The State Bank of Vietnam (SBV) decided to establish Banking Sector Steering Committee and Working Group on digital transformation. The Steering Committee will aim to direct the formulation and implementation of guidelines, resolutions, strategies, plans, mechanisms, and policies in this area while the Working Group shall assist the Steering Committee on digital transformation of the banking sector. At a conference held in December 2021, the Governor of SBV, Nguyen Thi Hong, mentioned the priorities for the banking sector in 2022. These include supporting the economic recovery and development, effectively implementing the restructuring of the credit institutions in association with non-performing loan resolution, promoting the digital transformation, and contributing to realizing the policy of developing a digital economy and a digital society. Additionally, SBV published multiple circulars for credit institutions in December 2021, along with a draft circular that amends and supplements a number of articles of the Circular No. 08/2021/TT-NHNN regarding lending to “specially controlled credit institutions.”
SBV published the following circulars:
- Circular No. 23/2021/TT-NHNN, which amends and supplements a number of articles of Circular No. 52/2018/TT-NHNN regulating the rating of credit institutions and foreign bank branches. The circular will take effect from February 15, 2022 and is aimed to further improve the legal basis for the rating of the credit institutions and the foreign bank branches and to fully reflect the actual situation and the levels of risks in the operations of the credit institutions.
- Circular No. 25/2021/TT-NHNN, which amends and supplements a number of articles of Circular No. 01/2015/TT-NHNN stipulating trading and provision of interest rate derivative by commercial banks and foreign bank branches. The circular will take effect from February 14, 2022.
- Circular No. 27/2021/TT-NHNN, which amends and supplements a number of articles in the System of Book-keeping Accounts of Credits Institutions and the financial reporting regime for credit institutions. The circular will take effect from April 01, 2022.
- Circular No. 28/2021/TT-NHNN, which amends and supplements a number of articles of Circular No. 40/2011/TT-NHNN, providing for the grant of licenses and the organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions, and other foreign organizations having banking activities in Vietnam. The circular will take effect from March 01, 2022.
Related Links (in English and Vietnamese)
- Press Release on Steering Committee on Digital Transformation
- Press Release on December Conference
- Notification on Draft Circular on Lending
- Circular No. 23/2021/TT-NHNN
- Circular No. 25/2021/TT-NHNN
- Circular No. 27/2021/TT-NHNN
- Circular No, 28/2021/TT-NHNN
Keywords: Asia Pacific, Vietnam, Banking, Securities, Digital Transformation, Credit Risk, Derivatives, Reporting, Accounting, Bank Licenses, SBV
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.