Legal Counselling

Amending the power to issue inspection decision and re-inspection decisions on banking operations in Vietnam

14:14, 21/05/2019

This is a notable content specified in Decree No. 43/2019/NĐ-CP of Vietnam’s Government providing amendments to Decree No. 26/2014/NĐ-CP on organization and operation of banking inspection and supervision authorities.

According to new regulations of Decree No. 43/2019/NĐ-CP of Vietnam’s Government, the power to issue inspection decision and re-inspection decisions is as follows:

- Head of the Banking Supervision Agency, Directors of Banking Supervision Departments, and heads of banking supervision units of provincial branches of the State Bank of Vietnam (SBV) shall make decisions on inspection and establishment of inspection teams. The SBV’s Governor or Director of a SBV’s provincial branch shall directly make a decision on inspection and establishment of an inspection team if deemed necessary.

- Head of the Banking Supervision Agency shall decide the re-inspection of cases where inspection findings have been approved by a head of the banking supervision unit of a SBV's provincial branch but a violation against laws is suspected, or cases where inspection findings have been approved by a Chairperson of the provincial People’s Committee/Director of the SBV's provincial branch but a violation against laws is suspected as assigned by the SBV's Governor.

View details at Decree No. 43/2019/NĐ-CP of Vietnam’s Government, effective from May 17, 2019.

- Thanh Lam -

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