The State Bank of Vietnam (SBV) issued Document No. 2827/NHNN-TTGSNH dated April 21, 2017 to extend the duration of doing the experiment process of internal factoring of the Deutsche Bank, AG – Ho Chi Minh City branch (DB HCM).
Accordingly, the SBV Governor permits DB HCM to extend for 1 year the implementation of the experiment process of internal factoring as it was approved by the SBV at Document No.1587/NHNN-TTGSNH dated March 17, 2014 and extended the duration of implementing the experiment process at Document No. 619/NHNN-TTGSNH dated January 28, 2015 and No. 4778/NHNN-TTGSNH dated June 27, 2016 and other regulation of the SBV on factoring activities of credit institutions.
DB HCM shall be responsible for all risks (if any) and must comply with requirements on formulation and issuance of the processes, solutions in classifying debt and risk provision, complying with reporting regime in line with the Document No. 1587/NHNN-TTG dated March 17, 2014 issued by the SBV.