Loans granted by using trust funds

Loans granted by using trust funds   1. Accounting principles: a) This account shall be used for reflecting the amounts that microfinance institutions lend to domestic customers to serve predetermined purposes by using funds held in trust for the Government, domestic and foreign organizations and individuals; b) Microfinance institutions shall have to keep a detailed journal of loans specific to lending contracts or agreements, terms, maturity dates, qualified borrowers and paid amounts, etc.; d) Microfinance institutions must comply with applicable regulations set out in [...]

Read more...

Account 130- Deposits made at credit institutions

Account 130- Deposits made at credit institutions   1. Accounting principles: a) This Account shall be used for recording a microfinance institution’s deposits made at domestic credit institutions; b) Bases for recording entries on this account include the notice of Credit, Debit or the account statement issued by a credit institution, enclosing original vouchers; c) Upon receipt of vouchers from credit institutions, the accountant must check whether they are matched to attached original ones. In case where there is any difference between data available [...]

Read more...

Operation of insurance agents in credit institutions

Operation of insurance agents in credit institutions   A credit institution with insurance agents may conduct the following activities: 1. Client referral: The credit institution may refer a client who would like to purchase insurance to the insurance enterprise. 2. Insurance offer: The credit institution may offer insurance and explain terms and conditions of insurance products to clients who would like to purchase insurance; or offer insurance via electronic or online methods or other methods in compliance with the law. 3. Arranging conclusion of insurance policies: The [...]

Read more...

Regulated entities

Regulated entities   1. Banks and foreign banks’ branches licensed for operating and providing foreign exchange (hereinafter referred to as “licensed banks”). 2. Vietnamese traders participating in goods transshipment (other than Vietnamese traders which are foreign-invested economic organizations) (hereinafter referred to as “traders”). 3. Other agencies, organizations and individuals related to payment and money transfer for transactions of goods transshipment. Article 3. Principles of payment and money transfer related to goods transshipment 1. Payment and money transfer related to goods transshipment shall be conducted by [...]

Read more...

Consolidation and report

Consolidation and report   1. On a monthly basis, quarterly basis and yearly basis, Council for destroying money shall consolidate figures regarding destroying money and results of destroying money at each destroy body, report to Chairperson of Council for destroying money and send to Supervision council. 2. At the end of the year of destroying money, destroying bodies shall consolidate figures and produce records of results of total money destroyed at each body with confirmation of the Supervision council. The records shall be [...]

Read more...

Inventory of defective money vault

Inventory of defective money vault   1. Defective money stored in vault shall be examined once a month on the last working day of the month. Inventory shall be implemented by Vice Chairperson in charge of destroying bodies, members of Council for destroying money managing money vault, heads of money destroying agency and employees performing accounting tasks for defective money vault; additional assistants may be summoned for inventory under supervision of Supervision council. 2. Inventory method shall comply with applicable regulations on [...]

Read more...

Regulations on shredding

Regulations on shredding   1. Based on records for extracting defective money, leaders of Team 3 shall receive money from Team 1 and Team 2 in form of piles (bags) with whole seal as specified in Clause 2 and Clause 4 Article 16 of this Circular. 2. Shred the amount money received with specialized destruction machines to turn money into scraps; collect and preserve the scraps in the right place as per the law. 3. During break time and mid-day break, amount of [...]

Read more...

Regulations on tallying defective money

Regulations on tallying defective money   1. Based on records of extracting defective money, individuals managing defective money vault shall extract the money to enable Team 1 to hand over to Team 2 under internal supervision of Department of Issuance and Treasury. 2. Leader of Team 2 shall receive the money in packages (boxes) with whole seal and lead intact, the sealing paper must fully include details according to regulations on sealing case of State Bank of Vietnam and assign each accountant [...]

Read more...

Management of defective money vault

Management of defective money vault   1. Management of defective money vault shall comply with management of money vault and cash preservation of State Bank of Vietnam for Central money vault. 2. Individuals managing defective money vault a) 3 following individuals shall participate in managing defective money vault at each destroying body: 1 member of the Council for destroying money, 1 accounting employee and 1 keeper of defective money vault. b) Individuals managing defective money vault shall be decided by Governor of the State [...]

Read more...

Tasks of specialized teams

Tasks of specialized teams   1. Team for assigning, receiving and preserving defective money (hereinafter referred to as “Team 1”): Receive defective money from the Central money vault to store in defective money storage; transport to Team for tallying and Team for destroying money; preserve money sent by other specialized teams; receiving and storing money qualified for circulation selected from tallying defective money. 2. Team for tallying defective money (hereinafter referred to as “Team 2”): Receive money from Team 1, tally each [...]

Read more...