From 15 January, the State Bank of Vietnam may require independent audits during banking inspections

Pursuant to Article 5 of Decree No. 05/2026/ND-CP, the State Bank of Vietnam (SBV) is entitled to require subjects of banking inspection to carry out an independent audit of part or all of their organizational, operational, and financial matters in the following specific cases:

1. Where it is necessary to assess the financial status of the inspection subject, or where the data and documents provided by the inspection subject show signs of inconsistency or are unreliable.

2. Where the inspection contents exceed the professional expertise, technical capacity, or resources of the inspection team.

3. Other cases as prescribed by law or as decided by the Governor of the State Bank of Vietnam.

Within 30 days from the date of receipt of the request from the State Bank of Vietnam, the subject of banking inspection must hire an independent audit organization to conduct the audit in accordance with the required contents.

After obtaining the audit results, the inspection subject must, within 05 days, submit the audit report to the State Bank of Vietnam. This provision aims to ensure the progress of inspections and to prevent delays in the provision of documents serving inspection conclusions.

A notable point is that all costs of the independent audit are borne by the subject of banking inspection. The state budget does not cover expenses for this audit activity.