Vietnam: Microfinance institution's financial statements must be submitted before August 15

Vietnam: Microfinance institution's financial statements must be submitted before August 15 (Illustration)

Article 5 of Circular 84/2020/TT-BTC amends and supplements Clause 2, Article 11 of Circular 18/2018/TT-BTC dated February 12, 2018 by the Ministry of Finance, guiding certain financial policies regarding microfinance institutions, stipulating the State Bank of Vietnam to preside over the supervision of the financial policies implemented by the microfinance institutions:

- Periodically, every 6 months and annually, send a financial statements of the microfinance institution and any violations of financial policies discovered during inspections, audits, and supervision (if any) to the Ministry of Finance. The 6-month report must be sent by the State Bank of Vietnam to the Ministry of Finance before August 15 (previously July 31); the annual report must be sent by the State Bank of Vietnam to the Ministry of Finance before April 15 of the following year (previously March 31 of the following year).

- Data finalization timeframes:

-  For  the  6-month  report:  From  January  1  of  the  reporting  period  to  the  end  of  June  30  of  the  reporting  period  (excluding  specific  point-in-time  data).-  For  the  annual  report:  From  January  1  of  the  reporting  year  to  the  end  of  December  31  of  the  reporting  year  (excluding  specific  point-in-time  data).

+ The report submission methods are as follows:

-  Direct  submission  in  paper  form;-  Submission  through  postal  service  in  paper  form;-  Submission  via  email  system  or  dedicated  reporting  software;-  Other  methods  as  prescribed  by  law.

For more details, refer to Circular 84/2020/TT-BTC, effective from November 15, 2020.

Le Vy

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