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PROCEDURES FOR ISSUING OBJECTION LETTERS, NO-OBJECTION LETTERS FOR PRIVATE SECTOR OPERATIONS

On May 09, 2022, the Prime Minister issues the Decision No. 12/2022/QD-TTg stipulating the order, procedures and competence to issue Objection Letters, No-Objection Letters for private sector operations in Vietnam of international financial institutions.

According to the Decision, an Objection Letter or No-Objection Letter means a letter containing Vietnam's objection or no objection to a no-objection letter application. An application for a no-objection certificate means a request from international financial institutions to relevant Vietnamese ministries and agencies regarding Vietnam's no objection to private sector activities in Vietnam of international financial institutions.

Specifically, the managing agency shall receive, summarize and evaluate the no-objection letter application submitted by any international financial institution. In cases where the received application meets the requirements according to the list of information, the managing agency shall consult with the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Public Security, the Ministry of National Defense, the State Bank of Vietnam and other ministries and agencies related to the field mentioned in the application within 7 working days from the date it was received.

The concerned ministries and agencies shall give their opinions in writing regarding the no-objection letter application at the request of the managing agency within 10 working days from the date the managing agency sends the written request. The no-objection letter is not a license, written approval of investment policy or implied sponsorship of Vietnam for private sector operations of international financial institutions.

This Decision takes effect from the signing date.

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