The State Bank of Vietnam (SBV) on June 12 issued Dispatch No. 3496/NHNN-TD, asking credit institutions and branches of foreign banks to submit reports on risk management during their documentary credit activities.
Accordingly, credit institutions are required to submit documents related to their internal risk management procedures to open, settle letter of credits; discount and pledge full set of documents. Banks are also asked to review and report risks during D/C operation and to have recommendations to the central bank and concerned ministries.
All the reports must be sent to the SBV’s Credit Department prior to June 25.