On July 09, 2018 the State Bank of Vietnam released Decision No.417/QĐ-NHNN to approve the plan on simplification of business conditions under the management capacity of the State Bank of Vietnam. The Decision take effected from issuance date.
Accordingly, Decision No.1417/QĐ-NHNN assigns specific tasks to units implementing the simplification of business conditions as follows:
1. The focal units shall have to take responsible for accepting the contents of the approved plan when drafting the Decree, Circular of the State Bank of Vietnam in the process of amending, supplementing or replacing them (planned to submit to the Government or submit to the Governor for issuance in the third quarter of 2018).
2. For simplification of business conditions plan related to credit institutions’ ranking results, the Banking Inspection and Supervision Agency shall have to adopt the approved plan in the draft legal documents concerned after the Circular on Credit Institutions and Branches of the Foreign Bank in addition to being issued.
3. For simplification of business conditions plan that is not in the above cases, assigning to the Legal Department to act as the principal body in elaborating 01 Decree and 01 Circular in the form of a document amending many documents to implement the plan on simplification of business conditions. The term of submit to the Government to release Decrees and the term to release Circulars of the State Bank which is directed by the Government and the Prime Minister.
4. During development of Decrees, Circulars to implement the simplification of business conditions, units continue to proactively review to propose additions and adjustments to the simplified contents in line with the management requirements and the actual law-making work at the time of elaboration of documents.
Therefore, it can be seen that Decision No.1417/QĐ-NHNN is expected to help establishment and activities process of banks become simpler when minimizing the current complex business conditions.