Plan on simplification of banking procedures in issued

On 4 July 2017, the Vietnamese Government issued Resolution No. 59/NQ-CP on simplifying administrative procedures under the management function of the State Bank of Vietnam (“Resolution 59”) together with the simplification plan for the implementation by the relevant competent agencies (“Plan”).
Accordingly, the Plan amends the two following main contents:
  - For the curriculum vitae form used in the relevant banking activities, removing requirement on providing information on fifteen (15) personal information fields which may be found out on the basis of national data on residents and only keeping the request on information about their full names, place of current residence (if different from their permanent residence registration) and personal identification number.
  - Removing requirement on providing the identity cards or passports of the legal representatives and the contributed capital representatives of the entities at the bank and non-banking credit institution in cases where these legal representatives and the contributed capital representatives are Vietnamese citizens.
Resolution 59 took effect on 4 July 2017. Accordingly, the State Bank of Vietnam will draft a circular amending and supplementing the relevant provisions of Circular No. 40/2011/TT-NHNN dated 15/12/2011, Circular No. 30/2015/TT-NHNN dated 25/12/2015, Circular No. 24/2011/TT-NHNN dated 31/8/2011, Circular No. 06/2010/TT-NHNN dated 26/02/2010, Circular No. 21/2013/TT-NHNN dated 9/9/2013, Circular No. 04/2015/TT-NHNN dated 31/03/2015; Circular No. 02/2015/TT-NHNN dated 7/01/2015; Circular No. 16/2010/TT-NHNN dated 25/6/2010 and Circular 28/2015/TT-NHNN dated 18/12/2015; and simultaneously with, will take the responsibility and coordinate with the relevant Ministries and branches for drafting a Decree amending and supplementing Decree No. 101/2012/ND-CP dated 22/11/2012.