Circular No. 21/2010/TT-NHNN on Statistical Reports applicable to units under the State Bank of Vietnam and credit organizations, foreign bank branches.

CIRCULAR

Regulations on statistical reports applicable to units under the State Bank of Vietnam and

credit institutions and foreign bank branches

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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Statistics Law 04/2003/QH11 dated June 17, 2003;

Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

The State Bank of Vietnam (hereinafter referred to as the State Bank) stipulates statistical reports applicable to units under the State Bank and credit organizations, foreign bank branches operating in Vietnam (referred to as statistical reports) as follows:

PART I

GENERAL PROVISIONS

Article 1. Scope of application

The statistical reports prescribed in this Circular belong to the category of basic statistical reporting systems as defined in the Statistics Law No. 04/2003/QH11 dated June 17, 2003.

The statistical reports prescribed in this Circular are forms of collecting statistical information from reporting units to meet the implementation of state management functions regarding currency, banking activities, and the central bank function of the State Bank.

For other reports not within the scope of regulation of this Circular, reporting units shall implement according to current regulations of the Governor of the State Bank and competent state management agencies.

Article 2. Reporting unit

1. Units within the organizational structure of the State Bank of Vietnam (hereinafter referred to as units under the State Bank of Vietnam).

2. Credit organizations (excluding microfinance institutions), foreign bank branches established and operating in Vietnam under the Law on Credit Organizations (hereinafter collectively referred to as credit organizations).

Article 3. Unit receiving reports

The entity receiving the report is units under the State Bank of Vietnam.

Article 4. Indicators and report forms for statistical reports (hereinafter referred to as indicators and report forms)

1. The reporting indicators are classified into groups of indicators. Each group of indicators has different subgroups of indicators.

2. Periodic report indicators and forms: Periodic preparation, submission deadlines, reporting units, contents, and instructions for periodic report indicators and forms are specified in Article 11 of this Circular and Appendices 1, 2, 3, 4a, and 4b attached hereto.

3. In cases where necessary for management and guidance purposes, the Governor of the State Bank or the Director of the State Bank branch in provinces and centrally-administered cities may request reports based on indicators and report forms not provided for in this Circular; reporting units shall have the responsibility to fully and promptly comply with such reporting requirements.

Article 5. Statistical code and classification guidelines

1. Specific provisions regarding statistical code application in banking statistics work are stipulated in Appendix 5 attached hereto.

2. Guidelines for classifying types of organizations and individuals, economic sector classifications across three economic sectors, and resident and non-resident classifications of Vietnam are specified respectively in Appendices 6, 7, and 8 attached hereto.

Article 6. Reporting methods

1. Electronic reports are reports presented in electronic data files transmitted through computer networks or sent via physical media. Electronic reports must be fully signed electronically by the head or authorized person of the reporting unit and comply with the designated transmission codes, file structures as prescribed by the State Bank.

Mandatory electronic reporting applies to the reporting indicators prescribed in Appendix 1 and the reporting forms with electronic reporting formats prescribed in Appendices 4a and 4b attached hereto.

2. Paper reports are reports on paper and must conform to the prescribed form, bearing full seals and signatures of authorized persons of the reporting unit, and signatures and names of preparers and reviewers of the report.

Article 7. Network connection and electronic reporting process

1. Head offices of credit organizations (excluding People's Credit Funds at the grassroots level and foreign bank branches that are not main branches of the same system operating in Vietnam) shall connect to the Information Technology Bureau's network to submit reports to the State Bank as prescribed in Appendix 2 and Appendix 4b attached hereto.

2. State Bank branches in provinces and centrally-administered cities (hereinafter referred to as State Bank branches in provinces and centrally-administered cities) shall connect to the Information Technology Bureau's network to submit reports to the State Bank as prescribed in Appendix 2 and Appendix 4a attached hereto, and extract credit organization reports within their jurisdiction from the common database at the State Bank according to the Information Technology Bureau's guidelines.

3. People's Credit Funds at the grassroots level shall connect to the network of the State Bank branch in the province or centrally-administered city where they are located to submit reports to the State Bank as prescribed in Appendix 2 and Appendix 4b attached hereto.

In cases where People's Credit Funds at the grassroots level do not meet the conditions to connect to the network of the State Bank branch in the province or centrally-administered city, they shall send report files via physical media or submit paper reports to the State Bank branch in the province or centrally-administered city where they are located. The State Bank branch in the province or centrally-administered city shall be responsible for updating the report data of each People's Credit Fund into its own database to send back to the State Bank.

