính là hợp đồng không hủy ngang, được ký giữa
bên cho thuê và bên thuê về việc cho thuê tài chính đối với một hoặc một số tài
sản cho thuê.
• 13. Mua và cho thuê lại theo hình thức cho thuê tài chính (sau đây gọi tắt là mua
và cho thuê lại) là việc bên cho thuê tài chính mua máy móc, thiết bị hoặc tài sản
khác theo quy định của pháp luật thuộc sở hữu của bên thuê và cho bên thuê thuê
lại chính các tài sản đó theo hình thức cho thuê tài chính để bên thuê tiếp tục sử
dụng phục vụ cho hoạt động của mình. Trong giao dịch mua và cho thuê lại, bên
thuê đồng thời là bên cung ứng tài sản cho thuê.
Điều 16. Hoạt động của công ty cho thuê tài chính
• 1. Công ty cho thuê tài chính được thực hiện các hoạt động quy định từ Điều 112
đến Điều 116 Luật Các tổ chức tín dụng và quy định tại Nghị định này.
• 2. Mua và cho thuê lại.
• 3. Được bán các khoản phải thu từ hợp đồng cho thuê tài chính cho các tổ chức
và cá nhân theo quy định của Ngân hàng Nhà nước.
98
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Circular 20/2017/TT-NHNN dated 29/12/2017 on sale of receivables from financial leasing
contract
o Terms:
▪ Điều 3. Giải thích từ ngữ
• 8. Quyền truy đòi trong giao dịch bán khoản phải thu (sau đây gọi tắt là quyền
truy đòi) là quyền theo thỏa thuận cho phép bên mua yêu cầu bên bán thực hiện
nghĩa vụ trả tiền đối với bên mua trong trường hợp bên thuê tài chính không
hoàn thành nghĩa vụ thanh toán tiền thuê theo hợp đồng cho thuê tài chính.
▪ Điều 7. Nguyên tắc bán khoản phải thu
• 5. Bên bán không được bán khoản phải thu trong các trường hợp sau đây:
• a) Bên mua là công ty con của mình;
• b) Bên bán và bên thuê tài chính có thỏa thuận bằng văn bản về việc không được
bán khoản phải thu;
• c) Khoản phải thu được sử dụng để bảo đảm thực hiện nghĩa vụ dân sự tại thời
điểm bán khoản phải thu, trừ trường hợp bên nhận bảo đảm đồng ý bằng văn bản
về việc bán khoản phải thu.
• 6. Trường hợp bán một phần khoản phải thu hoặc bán một khoản phải thu cho
nhiều bên mua, thì bên bán và các bên mua thỏa thuận với nhau về tỷ lệ tham
gia, phương thức thực hiện, quyền và nghĩa vụ của mỗi bên và các nội dung cụ
thể khác tại hợp đồng bán khoản phải thu, phù hợp với quy định của pháp luật.
• 7. Bên mua là tổ chức tín dụng, chi nhánh ngân hàng nước ngoài phải đáp ứng
các yêu cầu sau đây:
• a) Được thực hiện hoạt động mua nợ theo Giấy phép thành lập và hoạt động của
tổ chức tín dụng, Giấy phép thành lập của chi nhánh ngân hàng nước ngoài;
• b) Có tỷ lệ nợ xấu dưới 3% liên tục trong tất cả các quý của năm liền kề và các
quý của năm hiện hành trước thời điểm thực hiện mua khoản phải thu, trừ trường
hợp mua khoản phải thu theo phương án tái cơ cấu đã được phê duyệt;
• c) Tuân thủ các quy định của Ngân hàng Nhà nước Việt Nam về giới hạn, tỷ lệ
bảo đảm an toàn trong hoạt động của tổ chức tín dụng, chi nhánh ngân hàng nước
ngoài trong tất cả các quý của năm liền kề và các quý của năm hiện hành trước
thời điểm thực hiện mua khoản phải thu;
• d) Ban hành quy định nội bộ về hoạt động mua khoản phải thu trước khi thực
hiện mua khoản phải thu (trong đó phải có các quy định về phân cấp thẩm quyền
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theo nguyên tắc phân định trách nhiệm giữa khâu thẩm định và quyết định mua
khoản phải thu; phương thức mua khoản phải thu; quy trình mua khoản phải thu;
quy trình định giá khoản phải thu; quản trị rủi ro đối với hoạt động mua khoản
phải thu);
• đ) Phải hạch toán theo dõi riêng theo giá mua thực tế của khoản phải thu được
mua, bảo đảm phân định được các khoản phải thu được mua với các khoản nợ
hình thành từ hoạt động cấp tín dụng của chính tổ chức tín dụng, chi nhánh ngân
hàng nước ngoài đó.
Điều 8. Đồng tiền sử dụng trong giao dịch bán khoản phải thu
• 1. Đồng tiền sử dụng trong giao dịch bán khoản phải thu là đồng Việt Nam. Việc
sử dụng ngoại tệ làm đồng tiền thanh toán trong giao dịch bán khoản phải thu
chỉ được thực hiện trong trường hợp công ty tài chính, công ty cho thuê tài chính
bán khoản phải thu bằng ngoại tệ cho bên mua là người không cư trú.
• 2. Đồng tiền thu hồi tiền thuê là đồng tiền của khoản tiền thuê tài chính hoặc
đồng tiền khác theo thỏa thuận giữa bên mua và bên thuê tài chính phù hợp với
quy định của pháp luật về hạn chế sử dụng ngoại hối trên lãnh thổ Việt Nam.
• 3. Bên mua, bên bán, bên thuê tài chính và các bên liên quan khác có trách nhiệm
tuân thủ các quy định của pháp luật về hạn chế sử dụng ngoại hối trên lãnh thổ
Việt Nam khi thực hiện giao dịch bán khoản phải thu và thu hồi tiền thuê.
Factoring :
o ‘’Bao thanh toán là hình thức cấp tín dụng cho bên bán hàng hoặc bên mua hàng thông qua
việc mua lại có bảo lưu quyền truy đòi các khoản phải thu hoặc các khoản phải trả phát sinh từ
việc mua, bán hàng hoá, cung ứng dịch vụ theo hợp đồng mua, bán hàng hoá, cung ứng dịch
vụ.” (Article 4.17)
o Civil Code 2015 & Circular 02/2017/TT-NHNN dated 17/5/2017 regulates on factoring
services provided by credit institutions and branches of foreign banks
o Điều 2. Đối tượng áp dụng
▪ 1. Đơn vị bao thanh toán là ngân hàng thương mại, công ty tài chính tổng hợp, công ty
tài chính bao thanh toán và chi nhánh ngân hàng nước ngoài được phép thực hiện hoạt
động bao thanh toán.
▪ 2. Khách hàng bao thanh toán (sau đây gọi tắt là khách hàng) là người cư trú, người
không cư trú theo quy định của pháp luật về quản lý ngoại hối, bao gồm:
• a) Bên bán hàng trong bao thanh toán bên bán hàng;
• b) Bên mua hàng trong bao thanh toán bên mua hàng.
▪ 3. Tổ chức, cá nhân khác liên quan đến hoạt động bao thanh toán của đơn vị bao thanh
toán
o Điều 3. Giải thích từ ngữ
▪ Trong Thông tư này, các từ ngữ dưới đây được hiểu như sau:
▪ 1. Bên bán hàng (bao gồm cả bên xuất khẩu) là bên bán hàng hóa, cung ứng dịch vụ và
có quyền lợi hợp pháp đối với các khoản phải thu theo thỏa thuận tại hợp đồng mua, bán
hàng hóa, cung ứng dịch vụ.
▪ 2. Bên mua hàng (bao gồm cả bên nhập khẩu) là bên mua hàng hóa, sử dụng dịch vụ và
có khoản phải trả theo thỏa thuận tại hợp đồng mua, bán hàng hóa, cung ứng dịch vụ.
▪ 3. Hợp đồng mua, bán hàng hóa, cung ứng dịch vụ là văn bản thỏa thuận giữa bên bán
hàng và bên mua hàng về việc mua, bán hàng hóa, cung ứng dịch vụ theo quy định của
pháp luật.
100
▪
4. Hợp đồng bao thanh toán là văn bản thỏa thuận giữa đơn vị bao thanh toán và khách
hàng nhằm xác lập, thay đổi hoặc chấm dứt quyền và nghĩa vụ của các bên về việc bao
thanh toán
▪ 5. Bảo lưu quyền truy đòi là việc đơn vị bao thanh toán có quyền đòi lại số tiền đã ứng
trước và lãi, phí bao thanh toán từ khách hàng trong trường hợp bên mua hàng không
hoàn thành nghĩa vụ thanh toán khoản phải trả. Trường hợp bao thanh toán bên bán hàng,
đơn vị bao thanh toán thực hiện truy đòi bên bán hàng. Trường hợp bao thanh toán bên
mua hàng, đơn vị bao thanh toán thực hiện truy đòi bên mua hàng.
