| THE STATE BANK OF VIETNAM ------------- | SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness ----------- |
| No. 02/2007/CT-NHNN | Hanoi, March 20, 2007 |
DIRECTIVE
ON THE INTENSIFICATION OF MEASURES OF IMPROVING STATISTIC REPORTING QUALITY IN BANKING AREA
Decision No.477/2004/QD-NHNN dated 28/4/2004 of the Governor of the State Bank on the issuance of the Statistic Reporting Regime applicable to units of the State Bank and credit institutions has been effective from 01/01/2005 (hereinafter referred to as Decision No.477) and the Decision No.1747/2005/QD-NHNN dated 01/12/2005 on the amendment, supplement of several articles of the Statistic Reporting Regime applicable to units of the State Bank and credit institutions issued in conjunction with the Decision No.477, has been effective from 01/06/2006 (hereinafter referred to as the Decision No.1747), until now it can be seen from the implementation of these two Decisions that the Statistic Reporting Regime is basically appropriate to renovation requirement of the banking technology and the guideline, management of the State Bank. With the efforts and initiatives in overcoming difficulties in the organization of database and application of informatics technology of the State Bank and credit institutions, statistic activity in banking branch has made basic reform, making gradual contribution to the improvement of the statistic report quality of the branch, helping to minimize the coincidence and facilitate information supply of units.
However, from the aspect that information is an effective instrument to serve the conduct, management of the State Bank, quality of the information periodically reported by credit institutions to the State Bank still has some certain drawbacks relating to the accuracy, sufficiency and timeliness. The investigation result of the performance of the reporting on credit activity by some credit institutions in area of Ha Tay, Hung Yen, Phu Tho, Hoa Binh in Quarter III/2006 shows that basis for the branch classification of credit institutions has not been unified, report on the sale of extension and collection of credit debt still includes abstract amounts due to the transfer from this debt group to another one, credit report by debt groups in some credit institutions (especially in the Bank for Agriculture and Rural Development) is not in conformity with provisions in the Decision No.493/2005/QD-NHNN dated 22/4/2005 of the Governor of the State Bank on the issuance of the Regulation on the debt classification, setting up and use of provisions to deal with credit risk in banking activity of credit institutions
The main reason of the above situation is that many credit institutions have not really paid attention to the information, reporting work to the State Bank, the performance, therefore has not been closely conducted, statistic officers have not been properly taken care, many statistic officers have not truly understood the reporting requirement, the data entry has still been done by feeling. As a result, quality of the statistic report still depends much on the awareness of the officers who enter data. Many credit institutions have not taken initiative in closely coordinating with functional units of the State Bank to properly understand of the nature of the statistic reporting norms and reporting requirement for these norms. Besides, many units of the State Bank have not well performed the followings: following up, speeding up as well as guiding credit institutions to well implement requirements of statistic reporting of the State Bank. Moreover, in the situation of the international economic integration, changes of the monetary, financial market have become more complicated, requiring the information quality serving the macro economic management in general, State management in monetary and banking activities as well as monetary policy management in particular to be improved.
Thus, in order to improve the quality of the statistic report, definitively settle any query relating to the reporting requirements as stipulated in the Decision No.477 and the Decision No.1747 of the Governor of the State Bank, to well perform the function of an all-sided, full, timely information channel which satisfies the conduct requirement of the State Bank, the Governor of the State Bank would like to request:
1. General Directors (Directors) of credit institutions: to conduct their units to perform following contents:
a. Seriously performing the requirements of statistic reporting of the Governor of the State Bank as provided for in the Decision No.477 and Decision No.1747. Determining that improvement of the quality of reporting information is one of key tasks of the unit in 2007.
b. Valuating the performance of the Decision No.477 and Decision No.1747 by their units up to 31/3/2007, stating clearly the implementing situation, condition of informatics technology, human resource, difficulties, queries in the implementation, overcoming solution, proposals The valuation report shall be sent to the State Bank (Monetary Policy Department) prior to 05/5/2007.
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