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1. Insurance
and Insurance-Related Services
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1.1. Scope of commitment: Including:
1.1.1. Direct
insurance:
(a) Life insurance, excluding health
insurance services
(b) Non-life insurance services
1.1.2. Reinsurance
and retrocession
1.1.3. Insurance
intermediation (such as brokerage and agency)
1.1.4. Services
auxiliary to insurance (such as consultancy, actuarial, risk assessment and
claim settlement)
1.2. No
limitation
1.3. Non-life
branching of foreign insurance enterprises is allowed, subject to prudential
regulations.
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1.4. Scope of commitment: Including:
1.4.1. Direct
insurance (including co-insurance):
(a) Life;
and
(b) Non-life
1.4.2. Reinsurance
and retrocession
1.4.3. Insurance
intermediation (such as brokerage and agency)
1.4.4. Services
auxiliary to insurance (such as consultancy, actuarial, risk assessment and
claim settlement services)
1.5. No
limitation on form of investment and foreign ownership limit, except that
additional requirements on minimum years of experience, value of assets,
profit making, credit ratings and compliance with laws may be imposed.
1.6. Only
branching of foreign non-life insurance enterprises is allowed, subject to
satisfaction of conditions on operational and financial capacity of the
investor and on the cooperation between insurance regulators of Vietnam and
the home country of the investor.
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2. Banking
and Other Financial Services
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2.1. Scope
of commitment: Including:
2.1.1. Acceptance
of deposits and other repayable funds from the public;
2.1.2. Lending
of all types, including consumer credit, mortgage credit, factoring and
financing of commercial transaction;
2.1.3. Financial
leasing;
2.1.4. All
payment and money transmission services, including credit, charge and debit
cards, travellers' cheques and bankers drafts;
2.1.5. Guarantees
and commitment;
2.1.6. Trading
for own account or for account of customers, whether on an exchange, in an
over-the-counter market or otherwise, the following:
(a) Money market instrument (including
cheques, bills, certificates of deposits);
(b) Foreign exchange;
(c) Exchange
rate and interest rate instrument including products such as swaps, forward
rate agreements; and
(d) Bullion;
2.1.7. Money
broking;
2.1.8. Asset
management, such as cash or portfolio management, all forms of collective
investment management, pension fund management, custodial, depository and
trust services;
2.1.9. Settlement
and clearing services for financial assets, including securities, derivative
products, and other negotiable instruments;
2.1.10. Provision
and transfer of financial information, and
financial data processing and related software by suppliers of other
financial services; and
2.1.11. Advisory,
intermediation and other auxiliary financial services on all activities
listed in from 2.1.1 to 2.1.10, including credit reference and
analysis, investment and portfolio research and advice, advice on
acquisitions and on corporate restructuring and strategy.
2.2. Form
of investment:
2.2.1. Foreign
commercial banks may set up: representative office, branch, commercial joint
venture bank with foreign capital contribution not exceeding 50% of chartered
capital, joint venture financial leasing company, 100% foreign-invested
financial leasing company, join venture finance company, 100%
foreign-invested finance company, and 100% foreign-owned bank. Except for the
establishment of representative office or branch, the foreign commercial bank
must have total assets of more than US$10 billion at the end of the year
prior to application.
2.2.2. Foreign
finance companies may set up: representative office, joint venture finance
company, 100% foreign-invested finance company, joint venture financial
leasing company, and 100% foreign-invested financial leasing company. Except
for the establishment of representative office, the foreign finance company
must have total assets of more than US$10 billion at the end of the year
prior to application.
2.2.3. Foreign
financial leasing companies may set up representative office, joint venture
financial leasing company and 100% foreign-invested financial leasing
company. Except for the establishment of representative office, the foreign
financial leasing company must have total assets of more than
US$10 billion at the end of the year prior to application.
2.3. Foreign
ownership limit:
2.3.1. Equity
participation by foreign credit institutions in equitized Vietnamese
state-owned banks: same level as equity participation by Vietnamese
banks.
2.3.2. Capital
contribution in the form of buying shares in joint-stock commercial bank: not
exceeding 30% of the bank's chartered capital, unless otherwise provided by
Viet Nam's laws or authorized by a Viet Nam's competent authority.
2.4. Branching
of a foreign commercial bank is allowed, provided that:
2.4.1. The
relevant foreign parent commercial bank must have total assets of more than
US$20 billion at the end of the year prior to application; and
2.4.2. The
branch is not allowed to open other transaction points outside its branch
office.
