SIMPLIFY TYPES OF REPORT AND REPORTING FORMS FOR COMMERCIAL BANKS AND FINANCIAL INSTITUTIONS

On 12 May 2020, the Government issued Resolution 68/NQ-CP on the program to cut down and simplify regulations related to business activities in the period of 2020 - 2025. In order to deploy such Resolution, regarding business activities under the management of the State Bank of Vietnam, on 8 November 2022, the Prime Minister issued Decision No. 1361/QD-TTg approving the plan to cut down and simplify types of report and reporting forms of commercial banks and financial institutions. Specifically:

Converting the reporting method to electronic form:

Accordingly, the following reports shall be submitted electronically (instead of directly or by post as previously):

1. Regarding business activities of cooperative banks, people's credit funds and microfinance institutions:
2. Report on the operation of the Conservation Fund for the first 6 months of the year;
3. Report on the operation and financial situation of the Conservation Fund for the previous year;
4. Report on the results of supervision and internal audit of the Supervisory Board of the cooperative bank on the operation and financial results of the Conservation Fund.
5. Regarding business activities of commercial banks: Report on the situation of branches, transaction offices, representative offices (ROs), and non-business units in the country; Branches and ROs of banks with 100% foreign capital;
6. Regarding payment activities: Report on ATM operations.

Simultaneously with the change in the form of report submission, the content of those reports shall also be simplified to suit the electronic form.

Implementation roadmap: Fourth quarter of 2023.

Supplementing the online registration form for account registration services to access the website for management of foreign loans and repayments that are not guaranteed by the Government

Specifically, applicants could choose to register either in person or online, depending on their needs. In case of online registration, the applicant shall be provided with an electronic account.

Implementation roadmap: Fourth quarter of 2023.