Featured Product

    SBV Sets Out Key Tasks to be Implemented for Second Half of 2020

    August 18, 2020

    The Governor of SBV, Le Minh Hung, issued Document No. 5596/NHNN-VP to SBV entities, credit institutions, and the foreign bank branches on the implementation of the tasks for the last six months of 2020. These tasks include managing the monetary and credit policies closely to make timely forecast and assessments and supporting the businesses and people to overcome difficulties amid COVID-19 pandemic. In addition, SBV announced that Vietcombank has implemented initiatives to apply the internal capital adequacy assessment process (ICAAP) of Pillar 2 since July 2020.

    The Banking Inspection and Supervision Agency of SBV held a preliminary conference on the work results of the Agency and key tasks for 2020. At the conference, the Deputy Governor of SBV delivered a speech requesting the Agency to focus on implementation of tasks issued in Document No. 5596/NHNN-VP. The SBV Governor has requested the banking industry to focus on implementing the key tasks in the last six months of 2020, including the following:

    • To closely monitor and update official information about any new developments of the COVID-19 pandemic to implement all measures to contain the outbreak; to proactively formulate and apply the appropriate response scenarios, ensuring safe and smooth banking operations, especially the information technology and payment systems of SBV.
    • To finalize the amendment and supplementation of Circular No. 01/2020/TT-NHNN in accordance with the practical situations to create more favorable conditions for businesses and credit institutions to resolve difficulties and recover the economic growth. Circular No. 01/2020/TT-NHNN directs credit institutions and foreign bank branches to restructure the repayment periods, waive and reduce the interest and fees, and maintain the debt classification to support the customers affected by COVID-19 pandemic.
    • To continue to promote the communication on credit programs and policies and closely coordinate with the ministries, agencies, and local authorities to identify any violations in consumer lending activities of the credit institutions.
    • To continue closely monitoring and directing the credit institutions to implement the restructuring plan in association with resolving bad debts in the 2016-2020 period.
    • To coordinate with the relevant ministries and agencies to implement the procedures for building a roadmap to increase the capital for state-owned commercial banks in the 2021-2026 period, including an increase of capital from the state budget to be submitted to the competent authorities for approval.
    • To finalize and submit to the government, for promulgation, a Decree on Fintech Regulatory Sandbox.

     

    Related Links (in English and Vietnamese)

    Keywords: Asia Pacific, Vietnam, Banking, COVID-19, Fintech, Regulatory Sandbox, Credit Risk, Operational Risk, Basel, ICAAP, Pillar 2, SBV

    Featured Experts
    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004