Tiếng Việt
中文Short answer: No. A fund management company is not a credit institution and is not governed by the Law on Credit Institutions (Law No. 32/2024/QH15, effective from 1 July 2024, replacing the 2010 Law). A fund management company is a form of securities business, governed by the Law on Securities 2019 and subject to the management and supervision of the State Securities Commission.
Legal basis
- Law on Credit Institutions 2024 (Law No. 32/2024/QH15);
- Law on Securities 2019 (Articles 4, 86–88).
Who are credit institutions?
Under the Law on Credit Institutions 2024, a credit institution is an enterprise conducting one, several, or all banking activities, including:
Related services
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If your business is preparing an application, amendment, business line registration or licensing review, ANT Legal can help check the file and execution path.
- Banks (commercial, policy, cooperative);
- Non-bank credit institutions (finance companies, financial leasing companies);
- Microfinance institutions; people’s credit funds.
These entities are licensed and supervised by the State Bank of Vietnam. This list does not include fund management companies.
Which legal framework applies to a fund management company?
- A fund management company is a joint stock company or a limited liability company conducting securities investment fund management and portfolio management — one of the securities business activities under the Law on Securities 2019;
- It is licensed by the State Securities Commission and supervised by the State Securities Commission, not by the State Bank of Vietnam;
- The licensing conditions, charter capital, personnel, and governance of a fund management company are prescribed in the Law on Securities 2019 and Decree No. 155/2020/ND-CP.
Common confusion
Some financial groups own both a bank (a credit institution) and a fund management company — but these are two independent legal entities subject to two different legal frameworks and two different regulators. Regulations applicable to credit institutions (for example, those on capital adequacy ratios and credit extension limits) cannot be applied to a fund management company.
To correctly determine the legal framework applicable to your financial model, you should contact ANT Legal’s lawyers at 0966.475.966 for review and advice before proceeding.