▪ 9. Bao thanh toán bên bán hàng là việc đơn vị bao thanh toán mua lại có bảo lưu quyền
truy đòi các khoản phải thu của khách hàng là bên bán hàng thông qua việc ứng trước
tiền để được nhận quyền và lợi ích hợp pháp liên quan đến khoản phải thu theo thỏa
thuận.
▪ 10. Bao thanh toán bên mua hàng là việc đơn vị bao thanh toán mua lại có bảo lưu quyền
truy đòi các khoản phải trả của khách hàng là bên mua hàng thông qua việc ứng trước
tiền thanh toán cho bên bán hàng và được khách hàng hoàn trả tiền ứng trước, lãi và phí
theo thỏa thuận.
▪ 11. Bao thanh toán trong nước là việc bao thanh toán dựa trên hợp đồng mua, bán hàng
hóa, cung ứng dịch vụ, trong đó bên bán hàng và bên mua hàng là người cư trú.
▪ 12. Bao thanh toán quốc tế là việc bao thanh toán dựa trên hợp đồng mua, bán hàng hóa,
cung ứng dịch vụ giữa bên xuất khẩu và bên nhập khẩu, trong đó một bên là người cư
trú, một bên là người không cư trú.
▪ 13. Nợ bao thanh toán là số tiền đơn vị bao thanh toán đã ứng trước cho khách hàng
nhưng chưa được hoàn trả.
o Điều 6. Trường hợp không được bao thanh toán: Đơn vị bao thanh toán không được bao thanh
toán đối với khoản phải thu, khoản phải trả sau đây:
▪ 1. Phát sinh từ hợp đồng mua, bán hàng hóa, cung ứng dịch vụ bị pháp luật cấm.
▪ 2. Phát sinh từ hợp đồng mua, bán hàng hóa, cung ứng dịch vụ có thời hạn thanh toán
còn lại dài hơn 180 ngày kể từ ngày nhận được đề nghị bao thanh toán.
▪ 3. Phát sinh từ hợp đồng mua, bán hàng hoá, cung ứng dịch vụ có thoả thuận không
được chuyển giao quyền và nghĩa vụ trong hợp đồng.
▪ 4. Phát sinh từ hợp đồng cung ứng dịch vụ trong lĩnh vực tài chính, ngân hàng và bảo
hiểm theo quy định của Thủ tướng Chính phủ về Hệ thống ngành kinh tế của Việt Nam.
▪ 5. Đã được bao thanh toán hoặc đã được sử dụng để đảm bảo cho nghĩa vụ nợ khác.
▪ 6. Đã quá hạn thanh toán theo hợp đồng mua, bán hàng hóa, cung ứng dịch vụ.
▪ 7. Đang có tranh chấp.
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Bank gurantee:
o ”Bảo lãnh ngân hàng là hình thức cấp tín dụng, theo đó tổ chức tín dụng cam kết với bên nhận
bảo lãnh về việc tổ chức tín dụng sẽ thực hiện nghĩa vụ tài chính thay cho khách hàng khi khách
hàng không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết; khách hàng phải nhận
nợ và hoàn trả cho tổ chức tín dụng theo thỏa thuận”
o Vietnam’s Specific Commitments to WTO in Services (for cross-border transactions) &
Circular 11/2022/TT-NHNN dated 30/9/2022 regulates bank gurantee:
▪ Điều 2. Đối tượng áp dụng
• 1. Tổ chức tín dụng bao gồm: ngân hàng thương mại, ngân hàng hợp tác xã và
công ty tài chính (trừ công ty tài chính chuyên ngành).
• 2. Chi nhánh ngân hàng nước ngoài.
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3. Cá nhân và tổ chức có liên quan đến nghiệp vụ bảo lãnh bao gồm cá nhân và
tổ chức là người cư trú và người không cư trú.
Điều 3. Giải thích từ ngữ: Trong Thông tư này, các từ ngữ dưới đây được hiểu như sau:
• 1. Bảo lãnh ngân hàng là hình thức cấp tín dụng, theo đó bên bảo lãnh là tổ chức
tín dụng, chi nhánh ngân hàng nước ngoài cam kết với bên nhận bảo lãnh về việc
sẽ thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh khi bên được bảo
lãnh không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết với bên
nhận bảo lãnh; bên được bảo lãnh phải nhận nợ và hoàn trả cho bên bảo lãnh
theo thỏa thuận đã ký.
• 2. Bảo lãnh đối ứng là một hình thức bảo lãnh ngân hàng, theo đó bên bảo lãnh
đối ứng cam kết với bên bảo lãnh về việc sẽ thực hiện nghĩa vụ tài chính đối với
bên bảo lãnh trong trường hợp bên bảo lãnh phải thực hiện nghĩa vụ tài chính
thay cho bên được bảo lãnh; bên được bảo lãnh phải nhận nợ và hoàn trả cho bên
bảo lãnh đối ứng theo thỏa thuận đã ký.
• 3. Xác nhận bảo lãnh là một hình thức bảo lãnh ngân hàng, theo đó bên xác nhận
bảo lãnh cam kết với bên nhận bảo lãnh về việc bảo đảm khả năng thực hiện
nghĩa vụ của bên bảo lãnh đối với bên nhận bảo lãnh. Bên xác nhận bảo lãnh sẽ
thực hiện nghĩa vụ tài chính thay cho bên bảo lãnh nếu bên bảo lãnh không thực
hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết với bên nhận bảo lãnh;
bên bảo lãnh phải nhận nợ và hoàn trả cho bên xác nhận bảo lãnh, đồng thời bên
được bảo lãnh phải nhận nợ và hoàn trả cho bên bảo lãnh theo thỏa thuận đã ký.
• 6. Bên bảo lãnh là tổ chức tín dụng, chi nhánh ngân hàng nước ngoài thực hiện
bảo lãnh cho bên được bảo lãnh. Trong trường hợp đồng bảo lãnh, bảo lãnh đối
ứng và xác nhận bảo lãnh thì bên bảo lãnh bao gồm cả tổ chức tín dụng ở nước
ngoài.
• 7. Bên được bảo lãnh là tổ chức (bao gồm cả tổ chức tín dụng, chi nhánh ngân
hàng nước ngoài, tổ chức tín dụng ở nước ngoài) hoặc cá nhân được bảo lãnh
bởi bên bảo lãnh hoặc bên bảo lãnh đối ứng.
• 8. Bên nhận bảo lãnh là tổ chức (bao gồm cả tổ chức tín dụng, chi nhánh ngân
hàng nước ngoài, tổ chức tín dụng ở nước ngoài) hoặc cá nhân có quyền thụ
hưởng bảo lãnh do bên bảo lãnh hoặc bên xác nhận bảo lãnh phát hành.
• 9. Bên bảo lãnh đối ứng là tổ chức tín dụng, chi nhánh ngân hàng nước ngoài
hoặc tổ chức tín dụng ở nước ngoài thực hiện bảo lãnh đối ứng cho bên được bảo
lãnh.
• 10. Bên xác nhận bảo lãnh là tổ chức tín dụng, chi nhánh ngân hàng nước ngoài
hoặc tổ chức tín dụng ở nước ngoài thực hiện xác nhận bảo lãnh cho bên bảo
lãnh.
• 11. Khách hàng của tổ chức tín dụng, chi nhánh ngân hàng nước ngoài (sau đây
gọi là khách hàng) là tổ chức (bao gồm cả tổ chức tín dụng, chi nhánh ngân hàng
nước ngoài, tổ chức tín dụng ở nước ngoài) hoặc cá nhân, cụ thể như sau:
• a) Trong bảo lãnh ngân hàng (trừ bảo lãnh đối ứng, xác nhận bảo lãnh), khách
hàng của bên bảo lãnh là bên được bảo lãnh;
• b) Trong bảo lãnh đối ứng, khách hàng của bên bảo lãnh là bên bảo lãnh đối ứng,
khách hàng của bên bảo lãnh đối ứng là bên được bảo lãnh;
• c) Trong xác nhận bảo lãnh, khách hàng của bên bảo lãnh là bên được bảo lãnh,
khách hàng của bên xác nhận bảo lãnh là bên bảo lãnh.
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12. Thỏa thuận cấp bảo lãnh là thỏa thuận giữa bên bảo lãnh hoặc bên bảo lãnh
đối ứng hoặc bên xác nhận bảo lãnh với khách hàng và các bên liên quan khác
(nếu có) về việc phát hành bảo lãnh ngân hàng, bảo lãnh đối ứng, xác nhận bảo
lãnh cho khách hàng.
• 13. Hợp đồng bảo lãnh nhà ở hình thành trong tương lai là thỏa thuận cấp bảo
lãnh giữa ngân hàng thương mại với chủ đầu tư và các bên liên quan khác (nếu
có) về việc ngân hàng thương mại chấp thuận bảo lãnh cho chủ đầu tư trong bán,
cho thuê mua nhà ở hình thành trong tương lai.
