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Vietnam 2020 NEW REGULATIONS ON METHODS OF SENDING FINANCIAL PLANS
NEW REGULATIONS ON METHODS OF SENDING FINANCIAL PLANS
On October 01, 2020, the Ministry of Finance issues the Circular No. 84/2020/TT-BTC on amending and supplementing regulations on the periodic report regime under the Minister of Finance’s decision in the field of finance and banking.
In accordance with this Circular, to provide additional regulations on sending financial plans and reports. Specifically, such plans and reports shall be sent according to one of the following methods, in the form of paper documents: Send directly or by post.
Besides, the Ministry of Finance also provides additional requirements for Vietnam Asset Management Company in term of closing data and sending reports. To be specific: The period for closing data of a financial plan is from January 01 of the planning year to December 31 of the planning year; A report may be sent directly in the form of paper documents, sent by post or via e-mail system or specialized reporting information software system.
In addition, the State Bank of Vietnam shall biannually (before August 31) and annually (before April 30 of the subsequent year), notify the Ministry of Finance of the financial status of credit institutions and foreign bank branches according to the following norms (classified by type of credit institutions): The total amount of charter capital, owner’s equity, assets, total debits, total amount of mobilized capital, non-performing loan ratio and other prudential ratios in operation of credit institutions and foreign bank branches, etc.
This Circular takes effect on November 15, 2020.