Featured Product

    SBV Approves National Strategy for Banks, Issues Other Updates

    November 04, 2022

    The State Bank of Vietnam (SBV) approved the plan of the banking sector to implement National Strategy for Digital Economy and Digital Society Development to 2025 with orientation to 2030 and published a circular on special loans for specially controlled credit institutions. SBV is also requesting opinion on amending and supplementing a number of articles of the Law on credit institutions as well as on the draft circular on the operation of credit institutions that are cooperatives.

    The key highlights of the aforementioned updates follow:

    • SBV issued Decision No 1887/QD-NHNN which approves the plan to organize the synchronous and effective implementation of the tasks of the banking sector assigned in the National Strategy for Digital Economy and Digital Society Development to 2025. The key tasks include developing digital payments towards universal financial inclusion, promoting cashless payments, improving institutions, develop and use digital platforms, develop digital data, ensuring information security and network security, developing digital skills, digital citizens and digital culture, developing digital enterprises, and other related tasks. The Decision takes effect from the date of signing.
    • SBV published Circular No 13/2022/TT-NHNN which amends and supplements a number of articles of Circular No 08/2021/TT-NHNN of July 06, 2021 stipulating special loans for specially controlled credit institutions. The Circular No 13/2022/TT-NHNN takes effect from October 28, 2022. For special loans arising from October 27, 2021 and outstanding until the effective date of this Circular, on the basis of applying the conversion rate of collateral specified in this Circular, credit institutions may use collateral at the State Bank of Vietnam to continue special loans, ensuring that the total conversion value of eligible secured assets is not lower than the total amount of special loans.
    • SBV is requesting opinion from organizations and individuals on the dossiers of application for the development of a Law amending and supplementing a number of articles of the Law on credit institutions. The Law on credit institutions, along with detailed guiding documents and regulations has created a legal basis for the inspection and supervision of credit institutions. The Law provides for the establishment, organization, operation, special control, governance, reorganization, dissolution of credit institutions and the establishment, organization and operation of foreign bank branches, representative offices of foreign credit institutions, organizations other than foreign institutions having banking activities.
    • SBV is requesting opinion from organizations and individuals on the draft circular on the classification of assets, the level of deduction, the method of setting up risk provisions and the use of provisions to handle risks in the operation of credit institutions that are cooperatives. The circular applies to credit institutions being cooperatives, including cooperative banks and people’s credit fund.

     

    Related Links (in Vietnamese)

     

    Keywords: Asia Pacific, Vietnam, Banking, Lending, Credit Risk, Regtech, Cooperative Banks, National Strategy, Digital Ecosystem, Basel, SBV

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697