Under this Circular, after bodies with deciding competence of credit institutions or foreign bank branches approve the revocation of licenses and request credit institutions or foreign bank branches to terminate their operation, these credit institutions and foreign bank branches are prohibited from hiding or dispersing assets; paying unsecured debts; waiving or reducing debt claims; converting unsecured debts into debts secured with their assets; donating, giving as gifts, pledging, mortgaging and leasing assets; and signing new contracts other than contracts for terminating their operation; transferring money and assets abroad.

The decisions on license revocation shall be sent to credit institutions, foreign bank branches, representative offices, State Bank branches, People's Committees, the Vietnam Deposit Insurance, the National Financial Supervisory Commission, the Vietnam Banks Association and the Ministry of Finance.
Besides, within seven working days after a decision on revocation of the license of a credit institution,

foreign bank branch or representative office takes effect, the State Bank shall have the responsibility to publish such decision on its website and on a national daily newspaper for three consecutive issues. The credit institution, foreign bank branch or representative office must post up such decision at its head office and branches (for credit institutions) or its head office (for foreign bank branches and representative offices).

Also, under this Circular, the liquidation time limit for credit institutions, foreign bank branches and representative offices is twelve months after a decision on license revocation takes effect. The process of liquidation will be completed completion in the following cases: the credit institution or foreign bank branch has fully paid debts to its creditors; It is purchased by another credit institution which agrees to pay all debts to its creditors; It is unable to fully pay debts to its creditors or the specified liquidation time limit has expired as regulated.

This Circular takes effect on December 11, 2011; replaces the State Bank Governor’s Decision No. 45/1999/QD-NHNN dated February 5, 1999 and Clauses 40, 41, 71, 72 and 73 of the State Bank’s Circular No. 03/2007/TT-NHNN of June 5, 2007