Central Bank to Tighten Control over People’s Credit Funds

The State Bank of Vietnam (SBV) has issued the Document No. 6555/NHNN-TTGSNH requesting SBV provincial and municipal branches and offices to perform a better monitoring and inspection towards the People’s Credit Funds System.

 

The document pointed out that some People’s Credit Funds did not abide by operating regulations. To enhance management, licensing, inspection and monitoring of credit institutions being cooperatives and ensure safe operations of credit institutions being cooperatives in accordance with the Law on Credit Institutions 2010, the SBV Governor requested heads of SBV provincial/municipal branches to strengthen supervision over these credit institutions to align their operations.

 

These credit institutions must complete internal rules on governance, control and administration as well as internal rules on credit operations, accounting, treasury, control, internal audit and risk assessment to anticipate risks and have suitable and timely preventive measures.