Decree 146/2024/ND-CP amend Decree 102/2022/ND-CP defining the functions, tasks, powers and organizational structure of SBV, and Decree 26/2014/ND-CP

DECREE

Amending, supplementing and annulling a number of articles of the Government’s Decree No. 102/2022/ND-CP of December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam, and Decree No. 26/2014/ND-CP of April 7, 2014, on the organization and operation of banking inspection and supervision bodies, which was amended and supplemented under Decree No. 43/2019/ND-CP of May 17, 2019

Pursuant to the June 19, 2015 Law on Organization of the Government; and the November 22, 2019 Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration;

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

Pursuant to the January 18, 2024 Law on Credit Institutions;

Pursuant to the November 14, 2022 Law on Inspection;

Pursuant to the November 15, 2022 Anti-Money Laundering Law;

Pursuant to the June 20, 2012 Law on Handling of Administrative Violations; the November 13, 2020 Law Amending and Supplementing a Number of Articles of the Law on Handling of Administrative Violations;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates the Decree amending, supplementing and annulling a number of articles of the Government’s Decree No. 102/2022/ND-CP of December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam, and Decree No. 26/2014/ND-CP of April 7, 2014, on the organization and operation of banking inspection and supervision bodies, which was amended and supplemented under Decree No. 43/2019/ND-CP of May 17, 2019.

Article 1. To amend and supplement Article 3 of the Government’s Decree No. 102/2022/ND-CP of December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam as follows:

“Article 3. Organizational structure

1. The Monetary Policy Department.

2. The Foreign Exchange Management Department.

3. The Payment Department.

4. The Department of Credit for Economic Sectors.

5. The Forecasting and Statistics - Monetary and Financial Stabilization Department.

6. The International Cooperation Department.

7. The Internal Audit Department.

8. The Department of Legal Affairs.

9. The Finance and Accounting Department.

10. The Organization and Personnel Department.

11. The Communications Department.

12. The Office.

13. The Information Technology Department.

14. The Issue and Vault Department.

15. The Department for Management of State Foreign Exchange Reserves.

16. The Anti-Money Laundering Department.

17. The Administration Department.

18. The Central Banking Department.

19. The Banking Supervision Agency.

20. Provincial-level branches.

21. The Banking Strategy Institute.

22. The National Credit Information Center of Vietnam.

23. The Banking Times.

24. The Banking Review.

25. The Banking Academy.

The units referred to in Clauses 1 thru 20 of this Article are administrative units assisting the State Bank Governor in performing the state management function and the functions of the Central Bank; and the units referred to in Clauses 21 thru 25 of this Article are non-business units serving the state management function of the State Bank.

The Monetary Policy Department and the Forecasting and Statistics - Monetary and Financial Stabilization Department may organize 6 divisions. The Department of Credit for Economic Sectors, the Organization and Personnel Department, the Finance and Accounting Department and the International Cooperation Department may organize 5 divisions. The Foreign Exchange Management Department, the Payment Department and the Internal Audit Department may organize 4 divisions. The Department of Legal Affairs may organize 3 divisions.

The State Bank Governor shall submit to the Prime Minister for promulgation a decision defining the functions, tasks, powers and organizational structure of the Banking Supervision Agency and a list of other public non-business units under the State Bank of Vietnam.

The State Bank Governor shall promulgate decisions defining the functions, tasks, powers and organizational structures of the units under the State Bank in accordance with law, except the Banking Supervision Agency.”

Article 2. To amend and supplement a number of articles of the Government’s Decree No. 26/2014/ND-CP of April 7, 2014, on the organization and operation of banking inspection and supervision bodies (below referred to as Decree No. 26/2014/ND-CP), which was amended and supplemented under Decree No. 43/2019/ND-CP of May 17, 2019.

1. To amend and supplement Article 6 of Decree No. 26/2014/ND-CP, which was amended and supplemented under Clause 2, Article 1 of Decree No. 43/2019/ND-CP as follows:

“Article 1. Scope of regulation

This Decree provides for the organization and operation of the operation of banking inspection and supervision bodies; banking inspectors; responsibilities of agencies, organizations and individuals in operation of banking inspection and supervision.”

