Quyết định 1096/2004/QĐ-NHNN

The Regulation issued together with this Decision prescribes the performance of factoring operations by credit institutions for their customers with a view to diversifying credit operations, supplementing working capital for customers and boosting domestic as well as international commercial activities.

Subject to the application of this Regulation are credit institutions performing factoring operations, which are State-owned commercial banks, joint-stock commercial banks, joint-venture banks; banks with 100% foreign capital, foreign banks' branches and financial companies. Customers entitled to the factoring by credit institutions are Vietnamese and foreign economic organizations supplying goods and enjoying the amounts receivable from the sale and purchase of goods as agreed upon between the sellers and the purchasers in their goods sale/purchase contracts.

This Decision takes effect 15 days after its publication in the Official Gazette.- (Summary)