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Vietnam central bank tightens banking supervision

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Vietnam central bank tightens banking supervision

The State Bank of Vietnam has released new regulations to further curb and resolve banking risks, Viet Nam News reported Aug. 11, citing a circular from the central bank.

Under the rules, banking inspection and supervision agencies will "consider and monitor" how supervised credit institutions adhere to monetary and banking regulations, as well as inspect and assess their "financial status, operation, governance and risk degree." The new regime, which takes effect Dec. 1, also adds implementing inspection conclusions, and the handing out of warnings and recommendations to supervision responsibilities.

The central bank has been taking steps to reform the banking system. The country detected and prosecuted 95 banking sector cases between 2011 and 2016, with about 200 staff and officials accused of breach, Viet Nam News noted, citing central bank Gov. Le Minh Hung.