2. To amend Clause 2, Article 2 of Decree No. 26/2014/ND-CP as follows:

“2. Supervised subjects of banking inspection and supervision bodies (below referred to as banking supervision subjects):

a/ The banking supervision subjects specified in Article 56 of the Law on the State Bank of Vietnam, including policy banks and subsidiaries of credit institutions;

b/ Other subjects as provided by law.”

3. To amend and supplement Article 6 of Decree No. 26/2014/ND-CP

“Article 6. Organizational system of banking inspection and supervision bodies

Banking inspection and supervision bodies are inspection agencies under the State Bank, organized into a system, including:

1. The Banking Supervision Agency under the State Bank.

2. The Banking Inspection and Supervision Department under the Banking Supervision Agency.

3. Banking inspection and supervision bodies of provincial-level State Bank branches (below referred to as State Bank branch inspection and supervision bodies).”

4. To amend and supplement Clauses 1 and 2, Article 7 of Decree No. 26/2014/ND-CP, which was amended and supplemented under Clause 3, Article 1 of Decree No. 43/2019/ND-CP as follows:

“1. The Banking Supervision Agency is a unit equivalent to a General Department under the State Bank, assisting the Governor of the State Bank in performing the state management of credit institutions, foreign bank branches, banking inspection and supervision, reception of citizens, settlement of complaints and denunciations, and prevention and combat of corruption and negative practices, deposit insurance; conducting administrative inspection, specialized inspection and banking supervision in the fields falling under the state management of the State Bank, reception of citizens, settlement of complaints and denunciations, and prevention and combat of corruption and negative practices in accordance with law and assigned by the Governor of the State Bank.

2. The organizational structure of the Banking Supervision Agency includes departments and the Office (below referred to as units under the Banking Supervision Agency).

The Director of the Banking Inspection and Supervision Department may issue inspection decisions for banking inspection subjects assigned to him/her (except inspections decided by the Chief of the Banking Supervision Department specified in Clause 3, Article 8 of this Decree), perform tasks of inspection decision issuer and exercise powers of inspection decision issuer and impose administrative sanctions in accordance with law.”

5. To amend and supplement Article 8 of Decree No. 26/2014/ND-CP which was amended and supplemented under Clause 4, Article 1 of Decree No. 43/2019/ND-CP as follows:

“Article 8. Tasks and powers of the Chief of the Banking Supervision Agency

The title of the head of the Banking Supervision Agency is the Chief. The Chief of Banking Supervision shall perform the following tasks and exercise the following powers:

1. To lead, direct and examine the inspection and supervision work falling under the state management of the State Bank; to lead the Banking Supervision Agency to perform tasks and exercise powers in accordance with law.

2. To handle overlaps or duplications in activities of inspection bodies under the State Bank as specified at Point g, Clause 2, Article 55 of the Law on Inspection; to report to the Government Inspector-General for consideration and decision the handling of overlaps or duplications in activities of inspection bodies under the State Bank and inspection bodies under the Government as specified at Point d, Clause 2, Article 55 of the Law on Inspection.

3. To issue inspection decisions for banking inspection subjects falling under the management of the State Bank as assigned by the Governor of the State Bank or at the request of the Governor of the State Bank, including administrative inspections, inspections of settlement of complaints and denunciations, inspections of and corruption prevention and combat work, large and complicated specialized inspections, re-inspections or inspections when deemed necessary; to perform the tasks and exercise powers of inspection decision issuers; to request Directors of provincial-level State Bank branches to appoint banking inspectors and other civil servants to join the inspection team; to requisition civil servants and public employees of related agencies and units to join the inspection team.

4. To decide on the inspection when detecting signs of violation of law by banking inspection subjects or when there are signs of risks threatening the operational safety of credit institutions and foreign bank branches.

5. To decide on re-inspection of the cases on which the Banking Inspection and Supervision Department or a State Bank branch inspection and supervision body has made conclusions but which show signs of violation of law as detected through consideration and handling of complaints, denunciations, petitions and reports.

