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Official Gazette

Saturday, August 15, 2020
Tags: State Bank of Vietnam
Central bank to pilot fintech operations Central bank to pilot fintech operations
The State Bank of Vietnam is planning to apply on a pilot basis a regulatory sandbox allowing fintech companies to provide some banking services from 2021.
Vietnam wishes to further promote cashless payment Vietnam wishes to further promote cashless payment
The first “Cashless Day” of Vietnam was held on June 16 with a series of events designed to encourage non-cash payment in the country.
Central bank allows eKYC for online opening of payment accounts Central bank allows eKYC for online opening of payment accounts
Banks may apply an electronic Know-your-Client (eKYC) process to open payment accounts, instead of the traditional face-to-face one.
PM targets powerful prosperous status for southern key economic region by 2035 PM targets powerful, prosperous status for southern key economic region by 2035
Prime Minister Nguyen Xuan Phuc on May 30 requested the southern key economic region to strive to become a powerful and prosperous region by 2035, ten years ahead of the deadline for the same goal for the whole Vietnam.
Draft circular aims at stricter control of corporate bond-related transactions Draft circular aims at stricter control of corporate bond-related transactions
Credit institutions and foreign bank branches with a non-performing loan ratio of over 3 percent would be disallowed to buy corporate bonds, according to a draft circular recently released by the State Bank of Vietnam.
Shaping a legal framework for cryptoassets in Vietnam Shaping a legal framework for cryptoassets in Vietnam
For the time being, there has been no unified definition of “cryptoasset” or “digital asset” or “virtual asset” in the world. According to the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, “a virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.”[1] Canada’s model legislation regarding digital assets, the Uniform Access to Digital Assets by Fiduciaries Act, defines “a digital asset” as “a record that is created, recorded, transmitted or stored in digital or other intangible form by electronic, magnetic or optical means or by any other similar means.”[2] Cryptocurrency (or virtual currency) is a form of cryptoassets (or virtual assets). There is also no unified definition of this term in the world.
PM approves decree on postponement of tax and land use fee payments PM approves decree on postponement of tax and land use fee payments
Prime Minister Nguyen Xuan Phuc on April 8 approved Decree No. 41/2020/ND-CP about the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic.
State Bank devises measures to support enterprises during the pandemic State Bank devises measures to support enterprises during the pandemic
In furtherance of Prime Minister Directive 11, SBV on March 13 issued Circular 01 providing a number of measures to support enterprises affected by the COVID-19 pandemic, including debt rescheduling, remission and reduction of loan interests and fees, and maintaining debt groups for borrowers.
Premier directs removal of difficulties for enterprises amid COVID-19 outbreak Premier directs removal of difficulties for enterprises amid COVID-19 outbreak
The Prime Minister has recently requested implementation of solutions to remove difficulties for production and business so as to ensure social welfare and security in response to the COVID-19 pandemic.
Central bank delays foreign ownership cap in payment services industry Central bank delays foreign ownership cap in payment services industry
The State Bank of Vietnam has said it will not cap foreign ownership of companies in the payment services industry in its draft decree to replace Decree 101.

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