Conditions to become general director of the bank from July 2024

The Labor Newspaper's Legal Consulting Office responded:

Clause 38, Article 4 of the Law on Credit Institutions 2024 (effective from July 1, 2024) stipulates the interpretation of terms as follows: A credit institution is an economic organization with legal status that carries out one, some or all banking activities according to the provisions of this Law. Credit institutions include banks, non-bank credit institutions, microfinance institutions and people's credit funds.

Clause 4, Article 41 of the Law on Credit Institutions 2024 stipulates:

4. The General Director (Director) must meet the following standards and conditions:

a) Standards and conditions specified in Points a and b, Clause 1 of this Article;

b) Have a university degree or higher in one of the fields of finance, banking , economics, business administration, law, accounting, auditing;

c) Have one of the following conditions: at least 05 years as an executive of a credit institution; Have at least 05 years as General Director (Director), Deputy General Director (Deputy Director) of an enterprise with equity capital at least equal to the legal capital for the corresponding type of credit institution and at least At least 05 years of direct work in the fields of finance, banking, accounting, auditing; Have at least 10 years of direct work in the fields of finance, banking, accounting, and auditing;

d) Reside in Vietnam while in office.

Thus, from July 1, 2024, to be a general director (director) of a bank , you must meet the above conditions.