• 14. Cam kết bảo lãnh là cam kết do bên bảo lãnh hoặc bên bảo lãnh đối ứng hoặc
bên xác nhận bảo lãnh phát hành theo một trong các hình thức sau:
• a) Thư bảo lãnh là cam kết của bên bảo lãnh với bên nhận bảo lãnh về việc bên
bảo lãnh sẽ thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh khi bên
được bảo lãnh không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam
kết với bên nhận bảo lãnh.
• Trường hợp bảo lãnh đối ứng và xác nhận bảo lãnh thì thư bảo lãnh bao gồm cả
cam kết của bên bảo lãnh đối ứng với bên bảo lãnh và bên xác nhận bảo lãnh với
bên nhận bảo lãnh;
• b) Hợp đồng bảo lãnh là thỏa thuận giữa bên bảo lãnh với bên nhận bảo lãnh và
các bên có liên quan (nếu có) về việc bên bảo lãnh sẽ thực hiện nghĩa vụ tài chính
thay cho bên được bảo lãnh khi bên được bảo lãnh không thực hiện hoặc thực
hiện không đầy đủ nghĩa vụ đã cam kết với bên nhận bảo lãnh.
• Trường hợp bảo lãnh đối ứng, xác nhận bảo lãnh thì hợp đồng bảo lãnh bao gồm
cả thỏa thuận giữa bên bảo lãnh đối ứng với bên bảo lãnh và các bên liên quan
khác (nếu có), giữa bên xác nhận bảo lãnh với bên nhận bảo lãnh và các bên liên
quan khác (nếu có).
• Riêng đối với bảo lãnh nhà ở hình thành trong tương lai chỉ phát hành theo hình
thức thư bảo lãnh.
• 15. Nghĩa vụ tài chính của chủ đầu tư đối với bên mua trong bảo lãnh nhà ở hình
thành trong tương lai (sau đây gọi là nghĩa vụ tài chính của chủ đầu tư) là số tiền
chủ đầu tư đã nhận ứng trước từ bên mua kể từ thời điểm thư bảo lãnh có hiệu
lực và các khoản tiền khác (nếu có) theo thỏa thuận tại hợp đồng mua, thuê mua
nhà ở đã ký mà chủ đầu tư có nghĩa vụ phải trả cho bên mua khi chủ đầu tư
không bàn giao nhà ở đúng thời hạn đã cam kết.
Điều 4. Quy định về quản lý ngoại hối trong bảo lãnh
• 1. Việc phát hành bảo lãnh bằng ngoại tệ của tổ chức tín dụng, chi nhánh ngân
hàng nước ngoài phải phù hợp với phạm vi hoạt động ngoại hối trên thị trường
trong nước và thị trường quốc tế được quy định tại giấy phép hoạt động của từng
loại hình tổ chức tín dụng, chi nhánh ngân hàng nước ngoài.
• 2. Tổ chức tín dụng, chi nhánh ngân hàng nước ngoài chỉ thực hiện bảo lãnh
bằng ngoại tệ cho khách hàng đối với nghĩa vụ tài chính hợp pháp bằng ngoại tệ
theo quy định của pháp luật.
Điều 5. Những trường hợp không được bảo lãnh, hạn chế bảo lãnh và thực hiện giới hạn
cấp tín dụng
• Khi thực hiện bảo lãnh, tổ chức tín dụng, chi nhánh ngân hàng nước ngoài phải
tuân thủ các quy định tại Luật Các tổ chức tín dụng và hướng dẫn của Ngân hàng
Nhà nước Việt Nam (sau đây gọi là Ngân hàng Nhà nước) về những trường hợp
không được cấp tín dụng, hạn chế cấp tín dụng, giới hạn cấp tín dụng.
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Part 2: Law on the state bank of Vietnam
1. History and development of banking in VN
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Before the August Revolution in 1945, Vietnam was a feudal-colonial country under the French
colonialists’ rule. The banking and credit system was founded and protected by the French
colonialists through the Indochina bank, which functioned as both the central issuing bank and a
multi-functional trading bank with commercial banking and investment operations.
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During the anti-American resistance war (1955 to 1975), the activities of Vietnam National Bank
focused on enhancing the management and regulating the circulation of money under the socialist
economic management principles; formulating and improving the credit policy aiming at promoting
the state-owned economy and the collective economy; expanding and improving non-cash payment
operations, establishing the role of banks as payment centers of the economy; expanding the
international credit and payment relations; implementing the state monopoly over foreign exchange
operations.
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On October 26, 1961, Vietnam National Bank was renamed as the State Bank of Vietnam (SBV).
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The time between 1975 to 1985 was a period of post-war economic recovery. The SBV had quickly
taken over the banking system of the former Southern Vietnamese government, recalled the former
banknotes in both the South and the North and issued new banknotes of the Socialist Republic of
Vietnam. In this period, the SBV system basically functioned as a budget tool, not conducting monetary
trading activities in line with the market principles.
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In May 1990, the State Council enacted and publicized the Ordinance on the State Bank of Vietnam
and the Ordinance on banks, credit co-operatives and finance companies. Changed the
operational mechanism of Vietnam’s banking system from a one-tier to a two-tier system, in which
the SBV performs the State management of banking and currency trading activities, and conducts the
tasks of a central bank; meanwhile commercial banks and credit institutions implement currency trading,
credit, payment, foreign exchange activities and banking services within the frameworks of laws.
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: Model 3 (Lowest Independent)
2. Definition
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Art 2.1: “The State Bank of Vietnam (hereinafter referred to as the State Bank) is a ministerial
equivalent body of the Government and is also the central bank of the Socialist Republic of
Vietnam.”
3. Features
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Art2.2: “The State Bank is a legal entity, having prescribed capital owned by the State, with its
principal office located in Hanoi.”
❖ Notes: 1. An organization shall be recognized as a legal person if it meets all of the following
conditions:
a) It is legally established as prescribed in this Code and relevant laws;
b) It has an organizational structure prescribed in Article 83 of this Code;
c) It has property independent from other natural and legal persons and bears liability by
recourse to its property;
d) It participates independently in legal relations in its own name.”( Civil code – article 74.1)
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Purpose: Article 4 Duties and powers of the State Bank:
o 1. The operation of the State Bank is for the purposes of stabilizing the value of money;
ensuring the safety of banking operations and of the system of credit institutions; ensuring
the safety and effectiveness of the national payment system; and facilitating socialistoriented socio-economic development.
o 2. To participate in formulation of strategies and plans for socio-economic development of
the nation.
o 3. To formulate strategies on development of the banking industry and submit them to the
competent State body for approval, and to organize their implementation.
o 4. To formulate legal instruments on currency and banking or submit them to the competent
State bodies for promulgation; to disseminate, publish and check legal instruments on currency
and banking within its authority.
o 5. To formulate an annual inflation target for submission by the Government to the National
Assembly for decision, and to organize implementation.
o 6. To organize, manage and develop monetary markets.
o 7. To organize a statistics system, to make monetary and banking forecasts; and to publish
information on currency and banking in accordance with law.
o 8. To organize the printing, casting, maintenance and transportation of paper money and
coins; and to carry out the issuance, recall, replacement and destruction of banknotes and coins.
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o 9. To issue, amend or withdraw establishment and operating licences for credit institutions,
or establishment licences for foreign bank branches, representative offices of foreign credit
institutions and other foreign institutions conducting banking operations; to issue or withdraw
operating licences for provision of payment intermediary services for organizations other than
banks; to issue or withdraw operating licences for provision of credit information services for
organizations; and to approve purchase, sale, division, demerger, consolidation, merger and
dissolution of credit institutions in accordance with law.
o 10. To act as a representative of the owner of the share of State owned capital in enterprises
performing the functions and duties of the State Bank or credit institutions with State owned
capital in accordance with law; to use the prescribed capital for capital contribution for
establishment of specialized enterprises in order to perform the functions and duties of the State
Bank in accordance with a decision of the Prime Minister of the Government.
o 11. To carry out examination, inspection and banking supervision; and to deal with breaches
of the law on currency and banking in accordance with law.
o 12. To make decisions applying special measures to deal with credit institutions which
commit a serious breach of the law on currency and banking, or which suffer financial
difficulties, or which are likely to place the safety of the banking system in danger, including
purchasing their shares; suspending, temporarily suspending or removing their managers or
executives; making decisions on merger, consolidation or dissolution of such credit institutions;
placing them under special control; and performing the State Bank's duties and exercising its
powers in accordance with the law on bankruptcy of credit institutions.
o 13. To preside over and coordinate with relevant bodies in formulating policies and plans and
organizing prevention of and combating money laundering.
o 14. To undertake State management of deposit insurance in accordance with the law on deposit
insurance.
o 15. To preside over formulation and to supervise, forecast and analyse the results of
implementation of the international balance of payments.
o 16. To organize, manage and supervise the national payment system, to provide payment
services to banks; to participate in organization of and to supervise operations of payment
systems of the economy.
o 17. To undertake State management of foreign exchange, foreign exchange operations and gold
trading operations.
o 18. To manage foreign exchange reserves of the State.
o 19. To manage the obtaining, repayment, lending and recovery of foreign loans in
accordance with law.
o 20. To preside over or co-ordinate with relevant bodies to prepare items, enter into negotiations,
and sign international treaties with international monetary and financial institutions at which
the State Bank acts as representative and official representative of the borrower stipulated in
international treaties when so assigned or authorized by the President of the State or the
Government.
o 21. To organize and carry out international co-operation in currency and banking.
o 22. To represent the State of the Socialist Republic of Vietnam at international monetary
and banking institutions.
o 23. To establish a credit information system and provide credit information services; and
to undertake the function of State management of organizations conducting credit information
operations.
o 24. To act as an agency for, and to provide banking services to the State Treasury;
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o 25. To participate together with the Ministry of Finance in issuing Government bonds and
bonds guaranteed by the Government.
o 26. To organize training and development of skills in currency and banking; and to study and
apply scientific achievements and banking technology.
o 27. Other duties and powers as stipulated by law.
