This Circular marks an important step in enhancing transparency, accountability, and financial discipline across Vietnam’s cooperative credit system, ensuring that independent auditing practices align with international standards and domestic regulatory requirements.
Key highlights of the Circular
The Circular consists of three chapters with 18 articles, covering the following main contents:
-
Chapter I – General Provisions: Defines the scope of regulation, subjects of application, interpretation of key terms, scope of audit, and encouragement of independent audit activities.
-
Chapter II – Specific Regulations: Provides detailed guidance on the selection process, authority, and timeframe for appointing independent auditors; defines audit content, audit opinions, and audit results; stipulates requirements for audit organizations and practicing auditors; and sets out responsibilities of both audit firms and cooperative credit institutions.
-
Chapter III – Implementation: Outlines responsibilities for implementation and specifies the effective date.
Implementation timeline
The Circular will take effect on January 1, 2026, providing cooperative credit institutions and relevant auditing firms sufficient time to prepare for compliance and to strengthen their internal governance systems.
Promoting transparency and sound governance
The issuance of Circular No. 42/2025/TT-NHNN reflects the SBV’s ongoing commitment to modernizing the supervisory framework for Vietnam’s cooperative financial institutions. By mandating independent audits, the SBV aims to:
-
Enhance the reliability of financial information;
-
Strengthen the confidence of members and depositors;
-
Promote transparency and risk management in the cooperative sector; and
-
Support the sustainable development of the grassroots financial system.
For further information, please contact:
State Bank of Vietnam (SBV)
Department of Cooperative Credit Institutions
49 Ly Thai To Street, Hoan Kiem District, Hanoi
Tel: (+84) 24 3825 5796 | Website: www.sbv.gov.vn
by VNBA News
