SBV Issues Bad Debt Resolution and Plan to Strengthen Cybersecurity
The State Bank of Vietnam (SBV) issued a draft resolution on bad debt and the Decision No. 178/QD-NHNN outlining the plan on application of information technology, the development of the Digital Government, and ensuring cybersecurity.
Below are key highlights of the aforementioned developments:
- The draft resolution on bad debt proposes extending the time limit for application of Resolution No. 42/2017/QH14 on handling bad debt settlement of credit institutions until August 15, 2025. Along with the draft resolution on bad debt, SBV has published an impact assessment report and a summary report on the draft resolution.
- The overall purpose of the plan set out in Decision No. 178/QD-NHNN is to complete the legal basis to create a favorable environment for the comprehensive application of information technology and gradually standardize the information technology infrastructure of the banking sector. The plan also aims to gradually improve the professional and modern cybersecurity platform, proactively detect and timely handle cybersecurity incidents, ensure information safety and security to serve SBV's professional activities well, and support the monitoring and response of information security incidents in the banking sector. This decision takes effect from the date of signing.
Related Links (in Vietnamese)
- Notification on Bad Debt Resolution
- Draft Bad Debt Resolution (DOC)
- Impact Assessment Report on Draft Bad Debt Resolution (DOCX)
- Summary Report on Draft Bad Debt Resolution (PDF)
- Press Release on Decision No. 178/QD-NHNN
Keywords: Asia Pacific, Vietnam, Banking, NPLS, Credit Risk, Fintech, Regtech, Cyber Risk, Bad Debt, SBV
Previous Article
HKMA Extends Timelines for Regulatory Submissions by BanksRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.