In order to comply with the law, starting from July 1, 2024, Vietcombank has introduced updated declaration forms for related person information in accordance with the amendments outlined in the Law on Credit Institutions No. 32/2024/QH15, issued on January 18, 2024 (hereinafter referred to as the Law on Credit Institutions 2024). Customers are required to furnish these forms when seeking credit facilities at Vietcombank.

The Law on Credit Institutions 2024, effective from July 1, 2024, introduces crucial changes concerning the declaration of related persons by customers when applying for credit at financial institutions. These changes expand the categories of related persons to be declared compared to the previous Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010. The updated requirements now include: (i) parent companies and their sub-subsidiaries and vice versa; (ii) among subsidiaries of a parent company or credit institution; (iii) individual family relationships, such as grandparents, great-grandparents, grandchildren, great-grandchildren, aunts, uncles, cousins, nephews, and nieces.

Additionally, the declaration of related persons now encompasses individuals with or without existing credit relationships at financial institutions.

Vietcombank wishes to notify its customers and seeks their cooperation in providing comprehensive information about related persons as stipulated in the Law on Credit Institutions 2024 and other relevant circulars of the State Bank of Vietnam's implementation guidelines.

Vietcombank expresses its gratitude to all our valued customers for their support and collaboration!

VCB News