Question: During our google search, your company name was highlighted hence we would like invite to submit a brief introduction of your company assistance that you may help to obtain the license.
Before we continue, I hope to could help us with the following enquires:
- Does the State Bank of Vietnam continue to issue such license?
- What is capital requirement?
- Is Foreign Entities (Individual or Company) allowed to obtain the license?
Answer: Thank you for your conversation below. Please find our answers hereunder:
Does the State Bank of Vietnam continue to issue such license?
Yes. However, the number of issued licenses for the microfinance organization is very limited.
What is capital requirement?
For a microfinance organizations not allowed to receive voluntary savings: at least 500,000,000VND (equivalent to about 23,000USD)
For a microfinance organization allowed to receive voluntary savings: at least 5,000,000,000VND (equivalent to about 230,000 USD)
Is Foreign Entities (Individual or Company) allowed to obtain the license?
Only foreign entities are allowed to obtain the license. Foreign individuals are not allowed to obtain the license. However, please note that it must cooperate with at least a political organization or socio-political organization.
Furthermore, it must make sure that at least one founding member has directly run or managed a microfinance program/project safely at least 3 consecutive years before the application submission for the license.