When is the deadline to submit the 2024 financial statement for foreign credit institutions in Vietnam?

When is the deadline to submit the 2024 financial statement for foreign credit institutions in Vietnam?

According to Clause 4, Article 8 of Circular 16/2018/TT-BTC, the timeframe for submitting financial statements is stipulated as follows:

Content of the report, report templates, reporting period, deadline for submitting reports, report recipients

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4. Deadline for submitting reports:

a) Deadline for submitting the annual financial plan report as regulated in Article 25 of Decree No. 93/2017/ND-CP.

b) Deadline for submitting monthly reports: no later than the 10th of the following month.

c) Deadline for submitting interim financial statements is no later than the 30th day of the first month of the following quarter.

d) Deadline for submitting unaudited annual financial statements is no later than 180 days for foreign credit institutions and 90 days for other credit institutions from the end of the fiscal year.

đ) The deadline for submitting audited annual financial statements along with the conclusions of an independent auditing organization (audit report): immediately after the completion of the audit.

e) If the last day for submitting financial statements falls on a holiday, Tet, or weekend, the deadline will be extended to the next working day immediately following.

5. Report recipients:

Credit institutions and foreign bank branches submit financial statements to the State Bank of Vietnam, which is primarily responsible for overseeing the financial policies of credit institutions and foreign bank branches; concurrently submit to the Ministry of Finance.

The fiscal year 2024 is based on the calendar year, beginning on January 1, 2024, and ending on December 31, 2024.

Therefore, the deadline for foreign credit institutions to submit their unaudited 2024 financial statement is no later than 180 days, which is June 30, 2025.

The deadline for submitting the audited 2024 financial statement of foreign credit institutions, along with the conclusions of an independent auditing organization (audit report), is immediately after the completion of the audit.

Note: If the last day of the financial statement submission deadline falls on a holiday, Tet, or weekend, the latest submission day for the financial statement will be the next working day immediately following.

When is the deadline to submit the 2024 financial statement for foreign credit institutions in Vietnam? (Image from the Internet)

Vietnam: What does the financial statement of a foreign credit institution include?

According to Clause 3, Article 8 of Circular 16/2018/TT-BTC stipulated as follows:

Content of the report, report templates, reporting period, deadline for submitting reports, report recipients

1. Credit institutions and foreign bank branches implement reporting policies in accordance with Articles 25, 26 of Decree No. 93/2017/ND-CP and guidelines in this Circular.

2. Annual financial plan report: Credit institutions wholly owned by the State and those with over 50% of charter capital owned by the State submit annual financial plan reports as per Article 25 of Decree No. 93/2017/ND-CP.

3. financial statements include:

a) Interim and annual balance sheets;

b) Interim and annual income statement;

c) Interim and annual cash flow statements;

d) Notes to the interim and annual financial statements;

dd) Other reports, including:

- Monthly account balance sheet;

- Annual report on certain financial safety indicators;

- Annual report on the income of managers, staff, and employees.

Financial statements of credit institutions and foreign bank branches are implemented under the legal regulations on financial statementing policies for credit institutions; the Report on certain financial safety indicators and the Report on the income of managers, staff, and employees of credit institutions, foreign bank branches are executed according to Annex 1 and Annex 2 attached to this Circular.

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Thus, the financial statement of a foreign credit institution includes:

- Interim and annual balance sheets;

- Interim and annual income statement;

- Interim and annual cash flow statements;

- Notes to the interim and annual financial statements;

- Other reports, including:

+ Monthly account balance sheets;

+ Annual report on certain financial safety indicators;

+ Annual report on the income of managers, staff, and employees.

How do foreign credit institutions submit their reports in Vietnam?

As stipulated in Article 9 of Circular 16/2018/TT-BTC, foreign credit institutions submit reports through the following methods:

(1) Written Reports:

Foreign credit institutions and bank branches submit written audited annual financial statements for the reports specified in point a, b, c, d, clause 3, Article 8 of Circular 16/2018/TT-BTC.

(2) Electronic Reports:

- Foreign credit institutions, bank branches submit electronic reports for the reports specified in Article 8 of Circular 16/2018/TT-BTC.

- These institutions connect with the Ministry of Finance through the Ministry's electronic portal to submit electronic financial statements according to the specific guidance of the Ministry of Finance.

- In case foreign credit institutions, bank branches do not have the conditions to connect via the transmission network with the Ministry of Finance, they may send report files via information carriers or send written reports to the Ministry of Finance (Department of Financial Institutions and Financial Organizations) to update the report data.

- In the event of a transmission system failure, reporting units must send report files saved on information carriers or send written reports to the Ministry of Finance (Department of Financial Institutions and Financial Organizations) at the Ministry's headquarters – No. 28 Tran Hung Dao – Hoan Kiem – Hanoi.