4. In cases where there are issues with the data transmission system, reporting units must submit report files stored on storage media to the State Bank in accordance with the following provisions:

a) Head offices of credit organizations (excluding People's Credit Funds at the grassroots level and foreign bank branches that are not main branches of the same system operating in Vietnam) shall send to the Information Technology Bureau.

b) People's Credit Funds at the grassroots level shall send to the Information Technology Bureau through the State Bank branch in the province or centrally-administered city where they are located.

Article 8. Submitting paper reports

The submission of paper reports applies to report forms implemented according to specific provisions on each report form in Appendices 4a and 4b attached hereto.

Article 9. Confidentiality of report information

Statistical report figures and related documents classified as state secrets must be managed, used, and transmitted in accordance with the laws on protecting state secrets.

Article 10. Quality of statistical report figures

Statistical report figures must ensure completeness, timeliness, truthfulness, objectivity, and accuracy. When there are revisions to previously reported figures or unusual fluctuations in figures during the reporting period, the reporting unit must submit written explanations to the receiving unit.

Article 11. Periodicity and submission deadlines for reports

1. Periodic reporting.

a) Daily reporting periods are determined based on working days.

b) Monthly, quarterly, semi-annual, and annual reporting periods are determined according to the Gregorian calendar.

c) Ten-day reporting period (or 3 periods/month): the first period runs from the 1st to the 10th day of the reporting month; the second period runs from the 11th to the 20th day of the reporting month; and the third period runs from the 21st to the last day of the reporting month.

d) Fifteen-day reporting period (or 2 periods/month): the first period runs from the 1st to the 15th day of the reporting month; the second period runs from the 16th to the last day of the reporting month.

2. Submission deadlines for report indicators apply to

a) Daily report: units submit their report no later than 14:00 on the next working day following the reporting date.

b) Ten-day report (three periods/month), fifteen-day report (two periods/month): units submit their report no later than two working days following the last day of the reporting period.

c) Monthly report: units submit their report no later than the 12th day of the following month immediately after the reporting month.

d) Quarterly reports: reporting units must submit reports no later than the 14th day of the first month of the subsequent quarter immediately following the reporting quarter.

d) Six-month report: units submit the report no later than the 15th day of the following month immediately after the reporting period.

e) Annual report: units submit the report no later than the 20th day of the first month of the following year immediately after the reporting year.

g) Specifically, for the monthly reports of each People's Credit Fund, the State Bank branch in provinces and cities shall submit to the State Bank according to the following deadlines:

- Ten-day report (three periods/month), fifteen-day report (two periods/month): submitted no later than three working days following the last day of the reporting period.

- Monthly report: submitted no later than the 14th day of the following month immediately after the reporting month.

- Quarterly report: submitted no later than the 16th day of the following month immediately after the reporting quarter.

- Annual report: submitted no later than the 25th day of the first month of the following year immediately after the reporting year.

h) In cases where the deadline for submitting the report differs from the provisions stated above, it shall be specifically provided for in Appendix 3 attached to this Circular.

3. The deadline for submitting reports applicable to the reporting forms is specified in detail on the reporting forms at Appendix 4a and Appendix 4b attached hereto.

4. If the last day of the reporting deadline coincides with a public holiday, Tet holiday, or weekend, then the submission date of the report shall be the next working day immediately following the holiday or weekend.

In cases where the report is submitted in writing, the actual submission date of the report shall be considered the date recorded on the postmark of the postal office receiving the submitted report. In cases where the report is submitted through the electronic reporting channel, the submission date of the report shall be the date when the report file is successfully transmitted to the Information Technology Department.

In urgent or unforeseen circumstances, the unit must submit the report via fax. After submitting the report via fax, the reporting unit has the responsibility to submit the official written report according to Clause 2 Article 6 and Article 8 of this Circular. The actual submission date of the report shall be considered the fax date.

