While the amendments are primarily procedural in nature, they streamline the licensing process for the establishment of branches, representative offices and non-business units of finance companies and financial leasing companies. Among other changes, Circular 13 clarifies the competent licensing authority and application submission methods, shortens several procedural timelines and establishes a more transparent review process for licensing applications.

Finance companies, financial leasing companies and investors planning to expand their operational network in Vietnam should review their internal licensing procedures to ensure alignment with the revised submission requirements, statutory timelines and implementation obligations under Circular 13.

1.      Applications are now submitted directly to the SBV or its regional branches. Under Article 2 of Circular 13/2026 (amending Clause 3, Article 5 of Circular 53/2018), application dossiers are no longer submitted through the former Banking Supervision Agency. Instead, applicants submit their dossiers directly to the SBV or the relevant SBV regional branch through one of the following channels:

i.         electronically via the National Public Service Portal;

ii.       in person at the one-stop administrative unit of the SBV or the relevant SBV regional branch; or

iii.      by postal service.

Consistent with this change, Article 6 of Circular 13 (amending Clause 2, Article 14 of Circular 53/2018) replaces the reference to the “Banking Supervision Agency” with the Department of Credit Institution Management and Supervision, reflecting the SBV’s internal organisational restructuring.

These amendments simplify the administrative pathway for licensing applications and provide greater clarity regarding the competent authority responsible for processing dossiers.

2.     Several statutory timelines have been shortened

Circular 13 also revises a number of statutory timelines governing the licensing process.

Compared with the previous regulations under Circular 53/2018, Circular 13 expressly shortens certain procedural deadlines. In particular:

i.         the period for applicants to supplement or amend dossiers upon request has been reduced from 30 days to 21 working days; and

ii.       the deadline for consulted SBV units to provide comments during the branch approval process has been reduced from 10 working days to 5 working days.

3.     Internal consultation procedures have been streamlined

Once a complete and valid application dossier is received:

i.         within 5 working days, the Department of Credit Institution Management and Supervision must seek opinions from the SBV Inspectorate and the relevant SBV regional branch where the proposed branch will be established;

ii.       the consulted units must provide their written opinions within 5 working days; and

iii.      within 11 working days after receiving all opinions, the Department of Credit Institution Management and Supervision submits its appraisal and recommendation to the Governor of the SBV for consideration and decision.

4.    Approved establishments must commence operations within 12 months

Circular 13 retains the requirement that, following approval, a non-bank credit institution must officially commence operations of its approved branch, representative office or non-business unit within 12 months from the date of the SBV’s approval.

If the approved establishment is not put into operation within this period, the approval automatically ceases to be effective.