To simplify regulations regarding commercial banks' business operations in Vietnam

The Prime Minister of Vietnam issued Decision 1361/QD-TTg dated November 8, 2022, approving the plan to reduce and simplify regulations related to business activities within the scope of the management functions of the State Bank of Vietnam.

To simplify regulations regarding commercial banks' business operations in Vietnam (Internet image)

According to Decision 1361/QD-TTg, four business lines under the management function of the State Bank of Vietnam will reduce and simplify relevant regulations for each industry.

The specific content of the regulation simplification is as follows:

For business activities of commercial banks in Vietnam

Reporting mode: Report on the situation of branches, transaction offices, representative offices (representative offices), and non-business units in the country; branches, representative offices, and banks with 100% capital abroad (reporting code: G19.CDBC.00029)

- The content has been cut and simplified.

+ Implement the reporting mode by electronic means.

+ Modify the report data sheet in the direction of simplicity, suitable for implementation in the electronic environment: Amendment to Appendix 02 attached to Circular 21/2013/TT-NHNN (amended and supplemented by Circular 01/2022/TT-NHNN).

- Implementation roadmap: fourth quarter of 2023

For payment procedures in Vietnam

Reporting mode: ATM operation report (reporting mode code: G19.CDBC.00066)

- The content has been simplified.

+ Implement the reporting mode by electronic means.

+ Modify the report outline form in a simple direction suitable for implementation in the electronic environment: Amending Form No. 4 attached to Circular 36/2012/TT-NHNN (amended by Circular 44/2018/TT-NHNN and Circular 14/2019/TT-NHNN)

- Implementation roadmap: fourth quarter of 2023

For foreign loan repayment activities in Vietnam

Administrative procedures: Register an account to access the website for the management of foreign loans and repayments that are not guaranteed by the government (administrative procedure code: 1,000122).

- Content reduction and simplification: offering online public services to supplement regulations on receiving dossiers in electronic form and granting electronic access accounts.

- Implementation roadmap: fourth quarter of 2024

For business activities of cooperative banks, people's credit funds, and microfinance institutions

- Reporting mode 1: Report on the operation of the Conservation Fund in the first 6 months of the year (reporting mode code: G19.CDBC.00005)

+ Reduced and simplified content

(i) Implement electronic reporting modes.

(ii) Modification of the report outline form in a simple direction suitable for electronic implementation: Modification of Form 01 attached to Circular 03/2014/TT-NHNN (amended by Circular 14/2019/TT-NHNN)

+ Timetable for implementation: fourth quarter of 2023.

- Reporting mode 2: Report on operation status and report on the previous year's financial situation of the Conservation Fund (reporting mode code: G19.CDBC.00004)

+ Reduced and simplified content

(i) Implement electronic reporting modes.

(ii) Amendment of the report outline form towards simplicity, suitable for implementation in the electronic environment: Amendment of Form 02 attached to Circular 03/2014/TT-NHNN (amended by Circular 14/2019/TT-NHNN)

+ Timetable for implementation: fourth quarter of 2023.

- Reporting Mode 3: Report on the results of the supervision and internal audit conducted by the Supervisory Board of the cooperative bank on the operation and financial results of the Conservation Fund. (report mode code: G19.CDBC.00006)

+ Reduced and simplified content

(i) Implement electronic reporting modes.

(ii) Amendment of the report outline form towards simplicity, suitable for implementation in the electronic environment: Amendment of Form 02 attached to Circular 03/2014/TT-NHNN (amended by Circular 14/2019/TT-NHNN)

+ Timeline: fourth quarter of 2023.

More details can be found in Decision 1361/QD-TTg issued on November 8, 2022.

Thanh Rin

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