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Renewal of the bank’s operating license is an important procedure, ensuring the bank maintains operations in accordance with the law and updates changes related to organizational structure, charter capital or scope of operations. Renewing the license not only helps the bank ensure full compliance with regulations, but also creates conditions for the bank to improve its reputation, expand the scope of services and increase trust from customers.
The renewal of the bank’s operating license is carried out in a number of specific cases. According to the provisions of Circular 34/2024/TT-NHNN, the bank’s operating license can be renewed in the following cases:
In addition, the bank also needs to renew the License when requested by a competent state management agency. Understanding these cases helps credit institutions be proactive in their operations and comply with legal regulations.
The State Bank of Vietnam is the only agency authorized to renew operating licenses for credit institutions. Specifically:
The process of renewing the License is carried out at the headquarters of the State Bank in Hanoi. Credit institutions need to note this location when submitting applications and monitoring processing progress.
Reference content: Article 3 of Circular 34/2024/TT-NHNN
In case of license renewal:
In case of additional activity content to the License:
Reference content: Article 9 of Circular 34/2024/TT-NHNN.
The process of renewing the bank’s operating license includes the following steps:
Step 1: The bank prepares complete documents according to regulations.
Step 2: Submit the application directly or by mail to the State Bank.
Step 3: Within 40 working days, the receiving agency notifies the bank in writing about accepting the dossier or requesting to supplement and complete the dossier (if necessary). The State Bank shall renew the License or issue additional operational content to the License or issue additional operational content to the License at the same time as renewing the License upon request to commercial banks and branches foreign bank branches. In case of refusal, the State Bank shall respond in writing and clearly state the reason.
Step 4: Announce changes to the License within 07 (seven) working days from the date the State Bank renews the License or adds operational content to the License on 01 media of the State Bank. State Bank and 01 printed newspaper in 03 consecutive issues or on 01 Vietnamese electronic newspaper.
Reference content: Article 7 Circular 34/2024/TT-NHNN.
Commercial banks and foreign bank branches that are granted License renewal must pay the License renewal fee at the State Bank (Transaction Department) or State Bank branches in provinces and centrally run cities ( hereinafter referred to as the State Bank branch) where the headquarters is located or pay online on the National Public Service Portal within 15 days from the date of issuance of the License.
The fee for renewing a License is in accordance with the law on fees and charges.
Reference content: Article 4, Circular 34/2024/TT-NHNN.
According to the provisions of Circular 34/2024/TT-NHNN, the deadline for resolving the renewal of the bank’s operating license is as follows:
During the appraisal process, the State Bank may request the bank to supplement and clarify information in the dossier. The time to supplement and complete the dossier is not included in the processing time limit mentioned above.
Banks need to pay attention to monitoring the progress of processing documents and proactively contact the receiving agency if they have not received the results after the specified deadline.
Reference content: Article 7 Circular 34/2024/TT-NHNN.
With Long Phan’s team of experts with many years of experience, we are committed to supporting customers in completing License renewal procedures quickly, effectively and in accordance with the law.
Services we provide include:
Customers need to follow the correct process and prepare complete documents for the exchange to take place smoothly. For detailed advice on procedures for renewing banking licenses, please contact Long Phan via Hotline: 0906735386. We are ready to help customers complete procedures quickly and effectively.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
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