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
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