SBV requires credit institutions to report risk management in documentary credit transactions

The State Bank of Vietnam (SBV) issued Document No. 3496/NHNN-TD on June 12 to require credit institutions and foreign bank branches (herein called as credit institutions) to report their risk management in documentary credit transactions

Accordingly, credit institutions should send documents on their internal rules of operations and procedures of risk management for opening and paying letters of credit, and discounting andcollateralizing credit dossiers to SBV. In addition, credit institutions should make consolidated reports of the risks already arising in the aforesaid operations, together with problems and recommendations to be made to the SBV and the other relevant ministries and agencies.

Documents and reports should be sent to SBV (the Credit Department) by June 25, 2012.

sbv

>   Interest rate floating policy would not make capital more expensive (13/06/2012)

>   VND strengthens against dollar (13/06/2012)

>   Vietnamese bankers target foreign technologies, not foreign money (12/06/2012)

>   Banks increase long term saving interest rate (12/06/2012)

>   Vietnam to deal with 9 weak banks this month (12/06/2012)

>   SBV sets maximum VND mobilizing rate (12/06/2012)

>   MoF slaps down tax moves (12/06/2012)

>   Interest rates to be kept relatively stable (12/06/2012)

>   Credit loans still out of reach for small businesses (11/06/2012)

>   Finance ministry to pay govt debt in bonds (11/06/2012)