SBV issues license for VCFC

The Governor of the State Bank of Vietnam (SBV), on December 29, issued License No. 340/GP-NHNN to set up the Vietnam Chemical Finance Joint Stock Company (VCFC) with the charter capital of VND 300 billion for the maximum duration of 50 years.

Under this License, the VCFC is allowed to conduct the following operations:

- Capital mobilization including accepting deposits of one-year and above from institutions and individuals; issuing bills, bonds, certificates of deposit and other valuable papers; borrowing from foreign and domestic credit and financial institutions and international financial institutions; receiving trust capital from the Government, foreign and domestic organizations and individuals;

-Credit operations including lending, discount, rediscount and mortgaging of commercial papers and other valuable papers; providing trust services and extending credit in other forms stipulated by the SBV; act as a guarantor with its prestige and financial resources;

- Other activities.

The VCFC will operate in compliance with the Vietnamese law, the SBV regulations on establishment and operations license, and its charter approved by the SBV Governor.

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