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Objectives:
o “In accordance with Article 105(1) of this Treaty, the primary objective of the ESCB shall be
to maintain price stability (priority object). Without prejudice to the objective of price stability,
it shall support the general economic policies (secondary object) in the Community with a
view to contributing to the achievement of the objectives of the Community’’ (Art 2- Protocol
on the statute of the ESCB and of the ECB) → In USA, put 2 objects in the order
o "The Board of Governors of the Federal Reserve System and the Federal Open Market
Committee shall maintain long-run growth of the monetary and credit aggregates
commensurate with the economy' s long-run potential to increase production, so as to
promote effectively the goals of maximum employment, stable prices and moderate longterm interest rates.” → put 2 objects equal
4. Function
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The State Bank shall perform the function of State management of currency, banking operations
and foreign exchange (hereinafter referred to as banking and currency); and the functions of a central
bank which issues money, acts as the banker for credit organizations, and is the bank providing
the Government with monetary services. (Articel 2.3)
5. Structure of organizational management
6. Operations of the state bank
i. Implementation of the national monetary policy
- Definition: The national monetary policy consists of national level decisions on monetary affairs
made by competent state agencies, including decisions on the objective of currency value
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stability which is denoted by the inflation rate and decisions on the use of tools and
measures to obtain the set objective.
Notes: SBV chỉ đề xuất -> Quốc Hội duyệt
Tools for implementation of the national policy: competence and classification
a. Refinancing
• Definition: Article 11 Re-financing
- 1. Re-financing means the form of extension of credit by the State Bank aimed at providing
short-term capital and means of payment to credit institutions.
- 2. The State Bank shall stipulate and carry out refinancing to credit institutions in the
following forms:
o Lending secured by pledges of valuable papers
o Discounting valuable papers
o Other forms
•
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Pledges of valuable papers
Definition:
o Pledge of valuable paper means the State Bank keeps the original valuable paper, or requires
a credit institution to transfer the valuable paper to the State Bank’s account opened at the
Securities Exchange Center to secure the debt repayment obligation for one or more
mortgage loans of that credit institution at the State Bank.
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Valuable papers:
o Definition:
▪ Valuable paper means a proof evidencing the debt-payment obligation of the issuer
towards the owner in a certain duration under the interest payment condition and other
conditions (article 6.8 – law on the state bank)
o Valuable papers to be used in transactions with the State Bank:
▪ 1.1. State Bank’s bills.
▪ 1.2. Government’s bonds, including:
a. Treasury bills;
b. Treasury bonds;
c. Central work bonds;
d. Government’s bonds for construction of Motherland.
đ. Government’s bonds issued by Vietnam Development Bank (formerly called Fund
for Development Assistance) under the designation by the Prime Minister.
▪ 1.3. Bonds guaranteed by the Government, including:
a. Bonds issued by Vietnam Development Bank, of which the payment of 100% of the
principal, interest amount is guaranteed by the Government at the maturity;
b. Bonds issued by Bank for Social Policy issued, of which the payment of 100% of the
principal, interest amount is guaranteed by the Government at the maturity.
▪ 1.4. Local Government’s Bonds issued by Hanoi People’s Committee and
Hochiminh People’s Committee.
o Criteria of valuable paper to me mortgaged: Article 8
▪ 1. Tiêu chuẩn giấy tờ có giá được cầm cố:
a) Được phép chuyển nhượng;
b) Thuộc sở hữu hợp pháp của tổ chức tín dụng đề nghị vay;
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▪
c) Có thời hạn còn lại tối thiểu bằng thời gian vay;
d) Không phải là giấy tờ có giá do tổ chức tín dụng đề nghị vay phát hành.
2. Danh mục, thứ tự ưu tiên các giấy tờ có giá được sử dụng cầm cố vay vốn và tỷ lệ
giữa giá trị giấy tờ có giá và số tiền vay cầm cố tại Ngân hàng Nhà nước do Thống đốc
Ngân hàng Nhà nước quy định trong từng thời kỳ.
o Giá trị giấy tờ có giá được sử dụng làm tài sản bảo đảm cho khoản vay cầm cố: article 9
▪ 1. Giá trị giấy tờ có giá được sử dụng làm tài sản bảo đảm cho khoản vay cầm cố là
tổng giá trị phát hành của giấy tờ có giá được tính theo mệnh giá.
▪ 2. Tỷ lệ bảo đảm của giá trị giấy tờ có giá so với số tiền vay cầm cố được Thống đốc
Ngân hàng Nhà nước quy định trong từng thời kỳ.
•
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Discounting valuable papers
Definition:
o Discount of valuable papers means an operation whereby the State Bank purchases valuable
papers which are still in their payment terms. → Chiết khấu giấy tờ có giá là nghiệp vụ Ngân
hàng Nhà nước mua ngắn hạn các giấy tờ có giá còn thời hạn thanh toán của các tổ chức tín
dụng, chi nhánh ngân hàng nước ngoài trước khi đến hạn thanh toán.
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Discount forms:
o 1. Discount for the whole remaining term of valuable papers: The State Bank definitely
purchases valuable papers from banks at the discount prices.
o 2. Time discount: The State Bank makes the discount and concurrently request the banks to
commit to repurchase the whole volume of such valuable papers after a given period of time.
The maximum discount duration is 91 days.
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Creteria for valuable to be discounted:
o a. To be issued in VND
o b. To be entitled to transfer;
o b. To be subject to legal ownership of credit institutions requesting for loan
o c. The remaining term of valuable papers must be longer than the State Bank’s discount
duration for time discount
o d. It is not the valuable paper issued by the credit institution which applies for loan
o e. The maximum remaining term of valuable papers is 91 days for discount for the whole
remaining term of valuable papers:
b. Interest rates ( article 12)
• Prime interest rate
- Definition: “Prime interest rate is the interest rate announced by the State Bank to serve as basis for
credit institutions to determine their business interest rates”
- Civil code 2005 – Article 176: Interest rate
o 1. The lending interest rate shall be agreed upon by the parties, but must not exceed 150%
of the prime interest rate announced by the State Bank for loans of the corresponding type.
o 2. In cases where the parties have agreed on the payment of interest for a loan but have not
clearly determined an interest rate or have a dispute over an interest rate, the basic interest
rate announced by the State Bank corresponding to the borrowing term at the time of
repayment of the debt shall be applied.”
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•
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•
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Refinancing interest rate
1. The State Bank shall announce the refinancing interest rate, prime interest rate and other interest
rates to serve the regulation of the monetary policy and the fight against usury. → tránh trường hợp
cho vay nặng lãi
2. In case abnormal developments are seen in the monetary market, the State Bank shall provide for
a mechanism for regulating interest rates applicable to credit institutions in their relations with others
and their clients and in other credit
Civil code 2015:
o 1. The rate of interest for a loan shall be as agreed by the parties. Where the parties have
agreed on the interest rate, such agreed rate must not exceed twenty (20)% (áp dụng cho k
phải tổ chức tín dụng) per annum of the loan, unless otherwise provided by other relevant laws.
Based on the actual circumstances and as proposed by the Government, the Standing Committee
of the National Assembly shall make a decision on adjustment of the interest rate mentioned
above and make a report to the National Assembly at the next meeting session. Where the
agreed interest rate exceeds the interest rate cap provided in this clause, the excess interest rate
shall be ineffective.
o 2. Where parties agree that interest will be payable but fail to specify an interest rate and there
is a dispute as to the interest rate, the interest rate shall equal fifty (50)% of the interest rate
cap provided in clause 1 of this article as at the date on which repayment is made.
