On June 6, 2025, in Hanoi, the State Bank of Vietnam (SBV), in collaboration with the World Bank (WB), organized a Roundtable Workshop on “Regulating and supervising related party transactions: International lessons, experience and applications for Vietnam”.
Deputy Governor Pham Quang Dzung delivers his opening speech at the Workshop
Delivering his opening speech, SBV Deputy Governor Pham Quang Dzung emphasized that the identification, regulation and supervision require an integrated and modern approach, combining a comprehensive and clear legal framework with technologies, analytical capacity, and inter-sectoral coordination mechanisms. “This Workshop is an opportunity for us to review the international lessons, and also review the current situation, challenges of the supervisory system in Vietnam in regulating and supervising related party transactions,” Deputy Governor Dzung asserted.
An overview of the Workshop
During the recent years, the SBV has been actively improving the legal frameworks to effectively control the related party transactions, especially with the 2024 Law on Credit Institutions (as amended and supplemented), the guiding Circulars, including Circular No. 13/2018/TT-NHNN, Circular No. 22/2019/TT-NHNN and other relevant documents. The SBV has also requested the credit institutions to strengthen their internal control, enhance the role of the internal audits and risk management in supervising the related party transactions.
The Workshop participants take a photo together
The SBV has also been reviewing and upgrading its by-law documents to be compatible with the international standards, including the Basel Core Principles, the Financial Action Task Force (FATF) recommendations on ownership transparency, etc.
However, improving the legal frameworks is only a part of the solution. In order to effectively supervise and regulate the related party transactions, it is necessary to have intensive analytical capabilities, the ability of early detection of unusual transactions, and especially the use of modern support tools, including databases, proprietary analysis softwares, SupTech, etc.
At the Workshop, the participants in the panel discussions not only focused on theoretical or legal aspects, but also discussed about practical situations, supervising experience, and especially technological solutions for analyzing complex ownership networks.
In addition, the panelists also introduced about the international standards for related party transactions. The follow-up open discussion session focused on how to access the related party transactions through the lens of international anti-money laundering standards, focusing on beneficial ownership transparency and the licensing practices.
HY