On 28th, September 2018, The State Bank of Vietnam issued Circular No.24/2018/TT-NHNN amending, supplement and abolishing a number of article of Circular, Document regulating the regime of periodical reporting. This Circular will take effect from 15th, November 2018.
Accordingly, Circular No.24/2018/TT-NHNN contains many remarkable points, specifically:
– Abolish the representative’s report on the situation of business and financial activities of the cooperative bank in Decision No. 61/2006/QD-NHNN dated December 29, 2006, specifically:
• Abolish Clause 1, Article 11 of the regulation attached with Decision No. 61;
• Abolish the Appendix attached with Decision No. 61.
– Abolish the annual report on the situation of offshore investment in cases approved by the Prime Minister in accordance with Clause 2, Article 34 of Circular No.10/2016/TT-NHNN dated 29/06/2016.
– Abolish the annual report on the situation of foreign currency trading of credit institutions permitted to individuals following the regulation of Circular No. 20/2011/TT-NHNN dated 29/8/2011.
– Abolish the annual report on the implementation of technical requirements on security and confidentiality of equipment in service of payment of bank cards following the regulation of Circular No. 47/2014/TT-NHNN dated 31/12/2014.
– Abolish the annual report on security and confidentiality of Internet banking services following the regulation of Circular No. 36/2016/TT-NHNN dated 29/12/2016.
In summary, through the abolition of many regulations on the regime of Bank’s periodical reporting, the State Bank of Vietnam has promoted changing procedures in the direction of simplification, thereby improving the performance of credit institutions as well as the management efficiency of the State in this field.