6. When detecting signs of violations of law or when there are signs of risks threatening the operational safety of credit institutions and foreign bank branches, to request the Director of provincial-level State Bank branches to direct the State Bank branch inspection and supervision bodies to conduct inspections of the banking inspection subjects assigned by the Governor of the State Bank; in case the Director of a provincial-level State Bank branch fails to comply with the request, report thereon to the Governor of the State Bank for consideration and decision.

7. To consider and handle issues related to inspection work on which the Chief of the State Bank branch inspection and supervision body disagrees with the Director of the provincial-level State Bank branch. In case the provincial-level State Bank branch disagrees, to report such to the Governor of the State Bank for consideration and decision.

8. To propose the Governor of the State Bank to suspend according to his/her competence the implementation of illegal decisions in the fields falling under the State Bank’s state management as detected through inspection.

9. To propose the Governor of the State Bank to settle issues related to inspection and supervision work.

10. To propose competent state agencies to amend, supplement or promulgate regulations to meet management requirements; to propose the suspension, cancellation or annulment of illegal regulations detected through inspection and supervision.

11. To sanction administrative violations or propose competent persons to sanction administrative violations in accordance with the law on handling of administrative violations.

12. To propose the Governor of the State Bank to examine responsibility of and handle persons under his/her management whose violations are detected through inspection and supervision or who fail to implement conclusions, recommendations and inspection and supervision-related handling decisions; to request heads of other agencies or organizations to examine responsibility of and handle persons managed by such agencies or organizations whose violations are detected through inspection and supervision or who fail to implement conclusions, recommendations and inspection and supervision-related handling decisions

13. To propose the Governor of the State Bank to decide according to his/her competence and organize the implementation of measures to ensure safety of banking operations for agencies, organizations and individuals under the state management of the State Bank.

14. To report to the Governor of the State Bank and the Government Inspector-General on inspection work within the scope of assigned responsibilities; to report to the Governor of the State Bank on other aspects of the work of the Banking Supervision Agency.

15. To inspect and examine the responsibilities of the heads of agencies and units under the management of the State Bank in implementing policies, laws, assigned tasks and powers.

16. To decide on the banking inspectors and other civil servants of the Banking Supervision Agency to conduct meetings and direct contacts with banking supervision subjects.

17. To decide on the level of supervision of banking supervision subjects, except in cases decided by the Governor of the State Bank.

18. To perform other tasks and exercise other powers as provided by law or assigned by the Governor of the State Bank.”

6. To amend and supplement Article 18 of Decree No. 26/2014/ND-CP which was amended and supplemented under Clause 6, Article 1 of Decree No. 43/2019/ND-CP as follows:

“Article 18. Competence to issue inspection decisions and re-inspection decisions

1. The Chief of the Banking Supervision Agency, the Director of the Banking Inspection and Supervision Department, Chiefs of State Bank branch inspection and supervision bodies may issue inspection decisions.

2. The Chief of the Banking Supervision Agency may decide on re-inspection of the cases on which the Banking Inspection and Supervision Department or a State Bank branch inspection and supervision body has made conclusions but which show signs of violation of law as detected through consideration and handling of complaints, denunciations, petitions and reports”.

7. To amend Article 29 of Decree No. 26/2014/ND-CP as follows:

“Article 29. Formulation of policies and legal documents

The Banking Supervision Agency shall assist the Governor of the State Bank in formulating and promulgating according to its competence or for the Governor of the State Bank to submit to competent authorities for promulgation policies and legal documents on the organization, operation, safety of banking operations, banking inspection and supervision, and deposit insurance within the scope of management responsibility of the State Bank.”

8. To annul Article 13 of Decree No. 26/2014/ND-CP.

Article 3. Effect and implementation responsibility

1. This Decree takes effect on January 5, 2025.

2. The State Bank Governor, ministers, heads of ministerial-level agencies, heads of government-attached agencies, chairpersons of provincial-level People’s Committees, the Chief of the Banking Supervision Agency, and related agencies shall implement this Decree.-

On behalf of the Government
For the Prime Minister
Deputy Prime Minister
HO DUC PHOC