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THE MINISTRY OF
FINANCE
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.:
20/2020/TT-BTC
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Hanoi, April 01,
2020
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CIRCULAR
AMENDMENTS
TO CIRCULAR NO. 312/2016/TT-BTC DATED NOVEMBER 24, 2016 OF MINISTRY OF FINANCE
PRESCRIBING FINANCIAL REGIME FOR DEPOSIT INSURANCE OF VIETNAM
Pursuant to the Law on credit institutions dated
June 16, 2010 and the Law on amendments to the Law on credit institutions dated
November 20, 2017;
Pursuant to the Law on Deposit Insurance dated
June 18, 2012;
Pursuant to the Law on management and use of
state capital invested in manufacturing and business operations of enterprises
dated November 26, 2014;
Pursuant to the Government’s Decree No.
68/2013/ND-CP dated June 28, 2013 elaborating and providing guidelines for
implementation of the Law on Deposit Insurance;
Pursuant to the Government’s Decree No.
87/2017/ND-CP dated July 26, 2017 defining functions, tasks, powers and
organizational structure of the Ministry of Finance;
Pursuant to the Government’s Decree No.
91/2015/ND-CP dated October 13, 2015 regarding state capital investment in
enterprises, use and management of state-owned capital and assets in
enterprises and the Government’s Decree No.32/2018/ND-CP dated March 08, 2018
providing amendments to the Government’s Decree No. 91/2015/ND-CP dated October
13, 2015 regarding state capital investment in enterprises, use and management
of state-owned capital and assets in enterprises;
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For implementation of the Decision
No.1394/QD-TTg dated August 13, 2013 of the Prime Minister on the establishment
of Deposit Insurance of Vietnam (DIV);
For implementation of the Decision
No.1395/QD-TTg dated August 13, 2013 of the Prime Minister on approval of the
Charter on organization and operation of Deposit Insurance of Vietnam (DIV);
For implementation of the Decision No. 527/QD-TTg
dated April 01, 2016 of the Prime Minister on amendments to the Charter on
organization and operation of Deposit Insurance of Vietnam (DIV) enclosed with
the Decision No.1395/QD-TTg dated August 13, 2013 of the Prime Minister;
At the request of the Director of the Department
of Banking and Financial Institutions;
The Minister of Finance promulgates a Circular
providing amendments to the Circular No. 312/2016/TT-BTC dated November 24,
2016 of the Ministry of Finance prescribing financial regime for Deposit
Insurance of Vietnam (DIV).
Article 1. Amendments to
Circular No. 312/2016/TT-BTC dated November 24, 2016 of Ministry of Finance
prescribing financial regime for Deposit Insurance of Vietnam (DIV)
1. Point e is added to Clause 2 Article 4 as follows:
“e) Income from debt-claims of special loans
offered to credit institutions placed under special control. DIV must keep
separate record of this income in its technical reserve fund.”
2. Clause 4 and Clause 5 Article 5 are amended as
follows:
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5. Its technical reserve fund shall be used for:
a) making payouts to depositors in accordance with
regulations of the Law on Deposit Insurance. In case the balance of its
technical reserve fund is not sufficient to make payouts to all depositors, DIV
is allowed to:
- Apply for financial supports or loans from credit
institutions in accordance with regulations of the Law on Deposit Insurance and
relevant legislative documents.
- Sell government bonds, long-term bonds purchased
from assisting credit institutions and/or SBV bills. The difference between the
selling price and the cost incurred from purchase of government bonds,
long-term bonds issued by assisting credit institutions or SBV bills (either
positive or negative after having settled with loss reserve as prescribed)
shall be recorded in accounts of its technical reserve fund.
b) offering special loans to credit institutions
placed under special control in accordance with law regulations. DIV must
ensure that the use of its technical reserve fund to offer special loans to credit
institutions placed under special control shall not affect its capacity to make
payouts to depositors. DIV must closely monitor loans and expedite debt
recovery for reducing potential losses.
c) making up losses due to failure to recover debts
of special loans offered to credit institutions placed under special control as
prescribed in Article 7a hereof.”
3. Point a and Point b Clause 2 Article 6 are
amended as follows:
“a) DIV shall annually determine the amount of
revenue, earned from investment activities using its operating capital, taken
up as income and submit report thereof to the Ministry of Finance by January 15
of the planning year, enclosed with its plan for capital use, estimated income
and expenditures, and relevant documents.
b) Within 60 days from the receipt of adequate
documents, the Ministry of Finance shall play the leading role and cooperate
with SBV in deciding the amount of DIV’s revenue recorded as income in the
planning year. The amount of revenue recorded as income shall be decided
in a manner that ensures DIV is capable of covering its operating expenses and
setting aside mandatory reserves and provisions."