Article 12. Procedure for reviewing indicators and report forms for electronic reports

1. At the Information Technology Department:

a) Immediately upon receipt of the report within the deadline specified in Clause 2 and 3 Article 11 of this Circular, the Information Technology Department shall check the completeness of the indicators and report forms for electronic reports transmitted over the information network by the State Bank branch in provinces and cities, and the headquarters of credit institutions. If it is found that the State Bank branch in provinces and cities, or the headquarters of credit institutions have not transmitted or have transmitted incomplete indicators and report forms for electronic reports, or have transmitted incomplete reports of branches within their system, the Information Technology Department must notify through the network to the State Bank branch in provinces and cities, and the headquarters of credit institutions to submit complete reports to the State Bank.

b) Immediately upon receipt of the review results from units under the State Bank, the Information Technology Department shall promptly notify through the network to the State Bank branch in provinces and cities, and the headquarters of credit institutions to handle and retransmit accurate data to the Information Technology Department.

c) Immediately upon receipt of the indicators and report forms for electronic reports transmitted back to the Information Technology Department by the State Bank branch in provinces and cities, and credit institutions, the Information Technology Department shall notify through the network to the receiving units to update the data in a timely manner.

2. At Departments, Bureaus, Inspection and Supervision Agencies:

Within three working days from the deadline for submitting the report specified in points c, d, f, e, g, h of Clause 2 and Clause 3 Article 11 of this Circular, the Departments, Bureaus, Banking Supervision Agencies shall check the reasonableness of the aggregated data from the indicators and report forms for electronic reports within their monitoring and aggregation responsibilities as stipulated in Article 16 of this Circular; if errors are detected, the Departments, Bureaus, Banking Supervision Agencies shall send the review results of the data through the network to the Information Technology Department to notify the reporting units to retransmit correct data.

3. At State Bank branches in provinces and cities:

a) Within three working days from the deadline for submitting the report specified in points c, d, f, e, h of Clause 2 and Clause 3 Article 11 of this Circular, the State Bank branch in provinces and cities shall check the completeness and reasonableness of the aggregated data from the indicators and report forms for electronic reports of each transaction office, branch of credit institutions, and credit institutions without branches on the local territory; if errors are detected, the State Bank branch in provinces and cities shall send the review results of the data through the network to the Information Technology Department to notify the reporting units to retransmit correct data.

b) Within one working day from the date of receiving the electronic review notification from the Information Technology Department, the State Bank branch in provinces and cities must retransmit complete and accurate report data to the Information Technology Department for exploitation by the Departments, Bureaus, Banking Supervision Agencies.

4. At credit organizations:

Within three working days from the date of receiving the electronic review notification from the Information Technology Department, the headquarters of credit institutions must retransmit complete and accurate report data to the Information Technology Department for exploitation by units under the State Bank.

Article 13. Procedure for reviewing report forms submitted in writing

1. At Departments, Bureaus, Inspection and Supervision Agencies:

a) Within two working days from the deadline for submitting the report specified in the report forms submitted in writing, the Departments, Bureaus, Banking Supervision Agencies shall check the completeness and reasonableness of the aggregated data from the report forms submitted in writing within their monitoring and aggregation responsibilities as stipulated in Article 16 of this Circular; if it is found that the reporting unit has not submitted or the report data is incorrect, the Departments, Bureaus, Banking Supervision Agencies shall notify the reporting unit through telephone or fax to submit complete data or correct data.

b) Within one working day from the date of receiving the review notification through telephone or fax from the Departments, Bureaus, Banking Supervision Agencies, the reporting unit must submit complete data or correct data to the Departments, Bureaus, Banking Supervision Agencies.

2. At State Bank Branches in provinces and cities:

a) Within two working days from the deadline for submitting the report specified in the report forms applicable to the People's Credit Funds at the grassroots level, the State Bank branch in provinces and cities shall check the completeness and reasonableness of the aggregated data from the report forms submitted in writing of the People's Credit Funds at the grassroots level on the local territory; if it is found that the People's Credit Funds at the grassroots level have not submitted or the report data is incorrect, they shall notify the People's Credit Funds at the grassroots level through telephone or fax to submit complete data or correct data.

b) Immediately upon receiving the written report from the People's Credit Fund at the grassroots level resubmitted to the State Bank branch in the province/city, the State Bank branch in the province/city must compile all data accurately and transmit it through the computer network to the Information Technology Bureau so that units under the State Bank can utilize it.

3. At the People's Credit Fund at the grassroots level:

Within two working days from the date of receipt of the telephone or fax inquiry notice from the State Bank branch in the province/city, the People's Credit Fund at the grassroots level must submit or resend the correct data to the State Bank branch in the province/city.

Article 14. Indicators and reporting forms do not generate

For indicators and reporting forms prescribed in Appendix 1, Appendix 4a, and Appendix 4b which are not generated, the reporting units shall implement according to the guidance of the Bureau of Information Technology.

