The State Bank of Vietnam (SBV) announced its decision to continue to focus on implementing a number of credit risk management measures in 2022, in response to the economic difficulties resulting from the COVID-19 pandemic; these include directing credit institutions to continue creating favorable conditions for affected debtors and to continue to implement government-introduced credit programs and policies. In another development, SBV notes that, at the Bank for International Settlements (BIS) general meeting of Governors in January 2022, it was highlighted that the Vietnamese authority's Cyber Security Development Strategy for 2021–2025 identifies the priority goal of building a professional and modern cyber-security and safety foundation; the theme of the BIS meeting was "Central banks' priorities in responding to and managing cyberspace risks.” Moreover, SBV issued Directive No. 02/CT-NHNN, which directs relevant entities to accelerate the digital transformation and ensure the information technology security for banking operations.
The following are additional highlights of these recent developments:
- The SBV Cyber Security Development Strategy for 2021–2025 includes proactively identifying and promptly resolving any cyberspace safety and security incidents, ensuring the information safety and security, supporting effectively the specialized operations of SBV, and assisting the supervision and responses to any information security incidents in the banking sector. To achieve this goal, SBV will actively promote cooperation, create networks, share more information on cyber-security in a quick and timely manner, share and support the development of governance activities enhancing the cyber resilience and recovery of the information systems, and participate in the cooperation mechanisms and discussions on cyber security and safety.
- With respect to the Directive on digital transformation, SBV requests all SBV entities, credit institutions, and foreign bank branches and the intermediary payment service providers to focus on implementing the specific tasks and measures. These include proactively implementing the tasks and measures as stipulated in the Digital Transformation Plan of the Banking Sector, improving awareness about the role and advantages of the digital transformation, and enhancing the cooperative activities, experience sharing, research and application of digital technology to banking operations. SBV also encouraged credit institutions and intermediary payment service providers to develop and implement their own frameworks of risk management as well as to regularly review and assess risks to have contingent plans and timely response solutions. Credit institutions are encouraged to proactively research and deploy digital technology and solutions in design, products, and services in line with the SBV vision about digital transformation in the banking sector. SBV requests credit institutions to working closely with the relevant authorities to combat crime and fraud in the cyberspace as well as to promptly report to SBV about any security-related issues.
Related Links (in English and Vietnamese)
- Press Release on Credit Management Measures
- Press Release on Cyber Security Strategy
- Press Release on Digital Transformation Directive
Keywords: Asia Pacific, Vietnam, Banking, Covid 19, Cyber Risk, Credit Risk, Digital Transformation Plan, Regtech, SBV
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