On April 26, 2024, the State Bank of Vietnam (SBV) held a conference on the implementation of Circular No. 15/2023/TT-NHNN of the SBV regulating the credit information activities. Deputy Governor Pham Tien Dzung attended and gave a speech at the Conference. The Conference was held at the SBV’s headquarters with online participants from 30 SBV provincial branches.
Deputy Governor Pham Tien Dzung speaks at the Conference
At the Conference, there were leaders of the SBV’s Departments and the SBV provincial branches, representatives of the National Credit Information Center of Vietnam (CIC), various commercial banks, foreign bank branches, finance companies, finance leasing companies, Vietnam Asset Management Company (VAMC), the Cooperative Bank of Vietnam, Vietnam Bank for Social Policies, etc.
Speaking at the Conference, SBV Deputy Governor Pham Tien Dzung acknowledged the efforts of the SBV’s Departments and the CIC in promptly issuing Circular No. 15/2023/TT-NHNN and the set of indicators attached to the Circular. According to the Deputy Governor, credit information activities are becoming more and more important in the banking operations and the activities of the SBV’s entities. In fact, now not only lending activities but also other operations such as account opening, payment, etc. all have to use credit information.
In developed countries, credit information is the core of the banking operations, and it is the same for Vietnam. Therefore, in the coming time, the Deputy Governor requested the SBV’s Departments, the CIC, and the credit institutions to promptly implement this Circular. Circular No. 15/2023/TT-NHNN is a legal document, and thus it requires serious implementation. For that reason, the credit institutions have to thoroughly study to understand fully and correctly the Circular and its set of indicators in order to ensure effective implementation within the prescribed timeframe.
In addition, the SBV Deputy Governor also requested that, after some time implementing this Circular, the Banking Supervision Agency and the CIC should conduct a survey to understand the implementation progress at the credit institutions, and to remove any arising difficulties or obstacles.
An overview of the Conference
At the Conference, Mr. Le Trung Kien, Deputy Director of Department IV under the Banking Supervision Agency, briefed the participants of Circular No. 15/2023/TT-NHNN with 3 main contents, focusing on 5 new points as compared to Circular No. 03/2013/TT-NHNN, including: Improving the regulations relating to the credit growth indicator system; Supplementing regulations on the subjects of application, and the information collection; Enhancing the regulations on security and confidentiality; Improving the regulations on providing information to borrowers; Revising the regulations on modifying incorrect data.
Participants at the Conference
Mr. Le Anh Tuan, Deputy General Director of the CIC, introduced about the credit growth indicator system issued by the SBV Governor in Decision No. 573/QD-NHNN, and instructed the credit institutions to report their data based on the new indicator system. According to this Decision, the key changes include: The total number of credit growth indicators is 270 (an increase of 137 indicators as compared with Circular No. 03), in which most of the additional indicators are related to the identification of customers, information about the related persons of the borrowers; information on measures to ensure credit granting; the resolution of on-balance sheet and off-balance sheet bad debts; information about purchasing bad debts from the VAMC; the indicator coding system, which comprises of 15 code tables (an increase of 05 code tables compared to Circular 03); revising 08 code tables; supplementing 07 new code tables; and abolishing 02 code tables.
Mr. Cao Van Binh, General Director of the CIC, delivers a closing speech at the Conference
During the discussion session at the Conference, the participants raised a lot of comments, and the representatives of the Banking Supervision Agency and the CIC gave further explanations on a number of regulations on credit information activities relating to the implementation of Circular No. 15/2023/TT-NHNN.
In his closing speech at the Conference, Mr. Cao Van Binh, General Director of the CIC, said that, to effectively implement Circular No. 15/2023/TT-NHNN, it is necessary to ensure careful preparations and close coordination of all of the parties. In this regard, the CIC has established online and direct support channels, and would always accompany the credit institutions, promptly guide and support them in resolving any problems during the test run and the full implementation of Circular No. 15/2023/TT-NHNN.
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