Toyota Finance Services Vietnam Company licensed

The Governor of the State Bank of Vietnam has granted a license for the establishment and operation to the one member Toyota Finance Services Vietnam Company Limited, the bank announced on its website.

Under the license dated July 24 signed by the SBV governor, the Ho Chi Minh City-based company has a charter capital of VND 300 billion and a duration of 50 years.

Key activities allowed to be carried out by the company include issuance of bills, bonds, deposit certificates and other valuable papers to mobilise funds from domestic and foreign individuals and organisations in conformity with the current laws; borrowing capital from domestic and foreign credit and financial organisations; receiving entrusted capital from domestic and foreign organisations and individuals, including companies in the Toyota Group.

In addition, the company is also allowed to provide consumer credits under such forms as loans for installment payment and cash loans to customers who are individuals and agents to buy cars, mostly Toyota cars. The company also provides guarantee tools relating to consumer credits and acts as an agent in issues relating to finance, banking and insurance.

The company is not allowed to get directly involved in real estate trading.

ND

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