After retirement, people employed by the State Bank of Vietnam are not allowed to start businesses

Document No. 20/2023/TT-NHNN also clearly stipulates the period during which enterprises are not allowed to be established, operated, or managed. Recently, the State Bank (SBV) issued Circular No. 20/2023/TT-NHNN, which regulates the list and period of areas in which persons with positions and powers are prohibited from establishing or holding positions or positions, managing and operating enterprises, cooperatives and enterprises. After leaving the credit agency.

Employees working in 7 areas of the State Bank of Vietnam are not allowed to start a business after resigning

The “Notice” clarifies that persons with positions and powers are not allowed to establish, hold positions, or manage positions in the fields they were originally responsible for, nor are they allowed to operate enterprises, cooperatives, or credit institutions. Post-employment management responsibilities include: :

1- Grant, reissue, change the content, or revoke the business license of credit information agencies to provide credit information services; conduct inspections of credit information agencies.

2- Licensing or suspending payment activities of credit institutions and other organizations; granting, modifying, supplementing and revoking licenses for organizations other than banks to provide payment intermediary services; inspecting and inspecting payment activities.

3. Issue and revoke approval documents for conducting business and providing foreign exchange services to credit institutions and other organizations in accordance with the law; inspection of foreign exchange activities.

4. Issue and revoke gold jewelry and fine art production qualification certificates and gold business licenses; inspect and inspect gold business activities.

5- Issuance, modification, supplement and revocation of credit institution establishment and operating licenses; Approval of the acquisition, sale, spin-off, demerger, merger, consolidation and dissolution of credit institutions in accordance with legal provisions; Approval of the proposed election and appointment of credit institution board members and council members List of members, supervisory board members, and general manager (director); Except for the circumstances specified in paragraph 3, other changes shall be approved in accordance with the provisions of the Credit Institutions Law.

6- Create a warning list of organizations with a high risk of money laundering; inspect, inspect, prevent and combat money laundering activities.

7- Bank inspection, review and supervision.

The period during which an enterprise shall not be established, managed or operated in the field for which it was originally responsible for management

The “Notice” clarifies that within a period of time, persons with positions and powers are not allowed to establish or hold positions in the original areas of responsibility, and are not allowed to manage or operate enterprises, cooperatives, and credit institutions. Post-departure management:

Those who hold the positions and powers mentioned in Item 1 above shall be subject to the decision and approval of the competent authority within 12 months from the date of resignation.

Those who have the duties and powers mentioned in Items 2, 3, and 4 above shall have 18 months from the date when the competent authority decides to approve the termination of their duties.

The duties and powers specified in Items 5, 6 and 7 of the preceding paragraph shall be determined and approved by the competent authority within twenty-four months from the date of resignation.

This notice will be effective from February 12, 2024.

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