1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/08/2022
1.1. Circular No. 04/2022/TT-NHNN regulations on application of interest rates on premature withdrawal of deposits from credit institutions and foreign bank branchesv Name of
legal document: Circular No. 04/2022/TT-NHNN
issued on 16/06/2022 by the State Bank of Vietnam regulations on application of
interest rates on premature withdrawal of deposits from credit institutions and
foreign bank branches (referred to as the “Circular No. 04/2022/TT-NHNN”).
v
Effective date: 01/08/2022.
Some contents should be noted: Stipulating
on interest rates on premature withdrawal of deposits.
Specifically, Article 5 of Circular
No. 04/2022/TT-NHNN stipulates: “Article 5. Interest rates on premature
withdrawal of deposits
1. When a client
withdraws all of the deposit: credit institutions shall apply a maximum
interest rate equal to its lowest interest rate of demand deposits based on the
type of client and/or the currency of the deposit when such client withdraws
it.
2. When a client
withdraws a part of the deposit:
a) Regarding the part of
withdrawn deposit before maturity, credit institutions shall apply a maximum
interest rate equal to its lowest interest rate of demand deposits based on the
type of client and/or currency of the deposit when such client withdraws it;
b) Regarding the remaining
deposit, credit institutions shall apply the interest rate equal to the
interest rate applied to the deposit that the client has withdrawn a part.”
1.2. Circular No. 05/2022/TT-NHNN abolish a number of legal documents promulgated by the Governor of the State Bank of Vietnam
v Name of
legal document: Circular No. 05/2022/TT-NHNN
issued on 29/06/2022 by the State Bank of Vietnam abolish a number of legal
documents promulgated by the Governor of the State Bank of Vietnam (referred to
as the “Circular No. 05/2022/TT-NHNN”).
v
Effective date: 15/08/2022.
Some contents should be noted: Abolish
(i) Decision No. 1557/2001/QD-NHNN dated December 14, 2001 of the Governor of
the State Bank promulgating the regulation on inter-bank electronic clearing;
and (ii) Circular No. 27/2014/TT-NHNN dated September 18, 2014 of the Governor
of the State Bank on amendments to Circular no. 16/2010/TT-NHNN dated June 25,
2010 providing guidance on implementation of Decree no. 10/2010/ND-CP dated February
12, 2010 of the Government on credit information.
Specifically, clause 1 and
clause 7 Article 1 of Circular No. 05/2022/TT-NHNN stipulates: “Article
1. Abolish all legal documents
The following legal documents
promulgated by the Governor of the State Bank are abolished:
Decision No.
1557/2001/QD-NHNN dated December 14, 2001 of the Governor of the State Bank
promulgating the regulation on inter-bank electronic clearing.
…
Circular No. 27/2014/TT-NHNN
dated September 18, 2014 of the Governor of the State Bank on amendments to
Circular no. 16/2010/TT-NHNN dated June 25, 2010 providing guidance on
implementation of Decree no. 10/2010/ND-CP dated February 12, 2010 of the
Government on credit information.”
1.3. Circular No. 06/2022/TT-NHNN amendments and supplements to some Articles of Circular No. 50/2018/TT-NHNN December 31, 2018 of the Government of the state bank of Vietnam applications and procedures for granting approval for changes of commercial banks and foreign branch banks
v Name of legal
document: Circular No. 06/2022/TT-NHNN issued on 30/06/2022 by the State
Bank of Vietnam amendments and supplements to some Articles of Circular No.
50/2018/TT-NHNN December 31, 2018 of the Government of the state bank of Vietnam
applications and procedures for granting approval for changes of commercial
banks and foreign branch banks (referred respectively to as the “Circular No. 06/2022/TT-NHNN”
and “Circular No. 50/2018/TT-NHNN”).
v
Effective date: 15/08/2022.
The content should be noted:
·
Firstly, amending and
supplementing regulations on rules for preparing and submitting applications
for approval for changes specified in Clause 4, Article 3 of Circular No.
50/2018/TT-NHNN.
Specifically, Clause 1 Article 1
of Circular No. 06/2022/TT-NHNN
stipulates: “Article 1. Amending and
supplementing a number of articles of Circular No. 50/2018/TT-NHNN
1. Amending and supplementing Clause 4, Article 3
as follows:
“4. Dossiers shall be submitted directly at the One Door Department or
via postal service to the State Bank of Vietnam or the State Bank's branches in
provinces and cities (hereinafter collectively referred to as the State Bank).””
Secondly, amending and supplementing regulations on
the power to grant approval for changes are specified in Clause 1, Article 4 of
Circular No. 50/2018/TT-NHNN.
Specifically, Clause 1 Article 1
of Circular No. 06/2022/TT-NHNN
stipulates: “Article 1. Amending and
supplementing a number of articles of Circular No. 50/2018/TT-NHNN
…
2. Amending and supplementing Clause 1, Article 4
as follows:
“1. The Governor of the State Bank shall approve the changes specified
in Clause 1, Article 1 of this Circular for commercial banks and large-scale
foreign bank branches under the decision of the Governor of the State Bank;
content of changing the location of the head office of the foreign bank branch
other than the province or city where the foreign bank branch is located.””
1.4. Circular No. 08/2022/TT-NHNN regulations on banking supervision order and procedures
v Name of
legal document: Circular No. 08/2022/TT-NHNN issued on 30/06/2022 by the State
Bank of Vietnam regulations on banking supervision order and procedures
(referred to as the “Circular No. 08/2022/TT-NHNN”).
v
Effective date: 01/09/2022.
The content should be noted: Stipulating
banking supervision order and procedures
Specifically, Article 5 of Circular
No. 08/2022/TT-NHNN stipulates: “Article 5. Order and procedures for
banking supervision
1. The order and procedures for
banking supervision shall be as follows:
a) Step 1: Collect, synthesize
and process documents, information and data;
b) Step 2: Implement compliance
monitoring and/or risk monitoring;
c) Step 3: Make a monitoring
report, propose handling measures.
2. The monitoring,
expediting and inspecting of the implementation of inspection conclusions
by credit institutions and foreign bank branches shall comply with the
Government’s regulations on the implementation of inspection conclusions and
regulations in this Circular.”
2. LEGAL DOCUMENTS ARE ISSUED IN 07/2022
2.1. Consolidated document No. 11/VBHN-NHNN stipulating applications and procedures for granting approval for changes of commercial banks and foreign branch banks
v Name of
legal document: Consolidated document No.
11/VBHN-NHNN issued on 07/07/2022 by
the State Bank of Vietnam stipulating applications and procedures for granting
approval for changes of commercial banks and foreign branch banks.
v
Effective date: 07/07/2022.
The content should be noted: Consolidating (i)
Circular No. 50/2018/TT-NHNN dated December 31, 2018 of the Governor of the
State Bank of Vietnam stipulating applications and procedures for granting
approval for changes of commercial banks and foreign branch banks, effective
from February 15, 2019; and (ii) Circular No. 06/2022/TT-NHNN dated June 30,
2022 of the Governor of the State Bank of Vietnam amending and supplementing a
number of articles of Circular No. 50/2018/TT-NHNN dated 31 December 2018 of
the Governor of the State Bank of Vietnam stipulating applications and
procedures for granting approval for changes of commercial banks and foreign
branch banks, effective from August 15, 2022.
Article 4.
The power to grant approval for changes
1. The
Governor of the State Bank shall grant approval for changes specified in Clause
1 Article 1 of this Circular, of large-scale commercial banks and FBBs under
the decision of the Governor of the State Bank of Vietnam.