Other IR
Article 13 Loan interest rate (Circular 39/2016/TT-NHNN)
o 1 The CI and the client shall reach agreement on the loan interest rate depending on
market supply and demand of capital, the amount of the loan and the credit rating of the
client, except where the State Bank regulates a maximum loan interest rate as prescribed in
clause 2 below.
o 2 The CI and the client shall reach agreement on the interest rate for a short term loan in VND
which must not exceed the maximum loan interest rate decided by the Governor of the State
Bank from time to time when the loan is for any of the following capital requirement purposes:
(a) Serving the sector of agricultural and rural development in accordance with Government
Regulations on credit policies serving agricultural and rural development;
(b) Implementing a plan on trading export goods as stipulated in the Commercial Law and its
implementing guidelines;
(c) Serving trading by a small or medium-sized enterprise in accordance with Government
Regulations on assistance for development of small and medium-sized enterprises;
(d) Developing a support industry in accordance with Government Regulations on development
of support industries;
(dd) Serving trading by an enterprise applying high-tech in accordance with the Law on HighTech and its implementing guidelines.
c. Exchange rates
- Definition: Foreign exchange rate of Vietnam dong means the price of a unit of a foreign currency
in Vietnam's currency.
- Requirements:
o 1. Exchange rates of Vietnam dong shall be determined on the basis of the foreign currency
supply and demand in the state-regulated market.
o 2. The State Bank shall announce exchange rates and decide on the exchange rate regime
and management mechanisms.
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Impact of foreign exchange
o A country’s currency appreciates (rises in value relative to other currencies) → the country’s
goods abroad become more expensive and foreign goods in that country become cheaper
(holding domestic prices constant in the two countries)
o A country’s currency depreciates → its goods abroad become cheaper and foreign goods in that
country become more expensive.
d. Required reserves
- Definition: Required Reserve means a sum of money to be deposited by a credit institution at the
State Bank to serve the implementation of the national monetary policy.
- “The State Bank shall provide for the reserve requirement ratio applicable to each type of credit
institution and each kind of deposit at credit institutions to serve the implementation of the national
monetary policy.
- The State Bank shall provide for the payment of interests on reserve requirement deposits and
deposits in excess of reserve requirement applicable to each type of credit institution and each kind
of deposit.”
e. Open – market operations
- Governing Legislation: Consolidated documents 26/VBHN-NHNN dated 11 June 2014 on the
issuance of the regulation on the open market operation
- Definition: Open market operation shall be sale and purchase of valuable papers by the State Bank
with credit institutions.
o Open market purchases
o Open market sales
- Mode of auction:
o Auction by volume shall be the auction appraisal on the basis of the volume offered by a
credit institution, volume of valuable papers which the State Bank wishes to buy or sell and
the interest rate announced by the State Bank.
o Auction by interest rate shall be the auction appraisal on the basis of interest rate, volume
offered by a credit institution and volume of valuable papers which the State Bank wishes to
buy or sell.
ii. Issuance of banknotes and coins ( article 16 – 23 – Law on state bank)
• Article 16 Currency unit
o The currency unit of the Socialist Republic of Vietnam is "dong", its national sign is "d" and
its international sign is "VND"; one dong is equivalent to ten (10) "hao" and one hao is
equivalent to ten (10) "xu". → 1 đồng = 10 hào; 1 hào = 10 xu
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•
Article 17 Issuance of paper money and coin
o 1. The State Bank is the sole agency which issues paper money and coin of the Socialist
Republic of Vietnam.
o 2. Paper money and coin issued and circulated by the State Bank shall be used as lawful means
of payment throughout the territory of the Socialist Republic of Vietnam.
o 3. The State Bank shall ensure the provision to the economy of adequate paper money and
coin with proper quantities of each type of note and coin.
o 4. Paper money and coin put in circulation shall be "debit" assets of the economy and shall be
balanced by "credit" assets of the State Bank.
•
Article 18 Design, printing, casting, maintenance, transportation, issuance of currency for
circulation and destruction of currency
o 1. The State Bank shall design the face value, size, weight, images, artwork and other features
of money for submission to the Prime Minister for his approval.
o 2. The State Bank shall organize the printing, casting, maintenance, transportation, issuance of
currency for circulation and destruction of currency
•
Article 19 Dealing with defaced or damaged money
o The State Bank shall stipulate the criteria by which money shall be classified as defaced or
damaged; shall exchange and recover money defaced or damaged resulting from the process
of circulation; and shall not agree to exchange notes which were defaced or damaged as a
result of a deliberate act.
•
Article 20 Recovery and replacement of money
o The State Bank shall recover and withdraw from circulation types of money no longer
suitable and shall issue new money in its place. The types of money recovered shall be
exchanged with other types of money of equivalent value within the duration stipulated by
the State Bank. After the duration for recalling and changing money, money in the category of
money recalled shall no longer be valid for circulation.
•
Article 21 Sample money and money used as souvenirs
o The State Bank shall organize the design, printing, casting and sale within and outside the
country of various forms of sample money and money used as souvenirs, for collection or for
other purposes as stipulated by the Prime Minister.
•
Article 22 Promulgation of and checking regulations on money-issuing activities
o 1. The Government shall promulgate regulations on money-issuing activities including the
printing, casting, maintenance, transportation, issuance, recalling, replacement and destruction
of money, and costs for money-issuing activities.
o 2. The Ministry of Finance shall inspect implementation of the regulations on printing, casting
and destruction of money.
•
Article 23 Prohibited acts:
o 1. Forging money; transporting, storing and circulating forged money.
o 2. Illegally destroying money.
o 3. Refusing to receive or circulate money eligible for circulation issued by the State Bank.
o 4. Other prohibited acts stipulated by law.
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iii. Lending, guarantee and provision of advances for the state budget
• Lending: Article 24
- 1. The State Bank shall make short term loans to credit institutions in accordance with article 11.2(a)
of this Law.
- 2. The State Bank shall consider and make decisions providing special loans to credit organizations
in the following circumstances:
(a) Credit institutions which insolvent thereby threatening to cause instability to the system of credit
institutions;
(b) Credit institutions which are in danger of insolvency due to other serious events.
- 3. The State Bank shall not make loans to any individual or organization not being a credit
institution as specified in clauses 1 and 2 of this article.
•
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Guarantee: article 25
The State Bank shall NOT provide guarantees for organizations and individuals to obtain loans,
except for guarantees for credit institutions to obtain foreign loans pursuant to a decision of the
Prime Minister of the Government.
•
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Provision of advances for the state budget: Article 26
The State Bank shall, subject to a decision by the Prime Minister, make advances to the central
budget in order to balance temporary deficits of the State budget. Any such amount of advanced
money shall be repaid within the budget year, unless otherwise stipulated in special circumstances
by the Standing Committee of the National Assembly.
iv. Payment and treasury operation ( article 27 – 30)
• Article 27 Opening of accounts and conducting transaction in accounts
o 1. The State Bank may open accounts and conduct transactions in accounts at foreign banks,
international monetary institutions and [international] banks.
o 2. The State Bank shall open accounts and conduct transactions for credit institutions.
o 3. The State Treasury shall open accounts with the State Bank. In provinces and cities under
central authority and in districts, towns and provincial cities in which no State Bank branch is
located, transactions for the State Treasury shall be conducted in accordance with State Bank
regulations.
•
Article 28 Organization, management, operation and supervision of national payment system
o 1. The State Bank shall organize, manage, operate and supervise a national payment system.
o 2. The State Bank shall carry out management of means of payment in the economy.
•
Article 29 Budgetary services
o The State Bank shall provide budgetary services by way of collecting and paying money for
account holders and by transporting, counting, classifying and dealing with money in circulation.
•
Article 30 Acting as an agent of State Treasury
o The State Bank shall act as an agent of the State Treasury in the organization of tenders [for],
issuance, depository and payment of Treasury bonds and bills.
v. Management of foreign exchange and foreign enchange operations ( article 31-34)
• Article 31 Duties and powers of State Bank in relation to foreign exchange control and foreign
exchange activities:
o 1. To control foreign exchange and use of foreign exchange in the territory of Vietnam in
accordance with law.
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o 2. To organize and develop the foreign currency market.
o 3. To issue and withdraw licences for conduct of foreign exchange activities from credit
institutions and other organizations conducting foreign exchange activities.
o 4. To submit measures to restrict foreign exchange transactions to the Prime Minister of the
Government for his decision in order to ensure national financial and monetary security.
o 5. To organize, manage and participate in the inter-bank foreign currency market.
o 6. Other duties and powers in relation to foreign exchange control and foreign exchange
activities in accordance with law.
