Press Release on the issuance of Circular No.25/2020/TT-NHNN
December 31, 2020 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 25/2020/TT-NHNN stipulating the Process of rotation, administration, collation and collection of accounting documents in the system of “Core banking, accounting, budgeting and system integration" at the SBV.
The Circular promulgates the formal regulations on the Process of rotation, administration, collation and collection of accounting documents in the system of "Core banking, accounting, budgeting and system integration" after a period of pilot application; Updates the provisions in the Government's Decree No. 130/2018/ND-CP dated September 27, 2018 providing in detail for digital signatures and digital certificates, the management, provision and utilization of digital signatures, digital certificates, and digital signature authentication services; Specifies the contents on "Organizing the digitization and storage of electronic data in the banking sector" in line with Decision No. 2508/QD-BCD dated December 2, 2019 of the SBV Governor on Building e-Government in the banking sector in 2019-2020.
The new Circular has been issued to enhance the management of the accounting system at the SBV in order to ensure compliance with the current provisions in the relevant laws, while still following the professional procedures required by the accounting software system at the State Bank's accounting units.
The subjects of this new Circular are the Finance & Accounting Department, the Central Banking Department, the Administration Department, the Information Technology Department, the Issue and Vault Department, the Sub-Departments of Administration, the Sub-Departments of Information Technology, the Sub-Departments of Issue and Vault, the Banking Supervision Agency, the SBV branches in all provinces and centrally-controlled cities, as well as other units of the SBV with an accounting apparatus (hereinafter referred to as the SBV's accounting units).
The new Circular is composed of 3 Chapters with 18 Articles, with the following main substances:
Chapter I: General provisions, consisting of 5 Articles
- Article 1 to Article 3: Regulating the scope of application; the subjects of application; the interpretation of terms;
- Article 4: Stipulating the principles of rotation, administration, collation and collection of accounting documents;
- Article 5: Specifying the responsibilities of the participants involved in the process.
Chapter II: Specific contents related to the rotation, administration, collation and collection of accounting documents, which is composed of 02 sections. 01 section provides for the rotation, administration, collation and collection of accounting documents at the SBV's accounting units; the other section provides for the administration and collation of accounting reports of the whole SBV system at the Finance & Accounting Department, which acts as a data aggregator for the whole SBV system.
- Section 1 provides for the rotation, administration, collation and collection of accounting documents at the SBV's accounting units, which comprises of 8 Articles:
+ Article 6 to Article 9: regulating the process of rotation, administration, collation and collection of accounting documents at the SBV's accounting units from the professional departments, the accounting departments to the administration department and the post-examination department;
+ Article 10: stipulating the collection, arrangement of accounting documents and reports from all of the SBV accounting units;
+ Article 11: providing for the handling of errors in the process of rotation, administration and collation of accounting documents;
+ Article 12: providing for the rotation, administration, collation and collection of accounting documents at the Central Banking Department;
+ Article 13: specifying the rotation, administration, collation and collection of accounting documents at the Finance & Accounting Department.
- Section 2 stipulates the administration and collation of accounting reports in the entire SBV's system in the Finance & Accounting Department, which comprises of 2 Articles:
+ Article 14: specifying the administration and collation of accounting reports in the entire SBV system;
+ Article 15: providing for the handling of errors detected through the administration and collation of the accounting reports in the entire SBV system;
Chapter III - Implementation provisions, which comprises 3 Articles stipulating the responsibilities of the SBV’s units; the effectiveness; and arrangements for the implementation.
The new Circular will take effect from March 1, 2021.
Translated by VA