Legal Counselling

Procedures for credit rating of people’s credit funds in Vietnam

11:50, 06/06/2017

The State Bank of Vietnam issued Circular No. 42/2016/TT-NHNN prescribing the credit rating of people’s credit funds.

According to Circular No. 42/2016/TT-NHNN of the State Bank of Vietnam (SBV), the credit rating of people’s credit funds shall be carried out as follows:

- By April 30 every year, SBV’s provincial branches and offices of SBV Banking Supervision Agency shall complete the credit rating of people’s credit funds in the previous year.

- Within 05 working days from the day on which credit rating results are given, each SBV’s provincial branch or office of SBV Banking Supervision Agency shall submit reports on credit rating results of local people’s credit funds to SBV's Governor.

- By June 15 every year, the SBV Banking Supervision Agency shall play the leading role in appraising and requesting the SBV’s Governor to issue a decision on approval of credit rating results of people’s credit funds, which shall be then sent to relevant SBV’s provincial branches and offices of SBV Banking Supervision Agency for implementation.

View relevant provisions at Circular No. 42/2016/TT-NHNN of the State Bank of Vietnam, effective from May 01, 2017.

- Thanh Lam -

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