Principles of Commendation in the Banking Sector

Accordingly, Circular 08 stipulates the principles for commendation in the banking sector following legal regulations and the following provisions:

- In one year, the Governor of the State Bank of Vietnam (hereinafter referred to as the Governor) shall only award a Certificate of Merit or propose a state-level commendation once for a collective or individual, except for extraordinary or thematic commendations.- Commendations or proposals for higher-level commendations shall not be given to collectives or individuals currently under disciplinary consideration by competent authorities, or under investigation, inspection, or auditing for signs of violations, or having complaints or denunciations under verification.- Commendation consideration or submission to competent authorities for commendation applies only to credit institutions, branches of credit institutions, branches of foreign banks, and individuals as Managers, Executives of credit institutions, General Directors (Directors) of branches of foreign banks with a non-performing loan ratio below the maximum level decided by the Governor.- Collectives and individuals in the banking sector requesting commendation for the "Prime Minister's Certificate of Merit" involving criteria related to Ministry-level, departmental, provincial, or Central Union Certificates of Merit must satisfy the criteria for the "Governor's Certificate of Merit" (for comprehensive achievements) or the annual professional activity commendation from Ministries, departments, for collectives and individuals belonging to the Banking Supervision and Inspection Agency, Banking Academy, University of Banking Ho Chi Minh City, and party and mass organizations.- The time for subsequent commendation submission is calculated from the achievement date recorded in the previous commendation decision. For commendation decisions that do not record the achievement date, the submission time for subsequent commendations is calculated from the issuance date of the previous commendation decision.

See details at Circular 08/2018/TT-BTC, effective from May 15, 2018.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE