On June 30, 2022, the State Bank of Vietnam issued Circular No. 08/2022/TT-NHNN stipulating the order and procedures for banking supervision.

Specifically, Article 5 of this Circular stipulates the order and procedures for banking supervision as follows:

Step 1: Collect, synthesize and process documents, information and data;

Step 2: Implement compliance monitoring and/or risk monitoring;

Step 3: Make a monitoring report and propose handling measures.

The monitoring, urging and examination of the implementation of inspection conclusions of credit institutions and foreign bank branches comply with the Government's regulations and this Circular.

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In addition, according to Article 6 of Circular 08, documents, information and data, after being synthesized and processed, must be archived in a scientific, complete and archived manner in accordance with the Law on Archives.

The management, storage and use of documents, information and data containing information on the list of state secrets; the confidentiality of information and data of credit institutions and banks shall comply with the provisions of law.

This Circular takes effect from September 1, 2022.

 Vietnam law