•
Article 32 Management of foreign exchange reserves of the State
o 1. The foreign exchange reserves of the State shall comprise:
(a) Foreign currency in cash, and foreign currency deposits overseas;
(b) Securities and other valuable papers in foreign currency issued by foreign governments
foreign organizations and international organizations;
(c) Special drawing rights and reserves at the International Monetary Fund;
(d) Gold managed by the State Bank;
(dd) Other types of foreign exchange of the State.
o 2. The State Bank shall manage the foreign exchange reserves of the State in accordance with
the law on foreign exchange in order to implement the national monetary policy, ensure
international solvency and maintain the foreign exchange reserves of the State.
o 3. The Prime Minister of the Government shall make decisions using the foreign exchange
reserves of the State for contingencies or imperative demands of the State; where the use of
foreign exchange reserves of the State results in a change in the estimated budget, the Law on
State Budget shall apply.
o 4. The State Bank shall submit periodical and individual reports on management of the foreign
exchange reserves of the State to the Prime Minister of the Government.
o 5. The Ministry of Finance shall inspect management of the foreign exchange reserves of the
State by the State Bank in accordance with Government regulations.
•
Article 33 Foreign exchange activities conducted by State Bank
o The State Bank shall carry out the purchase and sale of foreign exchange in the domestic market
for the purposes of the national monetary policy; and shall carry out the purchase and sale of
foreign exchange on the international market and conduct other foreign exchange transactions
in accordance with regulations of the Prime Minister of the Government.
•
Article 34 Sale and purchase of foreign currency between foreign exchange reserves and State
Budget
o The Prime Minister shall stipulate a level of foreign currency retained by the Ministry of
Finance from income of the budget for payment for regular expenditure in foreign currency of
the State Budget. The remaining amount of foreign currency shall be sold by the Ministry of
Finance to the foreign exchange reserves of the State placed at the State Bank.
vi. Information and reporting ( article 35-41)
• Article 35 Responsibility to provide information to State Bank
o 1. Organizations and individuals shall be responsible to provide information to the State Bank
for preparation of monetary balance sheets, the payment balance of Vietnam and evaluation or
forecasts of the developmental tendency of the monetary market for the purposes of formulating
and implementing the national monetary policy and foreign exchange control.
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o 2. Credit institutions shall be responsible to provide the State Bank with information and
statistical data upon request by the State Bank for the purposes of evaluating, inspecting and
supervising operation of the system of credit institutions and of each credit institution.
o 3. The Governor of the State Bank shall stipulate categories of providers, procedures, scope and
types of information, and periods and methods of providing information stipulated in clauses 1
and 2 of this article.
•
Article 36 Principles of provision of information
o Information which organizations and individuals provide to the State Bank must be accurate,
truthful, complete and prompt.
•
Article 37 Duties of State Bank in relation to information activities
o 1. The State Bank shall have the following duties in relation to information activities:
(a) To organize collection, use, storage, provision and publication of information in compliance
with law;
(b) To organize and supervise provision of credit information by clients having relations with
credit
o institutions to such credit institutions;
(c) To provide guidelines on provision of information, and to activate and check provision of
information by organizations and individuals in accordance with law.
o 2. The State Bank shall be responsible to publish the following information in accordance with
its authority:
(a) Guidance, policies and laws on currency and banking;
(b) Decisions of the Governor of the State Bank managing currency and banking;
(c) Status of changes in currency and banking;
(d) Notices relating to establishment, acquisition, sale, division, demerger, consolidation,
merger, bankruptcy or dissolution of credit institutions;
o (dd) Financial results and operations of the State Bank in accordance with law.
•
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Article 38 Protection of confidentiality of information
1. The State Bank shall be responsible to formulate a list [of secrets], to change the grade of
confidentiality and release State secrets in the monetary and banking sector and submit them to the
competent State body for decision; and shall protect secrets of the State Bank, and of organizations and
individuals in accordance with law.
2. The State Bank shall be entitled to refuse the request of any organization or individual for provision
of confidential information on currency and banking, except for requests of competent State bodies in
accordance with law.
3. State employees and officials of the State Bank must maintain confidentiality of information on
professional operations of the State Bank or of credit institutions, and confidentiality of deposits of
organizations and individuals in accordance with law.
-
-
•
Article 39 Monetary statistics, analysis and forecast
o The State Bank shall organize statistics and collection of economic, monetary and banking
information within and outside the country for the purposes of research, analysis and forecast
of monetary changes in order to formulate and manage the national monetary policy.
•
Article 40 Reports on operation
o 1. The Prime Minister of the Government shall submit, or delegate the Governor of the State
Bank to submit to the National Assembly annual reports on results of implementation of the
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national monetary policies, and reports and explanatory statements on issues raised to the
National Assembly, the Standing Committee of the National Assembly and bodies of the
National Assembly; and shall promptly provide information and documents to bodies of the
National Assembly when so requested for supervision of implementation of the national
assembly policy.
o 2 The State Bank shall report the following items to the Government:
(a) Semi-annual and annual periodical [reports] on monetary and banking changes;
(b) Audited annual financial statements.
o 3. The State Bank shall provide ministries and ministerial equivalent bodies with reports in
accordance with law.
•
Article 41 Publishing operation
o The State Bank shall organize issuance of publications on currency and banking in accordance
with law.
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Case Study:
1. Article 126, 127, 128 Credit institution
-
Entities to whom extension of credit is not permitted (không được phép cấp): article 126 –
credit institution
o 1. A credit institution or foreign bank branch is not permitted to extend credit to the following
individuals and organizations:
o (a) Members of the board of management, of the members' council or board of controllers,
the general director (director) or deputy general directors (deputy directors) and equivalent
positions in the credit institution or foreign bank branch; legal entities being a shareholder
whose representative of the capital contribution portion is a member of the board of
management or of the board of controllers of the shareholding credit institution; or legal
entities being capital contributing members or the owner of the credit institution being a
limited liability company; → gồm có cá nhân hoặc pháp nhân có người đại diện là thành viên
của BOC, BOD, GD/D; pháp nhân là người góp vốn, chủ sở hữu của cổ chức tịn dụng theo
form LLC
o (b) A parent, spouse or child of a member of the board of management, of a member of the
members' council or of the board of controllers or of the general director (director) or a deputy
general director (deputy director) and equivalent positions. → Cha, mẹ, vợ, chồng, con của mấy
người có chức danh trên
o 2. The provisions of clause 1 above do not apply to people's credit funds or the case of
extension of credits in the form of issuance of credit cards to individuals. Credit card limits
applicable to individuals as prescribed in clause 1 above shall accord with State Bank
regulations.
o 3. A credit institution or foreign bank branch is not permitted to extend credit to clients on
the basis of security (cơ sở bảo đảm include: guarantee, mortgage and cầm cố) provided by
any of the subjects specified in clause 1 of this article. A credit institution or a foreign bank
branch is not permitted to provide security in any form in order for another credit institution
to extend credit to any of the subjects stipulated in clause 1 of this article. → không cấp
khoảng vay cho khách hàng được đảm bảo bởi những đối tượng của khoảng 1 và không được
đảm bảo khoảng vay cho các đối tượng ở khoảng 1
o 4. A credit institution is not permitted to extend credit to an enterprise operating in the
securities business sector if the credit institution has the right to control such enterprise.
→ nắm quyền kiểm soát thì không được cho vay
o 5. A credit institution is not permitted to extend credit on the basis of receipt of security
being shares owned by such credit institution or by a subsidiary company of such credit
institution. → không nhận bảo đảm bằng cổ phiếu của chính tổ chức tín dụng hoặc công ty con
của tổ chức tín dụng.
o 6. A credit institution or foreign bank branch is not permitted to extend to credit in order to
contribute capital to or to purchase shares in a credit institution.
o 7. Extension of credit as prescribed in clauses 1, 3, 4, 5 and 6 of this article includes activities
of purchase of and investment in enterprise bonds.
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Restrictions on credit extension (hạn chế cấp): article 127 – credit institution
▪ 1. A credit institution or foreign bank branch is not permitted to extend credit without
security or to extend credit on preferential conditions (không được cấp tín dụng
không có bảo đảm, cấp tín dụng với điều kiện ưu đãi) to the following:
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▪
▪
▪
▪
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(a) Auditing organizations and auditors currently conducting an audit at the credit
institution or foreign bank branch; or inspectors currently conducting an inspection at
the credit institution or foreign bank branch;
(b) The chief accountant of a credit institution or foreign bank branch, the chairman
or other members of the board of management, the head or other member of the
board of controllers, directors, deputy directors and equivalent positions of a people's
credit fund;
(c) Major shareholders and founding shareholders;
(d) Enterprises of which more than ten (10) per cent of the charter capital is owned
by one of the subjects specified in article 126.1 of this Law;
(dd) People conducting appraisal and approval of loans;
(e) Subsidiary companies or affiliated companies of the credit institution or of an
enterprise controlled by the credit institution.
2. The total balance of extension of credit to the subjects specified in sub-clauses (a)
to (dd) of clause 1 of this article shall not exceed five per cent of the equity of the
credit institution or foreign bank branch.
3. The extension of credit to any subjects specified in clause 1 of this clause must be
approved by the board of management or members' council of the credit institution
and shall be published within the credit institution.