Chapter II

RESPONSIBILITIES OF UNITS UNDER THE STATE BANK AND CREDIT ORGANIZATIONS IN IMPLEMENTING STATISTICAL REPORTS

Article 15. In accordance with their assigned functions and responsibilities, the Departments, Bureaus, and Banking Inspection and Supervision Authorities shall have the following duties:

1. Develop indicators and reporting forms related to the implementation of their own functions and tasks.

2. When there is a request for modification, supplementation, or issuance of new indicators and reporting forms related to the performance of their functions and responsibilities, the Departments, Bureaus, and Banking Inspection and Supervision Authorities must develop the necessary indicators and reporting forms for modification, supplementation, or issuance, coordinate with the lead unit, which is the Forecasting and Statistics Department, and have the Forecasting and Statistics Department submit them to the Governor of the State Bank for issuance.

2. Coordinate with the Department of Forecasting and Monetary Statistics to organize training sessions on statistical reporting, guiding the establishment of indicators and reporting forms developed by their own unit.

3. Coordinate with the Forecasting and Statistics Department to promptly guide and respond to issues related to their responsibilities in implementing this Circular from the reporting units; in cases where they are instructed by the Governor of the State Bank to guide or respond to reporting units on matters within their specialized management scope, they must also send copies of their guidance or response documents to the Forecasting and Statistics Department.

4. Monitor and urge reporting units to submit all indicators and reporting forms fully and on time as stipulated in Article 16 of this Circular; when discovering errors in reported indicators, they must promptly require the reporting units to correct and resubmit the accurate data; cooperate with the Information Technology Bureau to review the electronic submission of reports from reporting units through the computer network.

5. Within ten working days from the deadline for submitting reports as specified in points c, d, đ, e, g, h of Clause 2 and Clause 3, Article 11 of this Circular, the Departments, Bureaus, and Banking Inspection and Supervision Authorities shall process and audit the indicators and reporting forms under their responsibility, transmit the audited data through the computer network to the Information Technology Bureau for updating into the common database of the State Bank.

6. On a quarterly basis, evaluate the implementation of statistical reports by reporting units for the indicators and reporting forms under their responsibility, and submit the evaluation to the Forecasting and Statistics Department no later than the last working day of the first month of the subsequent quarter for consolidation and general notification.

Organize the retention and management of statistical reports received directly from reporting units according to current regulations on recordkeeping and document management in the banking sector.

8. Coordinate with the Inspection and Supervision Agencies and the Internal Audit Department to inspect and audit relevant organizations and units in implementing this Circular.

9. Establish and submit indicators and reporting forms to the receiving units as prescribed in this Circular.

Article 16. Responsibilities of the Departments, Bureaus, and Banking Inspection and Supervision Authorities in building, monitoring, urging, reviewing, and consolidating indicators and reporting forms

1. Forecasting and Statistics Department: 1A.1, 1B.1, 1C.1, 1E, 1H, 2A, 2B.1, 4A, 4D, 5G, 7C, 7D.

2. Monetary Policy Department: 1C.2, 3A, 7B.

3. Credit Department: 1A.2, 1A.3, 1B.2, 1B.3, 1G, 7A.

4. Foreign Exchange Management Department: 5A, 5B, 5C, 5D, 5E.

5. Payment Department: 4B, 4C.

6. Issue and Treasury Bureau: 4E.

7. Banking Inspection and Supervision Authority: 1D, 6A, 6B, 6C, 8A, 8B, 8C, 8D, 8E, 8G, 8H.

8. Units receiving reports as specified in the reporting forms attached as Appendix 4a and Appendix 4b to this Circular shall be responsible for monitoring, urging, reviewing, and consolidating the reporting forms they receive.

Article 17. Responsibilities of the Forecasting and Statistics Department

In addition to the responsibilities stated in Articles 15 and 16 of this Circular, the Department of Forecasting and Monetary Statistics shall also be responsible for:

1. Serve as the lead unit at the State Bank in receiving written recommendations regarding the implementation of this Circular, coordinate with relevant units to respond to the recommending units; monitor the handling of recommendations by relevant units.

2. Updating and announcing on the State Bank of Vietnam's website the statistical lead units in State Bank of Vietnam units for credit organizations to contact and exchange when encountering difficulties.

3. Aggregate and advise the Governor of the State Bank to approve access rights to audited indicators and reporting forms for units under the State Bank.

4. Coordinate with relevant units to guide and inspect the implementation of this Circular; on a quarterly basis, aggregate observations and evaluations, and report on the implementation and compliance with the provisions of this Circular as instructed by the Governor of the State Bank.

