Vietnam: Conditions for banks to conduct electronic bank guarantee

Tran Thanh Rin

15:07, 07/10/2022

On September 30, 2022, the Governor of the State Bank of Vietnam issued Circular11/2022/TT-NHNN on bank guarantees.

According to Vietnam's Circular 11/2022/TT-NHNN, credit institutions and foreign bank branches in Vietnam (hereinafter referred to as banks) must meet the following minimum requirements to be able to conduct electronic guarantee:

- Having technical solutions and technologies to ensure the accuracy, confidentiality, and safety in the process of collecting, using, and checking information and data;

- Taking measures to check, compare, update, and verify information and data; taking measures to prevent acts of forging, interfering, editing, and falsifying information and data;

- Taking measures to assess, manage, and control risks; assigning specific responsibilities to each department and individual involved in e-guarantee activities and in risk management and supervision.

At that time, the bank shall determine the method, form, and technology to be used to conduct electronic guarantee activities for the entire or any stage of the guarantee process, at its own risk (if any).

Vietnam's Circular 11/2022/TT-NHNN takes effect from April 1, 2023 and replaces Vietnam's Circular 07/2015/TT-NHNN.

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