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2.5. Scope of commitment: Including:
2.5.1. Acceptance
of deposits and other repayable funds from the public;
2.5.2. Lending
of all types, including consumer credit, mortgage credit, factoring and
financing of commercial transaction;
2.5.3. Financial
leasing;
2.5.4. All
payment and money transmission services, including credit, charge and debit
cards, travellers' cheques and bankers drafts;
2.5.5. Guarantees
and commitment;
2.5.6. Trading
for own account or for account of customers, whether on an exchange, in an
over-the-counter market or otherwise, the following:
(a) Money
market instrument (including cheques, bills, certificates of deposits);
(b) Foreign
exchange;
(c) Derivative
products, including futures and options
(d) Exchange
rate and interest rate instrument including products such as swaps, forward
rate agreements;
(e) Transferable
securities; and
(f) Other
negotiable instruments and financial assets, including bullion;
2.5.7. Participation
in issues of all kinds of securities, including underwriting and placement as
agent (whether publicly or privately) and provision of services related to
such issues;
2.5.8. Money
broking;
2.5.9. Asset
management, such as cash or portfolio management, all forms of collective
investment management, pension fund management, custodial, depository and
trust services;
2.5.10. Settlement
and clearing services for financial assets, including securities, derivative
products, and other negotiable instruments;
2.5.11. Provision
and transfer of financial information, and
financial data processing and related software by suppliers of other
financial services; and
2.5.12. Advisory,
intermediation and other auxiliary financial services on all activities
listed in from 2.5.1 to 2.5.11, including credit reference and
analysis, investment and portfolio research and advice, advice on
acquisitions and on corporate restructuring and strategy.
2.6. Form of investment: same as WTO’s
commitment (see 2.2). In addition,
2.6.1. Only
persons having Vietnamese nationality are allowed to be founding shareholders
of joint stock commercial banks;
2.6.2. Only
one representative office of a foreign credit institution is allowed in each
province or central city;
2.6.3. A
foreign credit institution does not include branch or an entity that has no
independent legal existence of investor; and
2.6.4. General
directors, deputy general directors, chief accountants, directors of branches
and directors of subsidiary companies must reside in Viet Nam during their
term of office whenever they assume the positions in the Board of Directors
of a credit institution.
2.7. Foreign ownership limit:
2.7.1.
Capital contribution in the form of buying shares in joint-stock commercial
bank:
(a) not
exceeding 30% of the bank's chartered capital, unless otherwise provided by
Viet Nam's laws or authorized by a Viet Nam's competent authority;
and
(b) for
a foreign strategic investor and its affiliated persons in Vietnam, not
exceeding 20% of the bank's chartered capital.
Exception on foreign ownership
limit may be granted by the Prime Minister in special cases to restructure
weak Vietnamese credit institutions.
2.8. Branching:
same as WTO’s commitment (see 2.4). In addition,
2.8.1. a
foreign bank branch is not allowed to carry out activities outside the scope
of activities of the foreign bank in its home country, to make capital
contribution or purchase shares; and
2.8.2. prudential
ratios of foreign bank branch in Viet Nam must be calculated based on its
regulatory capital, which must be located in Viet Nam.
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3. Securities
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3.1. Scope
of commitment: Including:
3.1.1. Trading
for own account or for account of customers, whether on an exchange, in an
over-the-counter market or otherwise, the following:
(a) Derivative
products incl. futures and options;
(b) Transferable
securities; and
(c) Other
negotiable instruments and financial assets, excluding bullion.
3.1.2. Participation
in issues of all kinds of securities including under-writing and placement as
an agent (publicly or privately), provision of services related to such
issues;
3.1.3. Asset
management, such as portfolio management, all forms of collective investment
management, pension fund management, custodial depository and trust services;
3.1.4. Settlement
and clearing services for securities, derivative products, and other securities-related
instruments;
3.1.5. Provision
and transfer of financial information, and related software by suppliers
of securities services; and
3.1.6. Advisory,
intermediation and other auxiliary securities-related excluding 3.1.1, including investment and
portfolio research and advice, advice on acquisitions and on corporate
restructuring and strategy.
3.2. Form of investment: foreign securities
service suppliers may set up representative office, joint-ventures with
Vietnamese partners in which foreign capital contribution not exceeding 49%,
and 100% foreign invested securities companies.
3.3. Foreign ownership limit: unlimited.
3.4. Branching
of foreign securities services suppliers for services from 3.1.3 - 3.1.6 is allowed.
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3.5. Scope of commitment: Not entirely
clear. No detailed clarification of the services falling under Securities
sub-sector.
3.6. Form of investment: No limitation
except that
3.6.1. Foreign
participation from above 49% to less than 100% of charter capital of a
securities company, fund management company is subject to conditions and
approvals by the government of Vietnam for
a period of five year after effective date; and
3.6.2. The
Viet Nam Securities Depository is the only organization authorised to act as
a Central Securities Depository which typically supply services on
registration, depository, clearing and settlement of securities and
securities transactions.
3.7. Foreign ownership limit: Unlimited.
3.8. Branching
of foreign securities companies and fund management companies are
subject to conditions and approvals by the government of Vietnam.
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