Vietnam: Responsibilities of credit institutions for statistical reports

According to Article 20 of the Circular No. 35/2015/TT-NHNN of the State Bank of Vietnam, responsibilities of credit institutions are specified as follows:

- The headquarters of each credit institution shall be the contact point taking charge of submitting reports and taking responsibility towards laws and the Governor of the State Bank for the adequacy and accuracy of aggregate figures of its entire banking system and specific figures of every branch of the credit institution in the system.

- After receipt of the notification of inspection from the Information Technology Administration or discoveries of errors on the report that is submitted to the State Bank , the headquarter shall:

+ Timely rectify and resubmit the correct report to the State Bank;

+ Submit an explanation for causes of mistakes to the recipient. The scope and structure of the explanation shall comply with guidance of the Information Technology Administration.

- Obey provisions of statistical reports regulated hereof. Any issues arising during the implementation of this Circular should be promptly reported to the State Bank. To be specific:

+ The headquarter (unless People’s Credit Funds and branches of foreign banks are contact points of their banking system operating in Vietnam) shall directly contact with the recipient stated on the reporting form presented in Part III, Appendix 1 hereof or submit and written report to the State Bank (Department of Monetary Statistics and Forecast);

+ The People's Credit Fund shall directly contact or submit a written report to the branch of the State Bank of the province where its headquarter is located.

View more details at the Circular No. 35/2015/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2017.

Le Vy

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE