Vietnam: Which agency has the authority to issue written request to entities subject to banking supervision?

According to Circular No. 04/2018/TT-NHNN of the State Bank of Vietnam, the following agencies shall have the authority to issue written request to entities subject to banking supervision:

- Banking Inspection and Supervision Chief, and Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located, shall appeal the State Bank’s Governor to consider requesting entities subject to banking supervision in writing to modify and supplement recovery and resolution plans, except for cases specified below;  

- Banking Inspection and Supervision Chief shall consider issuing the written request to entities subject to banking supervision, including people's credit funds and microfinance institutions operating at local subdivisions under the control of the Banking Inspection and Supervision Department, to revise and supplement recovery and resolution plans;  

- Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located shall consider requesting entities subject to banking supervision in writing, including people's credit funds and microfinance institutions operating within these local subdivisions, to revise and supplement recovery and resolution plans.

View more details at Circular No. 04/2018/TT-NHNN of the State Bank of Vietnam, effective from July 01, 2018.

-Thao Uyen-

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