What is going to change with the new regulations on fees in banking field?
On October 14th 2016, The Ministry of Finance issued Circular No. 150/2016/TT-BTC providing for fees for issuance of license for establishment and operation of credit institutions; license for establishment of foreign banks’ branches, representative offices of foreign credit institutions or other foreign organizations having banking activities; license for provision of intermediary payment services by non-bank institutions, and the collection and transfer thereof.
Any organizations with one of the aforementioned licenses must pay fees- in Vietnamese Dong (VND)- in conformity with regulation in this Circular to the State Bank of Vietnam, the responsible for the collection, declaration and transfer of the fees.
The above fees are fully remitted into the State budget in conformity with the current State Budge Index.
Fee rates are especially as follows:
| No. | Kinds of fees | Unit | Fee (VND) |
| 1 | Fee for issuance of the license for establishment and operation of a credit institution | ||
| a | Fee for issuance of the license for establishment and operation of a bank | ||
| Initial issuance | 01 license | 140,000,000 | |
| Replacement, addition or renewal of license | 01 license | 70,000,000 | |
| b | Fee for issuance of the license for establishment and operation of a non-bank credit institution | ||
| Initial issuance | 01 license | 70,000,000 | |
| Replacement, addition or renewal of license | 01 license | 35,000,000 | |
|
c |
Fees for issuance of the license for establishment and operation of a microfinance institution or people’s credit fund | ||
| Initial issuance | 01 license | 200,000 | |
| Replacement, addition or renewal of license | 01 license | 100,000 | |
| 2 | Fees for issuance of the license for establishment of a foreign bank’s branch or a representative office of a foreign credit institution or other foreign organization having banking activities | 01 license | 1,000,000 |
| 3 | Fees for issuance of the license for provision of intermediary payment services by a non-bank organization | ||
| Initial issuance | 01 license | 10,000,000 | |
| Re-issuance | 01 license | 5,000,000 |
Related: Corporate Formation Services
The aforementioned Circular will take effects on January 1st 2017 to replace the regulations on the collection, transfer and management of fees and charges in the banking field in the Circular No. 110/2002/TT-BTC dated December 12th 2002 and Circular No. 11/2006/TT-BTC dated February 21st 2006; Circular No. 11/2006/TT-BTC dated May 19th 2015 and issued by the Ministry of Finance guiding the collection, payment, management and use of fee for license of the provision of intermediary payment services.
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