Vietnam: The Banking Supervision Agency shall implement early intervention actions

16:13, 21/05/2019

This is a content specified in Decree No. 43/2019/NĐ-CP of Vietnam’s Government providing amendments to Decree No. 26/2014/NĐ-CP on organization and operation of banking inspection and supervision authorities.

According to new regulations of Decree No. 43/2019/NĐ-CP of Vietnam’s Government, in addition to requesting the SBV’s Governor or the person authorized by the SBV’s Governor to impose corrective measures specified in Article 59 of the Law on State Bank of Vietnam, the Banking Supervision Agency shall implement early intervention actions specified in Clause 25 Article 1 of the Law on amendments to the Law on Credit Institutions.

Moreover, there are also some amendments to the contents of banking supervision, specifically as follows:

- Monitor the compliance with regulations on safety of banking operations and other relevant laws; implementation of inspection findings, recommendations and decisions on handling of inspection results;

- Carry out regular analysis and assessment of financial status, operation, management and risks faced by credit institutions/foreign bank branches and systematic risks; carry out annual safety rating of credit institutions/foreign bank branches.

View details at Decree No. 43/2019/NĐ-CP of Vietnam’s Government, effective from May 17, 2019.

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