What are regulations on “State Bank of Vietnam (SBV)’s Honourable Flag” quantity?

What are regulations on “SBV’s Honourable Flag” quantity?

Pursuant to Article 31 of the Circular 17/2019/TT-NHNN stipulating “SBV’s Honourable Flag” quantity as follows:

1. On an annual basis, SBV’s Governor shall confer "SBV's Honourable Flag" upon Departments, Administrations, Authorities, units at the SBV’s headquarter or enterprises under the SBV’s control recognized as excellent units leading emulation campaigns in specific emulative Clusters. Division into units belonging to specific emulative Clusters shall be subject to the Governor’s decisions. Each year, the Governor shall grant Honourable Flags to units under the control of Bank Supervision and Inspection Agency that are recognized as excellent units leading emulation campaigns.

2. On an annual basis, the Governor shall grant Honourable Flags to SBV branches in cities and provinces that are recognized as excellent units leading emulation campaigns in specific emulative Groups. Division into units belonging to specific emulative Groups shall be subject to the Governor’s decisions.

3. Each year, based on business performance and scale of each unit, SBV shall inform the quantity of Honourable Flags granted to each nominated unit, including credit institutions, foreign bank branches, Deposit Insurance of Vietnam and other banking units.

4. On an annual basis, the Governor shall grant Honourable Flags to training teams recognized as excellent units leading emulation campaigns.

5. Teams qualified for receipt of Honourable Flags shall include large teams specified in Article 3 herein; Departments, Administrations, Authorities, Office of the Bank Supervision and Inspection Agency; branches and subsidiaries of credit institutions; branches of Deposit Insurance of Vietnam; campuses affiliated to training teams.

What are regulations on banking-sector emulation and rewarding funds in Vietnam?

Pursuant to Article 32 of the Circular 17/2019/TT-NHNN stipulating banking-sector emulation and rewarding funds in Vietnam as follows:

Funding, set-aside amount and management and use of the emulation and rewarding fund shall be subject to regulations laid down in Article 65, 66 and 67 in the Decree No. 91/2017/ND-CP and other instructional documents.

What are principles of calculation of reward sums and responsibility for payment of reward sums regarding banking sector in Vietnam?

Pursuant to Article 33 of the Circular 17/2019/TT-NHNN stipulating principles of calculation of reward sums and responsibility for payment of reward sums regarding banking sector in Vietnam as follows:

1. Principles of calculation of reward sums shall be subject to regulations laid down in Article 68 in the Decree No. 91/2017/ND-CP.

2. Responsibility for payment of reward sums

a) With regard to teams and individuals rewarded by the Prime Minister or the President:

i) SBV shall be responsible for paying reward sums to teams and individuals under its control (except public service providers);

ii) Units controlling honoured teams or individuals shall be responsible for paying reward sums to teams or individuals under the control of credit institutions, foreign bank branches, Deposit Insurance of Vietnam, public service providers, standing entities of associations and enterprises under the SBV’s management;

b) With regard to teams and individuals rewarded by SBV’s Governor:

i) Reward sums derived from the SBV’s emulation and rewarding fund shall be paid to honoured teams or individuals under the SBV’s control (except public service providers), and non-banking teams and individuals;

ii) Reward sums paid to teams or individuals under the control of credit institutions, foreign bank branches, Deposit Insurance of Vietnam, public service providers, standing entities of associations and enterprises under the SBV’s management shall be derived from emulation and rewarding funds of respective units;

c) Reward sums paid to teams and individuals honoured by Directors of SBV branches in cities and provinces shall be derived from SBV’s emulation and rewarding funds of branches in cities or provinces (except teams and individuals under the control of credit institutions);

d) Reward sums paid to teams or individuals under the control of credit institutions, foreign bank branches, Deposit Insurance of Vietnam, public service providers, standing entities of associations and enterprises under the SBV’s management that are commended and rewarded by Heads of units shall be derived from emulation and rewarding funds of these units.

3. Reward sums associated with emulative titles and other commendations or rewards shall be subject to regulations laid down in Article 69 through Article 74 in the Decree No. 91/2017/ND-CP and other instructional documents.

Best regards!