5. Lead in developing and advising the Governor of the State Bank to approve the list of comprehensive statistical indicators for the banking sector; lead in coordinating with relevant units to regularly establish, maintain, store, provide, and publish comprehensive statistical data as prescribed by law and directed by the Governor of the State Bank.

Article 18. Responsibilities of the Information Technology Bureau

1. Serve as the lead unit organizing the reception of indicators and reporting forms in the form of data files, checking the name, structure of the file, and indicator code transmitted through the network or sent via portable storage media. In case of errors in the name, file structure, or indicator code in the report, they must require the reporting unit to correct and resubmit according to the regulations; promptly feedback on the status of the data file to the reporting unit. In case of data transmission failure, they must promptly notify the reporting unit and immediately take measures to resolve the issue.

2. Develop and manage the database of statistical reports for the State Bank of Vietnam; ensure the utilization of statistical data for units under the State Bank of Vietnam.

3. Connecting and maintaining communication networks for State Bank of Vietnam units.

4. Provide, install, and guide the operation of the statistical reporting software program for units under the State Bank to transmit, receive, monitor, consolidate, utilize, and review indicators and reporting forms through the computer network and record and back up the log of submitted indicators and reporting forms.

5. Lead and coordinate with the Forecasting and Statistics Department to research and develop applications in statistical reporting work, implement the process of transmitting, receiving, and reviewing electronic reports through the computer network, and guide the implementation of this Circular as prescribed by the Governor of the State Bank.

6. Leading and coordinating with State Bank of Vietnam units and main offices of credit organizations to handle difficulties during the process of reviewing electronic reports.

7. Guiding the issuance and management of encryption keys and digital signature programs used in reporting for reporting units directly connected to the Information Technology Bureau's communication network.

8. To take the lead and coordinate with the Department of Forecasting, Monetary Statistics and related units to build and issue codes for reporting indicators. Guide the regulations on the name and data file structure of electronic reports and instruct the units to establish and submit non-generating report indicators and forms to implement this Circular.

9. Establishing and guiding procedures for sending electronic report files applicable to State Bank of Vietnam units in cases where the State Bank of Vietnam's data transmission system experiences issues.

10. In cases where the reporting units notify that they have transmitted the report data files but the receiving units have not yet received the report indicators through the network, after receiving feedback from the units, the Information Technology Department shall be responsible for checking and verifying the transmission of the report data files by the reporting units and informing the receiving units of the results to promptly handle the situation.

11. Promptly updating indicators and reporting forms corrected by reporting units according to the State Bank of Vietnam's review requirements.

12. Record and back up logs of received report indicators and forms sent by the reporting units. Quarterly, no later than the last day of the first month of each quarter, send notification logs of received indicators and forms for review of the previous quarter to the units under the State Bank of Vietnam via the information technology network for evaluation, comments, and notification of the implementation and compliance with the provisions of this Circular by the reporting units.

13. Monthly, no later than the 25th of the following month, compile and notify via the information technology network the results of processing and reviewing the previous month's report indicators and forms for the Departments, Bureaus, and Banking Inspection and Supervision Agencies, and forward them to the Department of Forecasting and Monetary Statistics for overall monitoring.

Article 19. Responsibilities of the Banking Inspection and Supervision Agency

In addition to the responsibilities stipulated in Articles 15 and 16 of this Circular, the Banking Inspection and Supervision Agency shall be responsible for inspecting organizations, units, and individuals involved in the implementation of this Circular and handling administrative violations according to the law.

Article 20. Responsibilities of the Internal Audit Department

The Internal Audit Department shall be responsible for checking the compliance of State Bank units with this Circular through audit rounds.

Article 21. Responsibilities of the State Bank of Vietnam Branches in Provinces and Cities

1. Urge credit cooperatives on the local area to submit complete and timely report indicators and forms; check the rationality of the reports; compile and submit the reports to the State Bank of Vietnam as prescribed in this Circular.

2. If there are no activities related to the content of the report indicators or forms prescribed in this Circular in the province or city, the State Bank of Vietnam Branches in Provinces and Cities must comply with the provisions of Article 14 of this Circular.

3. Quarterly, evaluate and notify the implementation of this Circular by credit cooperatives on the local area, and simultaneously report to the State Bank of Vietnam (Department of Forecasting and Monetary Statistics) no later than the last working day of the first month of each quarter for consolidation and general notification.

4. Establish and submit report indicators and forms to the receiving units as prescribed in this Circular. Check, correct, and promptly submit the report to the Information Technology Department when requested to review electronic reports.

