Small financial organizations to be founded for low-income clients
VNGOP – Under Circular 02/2008/TT-NHNN recently issued by the State Bank, small-scale financial organizations will be licensed if meeting nine criteria, the most important of which is that they must present a feasible business plan for first three years.
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Small credits will help low-income families to improve their livelihood |
A small financial organization must have the legal capital of VND 5 billion. They are established as liability-limited companies which can afford debts and other property obligations, with their own legal capital.
Small financial organizations, in the form of single-member liability-limited companies, must be owned by a Vietnamese socio-political organization. Those as companies with two members or more will be founded by two or more capital contributors, or by these contributors and other individuals/organizations at home and abroad. The number of contributors is five in maximum, except other cases stipulated by the State Bank Governor.
For foreign-invested financial organizations, the foreign contributor must be licensed by competent agencies in their country of origin to contribute capital to small financial organizations in Việt Nam.
A loan given by a small financial organization to a client is VND 30 million in maximum.
By Phương Uyên