4. The total balance of extension of credit to any one subject specified in sub-clause
(e) of clause 1 of article shall not exceed ten (10) per cent of the equity of the credit
institution or foreign bank branch; and to all subjects specified in sub-clause (e) of
clause 1 of article, shall not exceed twenty (20) per cent of the equity of the credit
institution.
5. The total balance of extension of credit prescribed in clause 2 above comprises the
total amount for purchases or investments in bonds issued by the entities prescribed
in sub-clauses (a), (c) and (d) of clause 1 above; and the total balance of extension of
credit prescribed in clause 4 above comprises the total amount for purchases and
investments in bonds issued by the entities prescribed in clause 1(a) above.
Limit on the credit extension: article 128 – credit institution
▪ 1. The total balance of extension of credit to a single client shall not exceed fifteen
(15) per cent of the equity of the commercial bank, foreign bank branch, people's
credit fund or micro-finance institution; the total balance of loans made to a single
client and related persons shall not exceed twenty five (25) per cent of the equity of
the commercial bank, foreign bank branch, people's credit fund or micro-finance
institution.
▪ 2. The total balance of extension of credit to a single client shall not exceed twenty
five (25) per cent of the equity of the non-banking institution; and the total balance of
extension of credit made to a single client and related persons shall not exceed fifty
(50) per cent of the equity of the non-banking institution.
→ bank, PCF and micro-finance institution: 15% (single) – 25% ( single + related)
→ non-bank: 25% (single) – 50% ( single + related)
▪ 3. The total balance of extension of credit stipulated in clauses 1 and 2 of this article do
not include loans from funds entrusted by the Government, organizations or
individuals or where the borrower is another credit institution. → không bao gồm các
khoản cho vay từ nguồn vốn ủy thác của Chính phủ, của tổ chức, cá nhân hoặc trường
hợp khách hàng vay là tổ chức tín dụng khác.
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▪
▪
▪
▪
▪
4. The total balance of extension of credit stipulated in clauses 1 and 2 of this article
includes the total amount for purchases or investment in bonds issued by clients
and/or their related persons.
5. The State Bank provides regulations on limits and conditions for extending credit by
credit institutions and foreign bank branches for investment in and trading shares and
enterprise bonds.
6. Where the need for capital of a single client and related persons exceeds the limit on
extension of credit stipulated in clauses 1 and 2 of this article, then the credit institution
or foreign bank branch shall be permitted to extend syndicated credit in accordance
with State Bank regulations.
7. In a special case and in order to implement socio-economic tasks where the capacity
of credit institutions and foreign bank branches to extend syndicated credit is unable
to satisfy the requirement for a loan to a single client, the Prime Minister of the
Government may make a decision on a maximum extension of credit exceeding the
limits specified in clauses 1 and 2 of this article on a case-by-case basis. The Prime
Minister of the Government shall provide regulations on the conditions, application
file and sequence for requesting approval of an extension of credit exceeding the limits
prescribed in clauses 1 and 2 of this article.
8. The total amount of syndicated credit extended by any one credit institution or
foreign bank branch as stipulated in clause 7 of this article shall not exceed four times
the equity of such credit institution or foreign bank branch.
2. Cầm cố, thế chấp tài sản Civil code
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Pledge ( cầm cố tài sản - transfer): article 309-316 – civil code
o Article 309 Pledges of property
▪ Pledge of property means the delivery by one party (hereinafter referred to as the
pledgor) of property under its ownership to another party (hereinafter referred to as
the pledgee) as security for the performance of an obligation.
o Article 310 Effectiveness of pledges of property
▪ 1. A contract of pledge of property shall be effective as from the time of entering into
the contract, unless otherwise agreed or provided by law.
▪ 2. A pledge of property shall be enforceable against a third person as from the time
when the pledgee holds the pledged property.
▪ Where an immoveable property is the subject matter of a pledge in accordance with
law, the pledge of the immoveable property shall be enforceable against a third person
as from the time of registration.
o Article 311 Obligations of pledgors
▪ 1. To deliver the pledged property to the pledgee as agreed.
▪ 2. To notify the pledgee of any third person rights, if any, with respect to the pledged
property; in the case of failure to provide such notice, the pledgee shall have the
right to cancel the contract of pledge of property and demand compensation for loss
and damage or [the right to] maintain the contract and agree on the rights of the
third person with respect to the pledged property. → nếu không thông báo về quyền
của bên thứ 3 thì bên nhận cầm cố có quyền hủy hợp đồng và yêu cầu bồi thường hoặc
chấp nhận giữ hợp đồng và đồng ý quyền của bên thứ 3
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▪
3. To pay the pledgee reasonable expenses for taking care of the pledged property,
unless otherwise agreed.
o Article 312 Rights of pledgors
▪ 1. To demand the pledgee suspend use of the pledged property in cases provided in
clause 3 of article 314 of this Code if the pledged property is in danger of losing its value
or depreciating in value as a result of such use. → có quyền yêu cầu bên cho vay ngưng
sử dụng nếu việc sử dụng tài sản làm giảm/ mất giá trị của tài sản cầm cố
▪ 2. To demand the pledgee return the pledged property and relevant documents, if
any, after the obligation secured by the pledge has terminated. → yêu cầu trả lại khi
nghĩa vụ được đảm bảo chấm dứt
▪ 3. To demand the pledgee compensate for any loss and damage caused to the pledged
property.
▪ 4. To sell, replace, exchange or give the pledged property if the pledgee agrees or as
provided by law.
o Article 313 Obligations of pledgees: nghĩa vụ của bên nhận cầm cố
▪ 1. To take care of and preserve the pledged property; if [the pledgee] loses, mislays or
damages the pledged property, the pledgee must compensate the pledgor for loss and
damage.
▪ 2. Not to sell, exchange or give the pledged property and not to use it as security for
the performance of another obligation.
▪ 3. Not to lease, lend or exploit the use functions of, nor to enjoy the benefits or income
derived from the pledged property, unless otherwise agreed. → tóm lại chỉ giữ nó và
không có quyền gì khác nếu không có sự đồng ý của bên cầm cố.
▪ 4. To return the pledged property and relevant documents, if any, when the
obligation secured by the pledge terminates or is substituted with another security
o Article 314 Rights of pledgees: quyền của người nhận cầm cố
▪ 1. To demand a person unlawfully possessing or using the pledged property return
the property.
▪ 2. To realize the pledged property in accordance with the methods as agreed or as
provided by law. → xử lý theo luật hoặc hợp đồng
▪ 3. To lease, lend or exploit the use functions of the pledged property, and to enjoy the
benefits and income derived from the pledged property if so agreed.
▪ 4. Upon returning the pledged property to the pledgor, to be reimbursed for reasonable
expenses incurred in taking care of the pledged property.
o Article 315 Termination of pledges of property
▪ A pledge of property shall terminate in the following cases
1. The obligation secured by the pledge has terminated.
2. The pledge of property has been cancelled or substituted with another security.
3. The pledged property has been realized.
4. As agreed by the parties.
o Article 316 Return of pledged property
▪ Where a pledge of property is terminated in accordance with clause 1 or 2 of article 315
of this Code or as agreed by the parties, the pledged property and documents relating
to the pledged property shall be returned to the pledgor. Any benefits and income
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derived from the pledged property shall also be returned to the pledgor, unless
otherwise agreed.
-
Mortgage ( not transfer – thế chấp): article 317-327 – civil code
o Article 317 Mortgages of property
▪ 1. Mortgage of property means the use by one party (hereinafter referred to as the
mortgagor) of property under its ownership as security for the performance of an
obligation to the other party (hereinafter referred to as the mortgagee) without
transferring such property to the mortgagee.
▪ 2. Mortgaged property shall be held by the mortgagor. The parties may agree to
deliver the mortgaged property to a third person to hold. → thường thì người thế
chấp sẽ giữ, nhưng cũng có thể thỏa thuận giao cho bên thứ 3 giữ tài sản đó
o Article 318 Mortgaged property
▪ 1. Where an entire immoveable property or moveable property having auxiliary
objects is mortgaged, such auxiliary objects shall also form part of the mortgaged
property, unless otherwise agreed. → khi thế chấp toàn bộ động sản và bất động sản
thì những vật phụ của nó cũng là vật thế chấp
▪ 2. Where a portion of an immoveable property or moveable property having auxiliary
objects is mortgaged, such auxiliary objects shall also form part of the mortgaged
property, unless otherwise agreed. → khi thế chấp một phần thì vật phẩm nào dính với
phần thế chấp cũng là vật thế chấp
▪ 3. Where a land use right of land having assets attached to the land under the
ownership right of the mortgagor is mortgaged, such assets shall also form part of
the mortgaged property, unless otherwise agreed.
▪ 4. Where a mortgaged property is insured, the mortgagee must notify the insurer that
the insured property is being mortgaged. The insurer shall pay the insured sum
directly to the mortgagee upon occurrence of an insured event.
