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.
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