Chapter V

REPRESENTATIVE OFFICES OF FOREIGN CREDIT INSTITUTIONS

Article 60.- Organizational structure

Foreign credit institutions may open representative offices in provinces and centrally run cities in Vietnam. They may open only one representative office in each province or centrally run city.

Article 61.- Relocation of representative offices of foreign credit institutions

1. Foreign credit institutions may relocate their representative offices within provinces or centrally run cities or to others.

2.Conditions, procedures and dossiers for relocation of representative offices of foreign credit institutions shall be specified by the State Bank.

Article 62.- Contents of operation

Representative offices of foreign credit institutions may carry out some or all of the following activities according to the provisions of their licenses granted by the State Bank:

1. Functioning as a liaison office;

2. Market research;

3. Promoting the elaboration of investment projects in Vietnam for foreign credit institutions;

4. Urging and monitoring the performance of contracts and agreements already signed between foreign credit institutions and Vietnamese credit institutions and enterprises, the execution of projects in Vietnam funded by foreign credit institutions;

5. Other operations in accordance with Vietnamese law when permitted by the State Bank.

Article 63.- Termination of operation

Representative offices of foreign credit institutions shall terminate operation in the following cases:

1. Expiry of the operation duration: 60 days before the expiry of the operation duration indicated in the license, the foreign credit institution does not submit a dossier of application for extension or submits such dossier but does not obtain approval of the State Bank;

2. Voluntary termination of operation: in this case, at least 60 days before the intended date of termination of operation of its representative office, the foreign credit institution must send an application to this effect to the State Bank;

3. They have their licenses revoked in one of the circumstances specified at Points a, b, and e, Clause 1, Article 29 of the Credit Institutions Law or when the foreign credit institution falls bankrupt or is dissolved.