▪ If the mortgagee fails to notify the insurer that the insured property is being mortgaged,
the insurer shall pay the insured sum in accordance with the insurance contract and
the mortgagor shall be obliged to make payment to the mortgagee. → nếu người nhận
thế chấp không thông báo được, thì người thế chấp nhận tiền bảo hiểm và chuyển cho
người nhận thế chấp
o Article 319 Effectiveness of mortgages of property
▪ 1. A contract of mortgage of property shall be effective as from the time of entering
into the contract, unless otherwise agreed or provided by law.
▪ 2. A mortgage of property shall be enforceable against a third person as from the time
of registration.
o Article 320 Obligations of mortgagors: nghĩa vụ của bên thế chấp
▪ 1. To deliver documents relating to the mortgaged property if the parties so agree,
unless otherwise provided by law.
▪ 2. To take care of and preserve the mortgaged property.
▪ 3. If the mortgaged property is in danger of losing its value or depreciating in value
due to its exploitation, to take necessary remedial measures, including ceasing the
exploitation of the mortgaged property. → Áp dụng các biện pháp cần thiết để khắc phục,
kể cả phải ngừng việc khai thác công dụng tài sản thế chấp khi tài sản bị hao hụt giá trị
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▪
▪
▪
▪
▪
4. When the mortgaged property is damaged, then the mortgagor must conduct within
a reasonable period of time repairs or replace the property with another property of
equivalent value, unless otherwise agreed.
5. To provide the mortgagee with information on the current status of the mortgaged
property.
6. To deliver the mortgaged property to the mortgagee for realization in one of the
cases of realization of security property stipulated in article 299 of this Code.
7. To notify the mortgagee of any third person rights, if any, with respect to the
mortgaged property. In the case of failure to provide such notice, the mortgagee shall
have the right to cancel the contract of mortgage of property and demand
compensation for loss and damage or [the right to] maintain the contract and agree
on the rights of the third person with respect to the mortgaged property. → nếu không
thông báo về quyền của bên thứ 3 thì bên nhận thế chấp có quyền hủy hợp đồng và yêu
cầu bồi thường hoặc chấp nhận giữ hợp đồng và đồng ý quyền của bên thứ 3
8. Not to sell, replace, exchange or donate the mortgaged property, except in the cases
provided in clauses 4 and 5 of article 321 of this Code.
o Article 321 Rights of mortgagors: quyền của bên thế chấp
▪ 1. To exploit the use functions, and to enjoy the benefits and income derived from the
mortgaged property, except where the benefits and income also form part of the
mortgaged property as agreed. \
▪ 2. To invest in order to increase the value of the mortgaged property.
▪ 3. To recover the mortgaged property held by a third person and the documents relating
to the mortgaged property held by the mortgagee when the obligation secured by the
mortgage is terminated or is substituted by another security. → nhận lại tài sản và giấy
tờ liên quan khi nghĩa vụ chấm dứt
▪ 4. To sell, replace or exchange mortgaged property being goods rotating during the
production and business process. In this case, the right to demand that the purchaser
pay money, the proceeds received, the assets formed from the proceeds received or
substituted or exchanged assets shall form the mortgaged property. → khi mà tài
sản thế chấp là hàng hóa luân chuyển trong quá trình sản xuất thì có quyền bán, thay
thế và trao đổi. Những thứ nhận được sau khi bán, thay thế và trao đổi đều sẽ là tài sản
thế chấp
▪ When a warehouse is mortgaged, the mortgagor may substitute goods in the
warehouse but must ensure the value of the goods in the warehouse remains the value
agreed.
▪ 5. To sell, exchange or give mortgaged property not being goods rotating during the
production and business process, if the mortgagee agrees or as provided by law.
▪ 6. To lease or lend the mortgaged property provided that notice must be provided to
the lessee and the borrower that the property is being mortgaged and that the
mortgagee must also be notified that such notice has been provided.
o Article 322 Obligations of mortgagees
▪ 1. Where the parties agree that the mortgagee will hold the documents relating to the
mortgaged property, to return to the mortgagor such documents upon termination of
the mortgage.
▪ 2. To conduct the procedures for realization of the mortgaged property in accordance
with law.
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o Article 323 Rights of mortgagees: quyền của bên nhận thế chấp
▪ 1. To examine and inspect directly the mortgaged property provided that such
examination and inspection does not hinder or cause difficulty to the formation, use
and exploitation of the mortgaged property. → Xem xét, kiểm tra trực tiếp tài sản thế
chấp, nhưng không được cản trở hoặc gây khó khăn cho việc hình thành, sử dụng, khai
thác tài sản thế chấp.
▪ 2. To require the mortgagor to provide information on the current status of the
mortgaged property.
▪ 3. To require the mortgagor to apply necessary measures to preserve the property and
the value of the property if there is a danger that use and exploitation of the mortgaged
property will cause loss of value or depreciation in value of the property.
▪ 4. To conduct registration of the mortgage in accordance with law.
▪ 5. To require the mortgagor or a third person holding the mortgaged property to deliver
it to the mortgagee for realization if the mortgagor has failed to perform or
performed incorrectly the obligation.
▪ 6. To hold the documents relating to the mortgaged property if the parties so agree,
unless otherwise provided by law.
▪ 7. To realize the mortgaged property in the cases provided in article 299 of this Code.
o Article 324 Rights and obligations of third persons holding mortgaged property
▪ A third person holding mortgaged property has the following rights:
(a) To exploit the use functions of the mortgaged property if so agreed.
(b) To receive remuneration and be reimbursed for expenses incurred in taking care
of and preserving the mortgaged property, unless otherwise agreed.
▪ A third person holding mortgaged property has the following obligations:
(a) To take care of and preserve the mortgaged property, and to compensate for any
loss and damage if the third person loses the mortgaged property or causes the
mortgaged property to lose its value or depreciate in value;
(b) If the property is in danger of losing its value or depreciating in value due to
exploitation of the use function of the mortgaged property, to cease such exploitation.
(c) To return the mortgaged property to the mortgagee or mortgagor as agreed or
as provided by law.
o Article 325 Mortgage of land use rights without mortgaging property attached to land
( thế chấp đất, không thế chấp tài sản)
▪ 1. In the case of a mortgage of a land use right without mortgaging the property attached
to the land and the land user is also the owner of the property attached to the land,
then the property to be realized shall include the property attached to the land, unless
otherwise agreed. → không thế chấp tài sản mà chủ người sử dụng đất đồng thời là chủ
sở hữu của tài sản thì tài sản đó vẫn được xử lý
▪ 2. In the case of a mortgage of a land use right and the land user is not also the owner
of the property attached to the land, then on realization of the land use right, the owner
of the property attached to the land is entitled to continue to use the land within its
rights and obligations; and the rights and obligations of the mortgagor in the
relationship with the owner of the property attached to the land shall be transferred to
the person receiving the transfer of the land use right, unless otherwise agreed. →
Trường hợp thế chấp quyền sử dụng đất mà người sử dụng đất không phải là chủ sở hữu
tài sản gắn liền với đất thì khi xử lý quyền sử dụng đất, chủ sở hữu tài sản gắn liền với
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đất được tiếp tục sử dụng đất trong phạm vi quyền, nghĩa vụ của mình; quyền và nghĩa
vụ của bên thế chấp trong mối quan hệ với chủ sở hữu tài sản gắn liền với đất được
chuyển giao cho người nhận chuyển quyền sử dụng đất, trừ trường hợp có thỏa thuận
khác.
o Article 326 Mortgage of property attached to land without mortgaging land use right
( thế chấp tài sản, không thế chấp đất)
▪ 1. In the case of a mortgage of property attached to land without mortgaging the land
use right and the owner of the property attached to the land is also the land user, then
the property to be realized shall include the land use right, unless otherwise agreed.
→ chủ sở hữu tài sản là người sử dụng đất thì đất cũng bị thế chấp
▪ 2. In the case of a mortgage of property attached to land without mortgaging the land
use right and the owner of the property attached to the land is not also the land user,
then on realization of the property attached to the land, the person receiving the
transfer of the ownership right to such property attached to the land is permitted to
continue to use the land within the transferred rights and obligations of the owner of the
property attached to the land, unless otherwise agreed. → người nhận chuyển quyền sở
hữu tài sản gắn liền với đất được tiếp tục sử dụng đất trong phạm vi quyền, nghĩa vụ
của chủ sở hữu tài sản gắn liền với đất được chuyển giao
o Article 327 Termination of property mortgages
▪ A mortgage of property shall terminate in any of the following cases:
1. The obligation which is secured by the mortgage has terminated.
2. The mortgage of the property has been cancelled or substituted with another security.
3. The mortgaged property has been realized.
4. As agreed by the parties.
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Exercises
Chapter 1: Introduction to law and banking
Chapter 2: Law on banking in Vietnam
Part 1: Law on credit institution
1. Form of enterprises (law on enterprises)
2. Form of credit institution (law on CI)
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3. Operation of CI
3.
4.
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Part 2: Law on the state bank of Vietnam
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