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“c) Settle asset losses and irrecoverable debts,
and set aside loss reserve as prescribed in Point 1.9 Clause 1 Article 19
hereof.”
5. Point b Clause 4 Article 7 is amended as
follows:
“b) There is a decrease in the balance of DIV’s
technical reserve fund because it is used for making of payouts to depositors
at insured institutions and making up losses from special loans offered to
credit institutions placed under special control.”
6. Point d and Point dd are added to Clause 4
Article 7 as follows:
“d) The income earned by DIV in the year is
affected because its operating capital has been used for purchasing long-term
bonds from assisting credit institutions as prescribed.
dd) DIV sells government bonds, long-term bonds
purchased from assisting credit institutions and/or SBV bills for making
payouts to depositors in case the balance of its technical reserve fund is not
sufficient for making payouts to depositors."
7. Article 7a is added as follows:
“Article 7a. Settlement of losses from special
loans offered to credit institutions placed under special control
a) DIV is allowed to use the balance of incomes
from debt claims of special loans offered to credit institutions placed under
special control, which is separately recorded in its technical reserve fund as
prescribed in Point e Clause 2 Article 4 hereof, for making up irrecoverable
losses from such special loans. If the balance of incomes from debt claims of
special loans is not sufficient for making up losses, DIV shall submit a report
thereof to SBV for deciding the use of its technical reserve fund for making up
losses as prescribed.
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8. Point 1.9 Clause 1 Article 19 is amended as
follows:
“1.9. Expenditures on loss reserves (including
provisions for long-term bonds purchased from assisting credit institutions)
which are determined in accordance with law regulations on establishment and
settlement of provisions against devaluation of goods in stock, investment
losses, bad receivable debts and warranty for products, goods, services and
buildings."
9. Paragraph g Point 1.10 Clause 1 Article 19 is
amended as follows:
“g) Expenditures on unresolved asset losses
(including losses from long-term bonds purchased from assisting credit
institutions) after they have been made up by the loss reserve and other
funding sources (if any) as prescribed.”
10. Clause 3 Article 21 is amended as follows:
“3. The evaluation of business performance
and ranking of DIV which is used as the basis for setting aside reward and
welfare funds and reward funds for executives shall be carried out in
accordance with relevant regulations applied to wholly state-owned
single-member limited liability companies.”
11. Clause 2 and Clause 3 Article 24 are amended as
follows:
“2. SBV shall play the leading role and cooperate
with the Ministry of Finance in reviewing the financial plan. Based on opinions
given by the Ministry of Finance, SBV shall decide indicators of the financial
plan and indicators for performance evaluation and ranking of DIV by April 30
of the planning plan and assume responsibility for its decision.
a) The financial plan includes the following
indicators:
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- Expenditures on officials’ overseas business
trips;
- Expenditures on scientific research;
- Expenditures on training and drilling courses
provided for officials;
- Expenditures on hiring of domestic and foreign
experts.
If any financial indicators assigned by SBV cannot
be achieved during the implementation of the financial plan, DIV must send a
written request for adjustment of the financial plan to SBV and shall implement
the adjusted financial plan after obtaining the written consent from SBV (after
having consulted the Ministry of Finance). SBV shall assume responsibility for
its decision to approve the adjusted financial plan of DIV.
b) Indicators for performance evaluation and
ranking of DIV shall comply with regulations laid down in the Government’s
Decree No. 87/2015/ND-CP dated October 06, 2015 and its amending or superseding
documents (if any). These evaluation indicators shall be kept unchanged
during the planning period (except remarkable force majeure events).
3. Based on planning items assigned by SBV
according to Point a Clause 2 of this Article, DIV’s Board of Directors shall
approve its financial plan for implementation.”
12. Clause 4 is added to Article 25 as follows:
“4. Reporting forms:
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a) Reports may be sent directly; or
b) By post.”
13. Article 25a is added as follows:
“Article 25a. Information disclosure
DIV must make public disclosure of information in
accordance with regulations of the Law on deposit insurance and regulations on
information disclosure by state-owned enterprises."
14. Clause 3 Article 29 is amended as follows:
“3. Pursuant to this Circular and relevant laws,
within 120 days from the date of promulgation of this Circular, DIV’s Board of
Directors shall promulgate its internal financial regulations and send a copy
thereof to SBV for monitoring.”
Article 2. Implementation
1. This Circular comes into force from May 20,
2020.
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PP. THE
MINISTER
DEPUTY MINISTER
Huynh Quang Hai