HANOI: Regulations governing the operational networks of commercial banks could be significantly streamlined under a new proposal from the State Bank of Vietnam (SBV).
Under a draft circular, which is now open for public comment, numerous administrative procedures related to the establishment and relocation of bank branches and transaction offices will be shortened.
According to the SBV, the draft circular is intended to support a broader plan to simplify business regulations for banks in line with a government resolution on reducing and streamlining administrative procedures related to production and business activities.
For overseas operations, the SBV proposes reducing the time required to review and approve the establishment of branches, representative offices or subsidiaries of Vietnamese commercial banks from 45 working days to 30, counted from the date complete and valid documents are received.
For domestic networks, procedures for relocating head offices will also be shortened. The time needed for an SBV branch in a province or city to consider and approve the relocation of a branch office to another province or city will be reduced from 20 working days to 13.
Cases involving relocation within the same province or city will be cut from 10 days to five. — Viet Nam News/ANN
