Details on the data closing period for the financial plan for asset management companies in Vietnam

Details on the data closing period for the financial plan for asset management companies in Vietnam (Illustrative image)

Article 2 of Circular 84/2020/TT-BTC amends and supplements Clause 7, Article 10 of Circular 01/2017/TT-BTC dated January 05, 2017, issued by the Ministry of Finance, which provides financial policies for the Vietnam Asset Management Company of credit institutions. It specifies the timeline for finalizing financial plans, financial monitoring, performance evaluation, and classification; accounting policies, statistics, auditing; methods of reporting, and financial disclosure. Specifically:

Regarding the data closing period:

- The timeline for finalizing financial plans, financial monitoring, performance evaluation, and classification of VAMC is carried out according to the current regulations of the State for a single-member limited liability company wholly owned by the State: Calculated from January 01 of the planned year to December 31 of the planned year.

- The timeline for finalizing quarterly and annual financial reports:- For quarterly financial reports: Calculated from the first day of the reporting quarter to the last day of the reporting quarter (for cumulative data, it is from the first day of the reporting year).- For annual financial reports: Calculated from January 01 of the reporting year to December 31 of the reporting year.

Regarding the methods of submitting reports, one of the following methods should be employed:

- Direct submission in the form of paper documents;- Submission through postal services in the form of paper documents;- Submission via email systems or specialized reporting software systems;- Other methods as prescribed by law.

Regarding the content, data closing period, and deadlines for sudden reports, these should be carried out as per the requirements of the State Bank of Vietnam and state management agencies.

For further details, see the regulations in Circular 84/2020/TT-BTC, effective from November 15, 2020.

Le Vy

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