SBV Issues Multiple Regulatory Updates for Banks in January 2023
The State Bank of Vietnam (SBV) issued a Directive that sets out objectives and tasks for the banking sector in 2023. SBV is also requesting opinions on the internal control system of non-banking credit institutions, on the draft circular regulating credit information activities of the State Bank, and on a draft circular that addresses the issuance of "license, organization, and operation" of non-banking credit institutions.
Below are the key highlights of these recent updates, as part of which, SBV:
- issued Directive No. 01/CT-NHNN on organizing the implementation of key tasks of the banking sector in 2023. The Directive sets out seven groups of objectives and general tasks for the banking industry in 2023. The objectives aims to implement solutions related to managing monetary policy to control inflation, supporting economic growth, restructuring the system of credit institutions to accelerate the handling and recovery of bad debts, promoting digital transformation in banking activities, focus on strengthening institutions and policies to improve the effectiveness and efficiency of direction, administration and law enforcement, focus on reform regulations and administrative procedures, and effectively implement the strategy on development of the banking industry in Vietnam to 2025, with orientation to 2030. The Directive will come into force from the date of signing.
- collects opinions from organizations and individuals on the draft circular, which stipulates regulations on the internal control system of non-banking credit institutions. The draft circular applies to organizations and individuals related to the internal control system of non-banking credit institutions that includes financial companies and financial leasing companies. The draft circular and the relevant provisions of law set out requirements for the internal control system of non-banking credit institution in order to control, prevent, detect and promptly handle risks and achieve the set requirements. The internal control system is a collection of mechanisms, policies, procedures, internal regulations, and organizational structure of a non-banking credit institution built in accordance with the provisions of the Law on Credit Institutions. The internal control system includes senior management supervision, internal control, risk management and internal audit.
- seeks views on the draft circular that amends and supplements a number of articles of Circular No. 30/2015/TT-NHNN dated December 25, 2015 providing for the issuance of "license, organization, and operation" of non-banking credit institutions.
- collects opinions from organizations and individuals on the draft circular regulating the credit information activities of the State Bank, organized and implemented by the Vietnam National Credit Information Center (CIC). The credit information activities aim to create the National Credit Information Database to perform the functions of state management in the field of currency and banking, support credit institutions and voluntary organizations in business activities, and to assist borrowers in accessing credit capital to meet their life, economic and social needs as prescribed by law. The draft circular will take effect from May 2023 and replaces the Circular No. 03/2013/TT-NHNN dated January 28, 2013 of the Governor of the State Bank on regulations on credit information activities of the State Bank.
Related Links
- Directive on Key Tasks of the Banking Sector in 2023
- Circular on Internal Control System of Non-Bank Credit Institutions
- Circular on Licensing and Operation of Non-Bank Credit Institutions
- Circular on Credit Information Activities
Keywords: Asia Pacific, Vietnam, Banking, Lending, Basel, Reporting, Credit Risk, Banking Supervision, Non-Bank Financial Institutions, SBV
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
IOSCO Revises Principles for Supervision of Commodity MarketsRelated Articles
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
MFSA Sets Out Supervisory Priorities, Issues Reporting Updates
The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023
German Regulators Issue Multiple Reporting Updates for Banks
Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.