5. Directly contact the units under the State Bank of Vietnam responsible for tracking and compiling report indicators and forms as prescribed in Article 16 of this Circular or reflect in writing to the State Bank of Vietnam (Department of Forecasting and Monetary Statistics) if there are difficulties during the implementation process.

6. Conduct inspections and checks on the implementation of the provisions of this Circular by organizations, units, and individuals within their jurisdiction managed by the State Bank of Vietnam Branches.

Article 22. Responsibilities of Credit Institutions

1. Adhere strictly to the reporting statistical regulations of the Governor of the State Bank of Vietnam as stipulated in this Circular. During the implementation, if there are difficulties, they must promptly reflect to the State Bank of Vietnam for clarification according to the following provisions:

a) The main office of the credit institution (excluding basic credit cooperatives and foreign bank branches that are not the principal branches of the same system operating in Vietnam) shall directly contact the units under the State Bank of Vietnam responsible for tracking and compiling report indicators and forms as prescribed in Article 16 of this Circular or reflect in writing to the State Bank of Vietnam (Department of Forecasting and Monetary Statistics).

b) Basic credit cooperatives shall directly contact or reflect in writing to the State Bank of Vietnam Branches in Provinces and Cities where their headquarters are located.

2. The main office of the credit institution is the principal unit responsible for submitting reports and is fully liable under the law and to the Governor of the State Bank of Vietnam for the completeness, timeliness, and accuracy of the aggregated system-wide data and detailed data of each branch submitted to the State Bank of Vietnam as guided in Appendix 2.

3. Upon receipt of a notification to review electronic reports from the Information Technology Department or upon discovering errors in the reports already submitted to the State Bank of Vietnam, the main office of the credit institution must promptly correct and resubmit the report to the State Bank of Vietnam, while explaining the errors to the receiving unit.

4. If a credit institution has not generated (or does not have) activities related to the content of each group of report indicators or forms prescribed in this Circular, the credit institution must comply with the provisions of Article 14 of this Circular.

Article 23. Utilization of Report Indicators and Forms

1. Units under the State Bank of Vietnam are permitted to utilize report indicators and forms established, monitored, urged, reviewed, and compiled by themselves as prescribed in Article 16 of this Circular.

2. Units under the State Bank of Vietnam requiring utilization of report indicators and forms reviewed by another unit under the State Bank of Vietnam must register in writing with the Department of Forecasting and Monetary Statistics for consolidation and submission to the Governor of the State Bank of Vietnam for approval.

3. Units permitted to utilize report indicators and forms are responsible for managing and using statistical information and data for the intended purpose and in accordance with the law.

Chapter III

IMPLEMENTATION

Article 24. Handling of violations

1. Organizations, entities, and individuals violating the provisions of this Circular shall be subject to legal sanctions depending on the nature and severity of the violation.

2. Compliance with the provisions of this Circular is one of the bases for the State Bank of Vietnam to consider and approve credit institutions' requests for permission to conduct new business operations and expand their operational networks, and classify credit institutions.

a) A credit institution that frequently violates (five times or more) or intentionally violates the provisions of this Circular in two consecutive periods of assessment and evaluation of compliance with the reporting and statistical regulations immediately preceding the date of application for permission shall not be considered or approved by the State Bank of Vietnam to implement new business operations and expand its network of activities for at least six months and until it complies with the provisions of this Circular.

b) A credit institution that violates the provisions of this Circular and is subject to administrative penalties by the State Bank of Vietnam or has been reminded in writing about compliance with this Circular two or more times within a fiscal year shall not be classified as the best category in that year.

Article 25. Effectiveness

1. This Circular takes effect from July 1, 2011.

2. This Circular replaces Decision No. 477/2004/QĐ-NHNN dated April 28, 2004 of the Governor of the State Bank of Vietnam on the issuance of the Reporting and Statistical System applicable to units under the State Bank of Vietnam and credit institutions; Decision No. 1747/2005/QĐ-NHNN dated December 1, 2005 on amending and supplementing certain articles of the Reporting and Statistical System applicable to units under the State Bank of Vietnam and credit institutions issued together with Decision No. 477/2004/QĐ-NHNN of the Governor of the State Bank of Vietnam.

3. The Director of the Office, the Head of the Forecasting and Monetary Statistics Department, the Heads of relevant units under the State Bank of Vietnam, and the General Directors (Directors) of credit institutions are responsible for implementing this Circular./.