The State Bank of Vietnam has submitted a proposal to the government regarding the issuance of a new decree to replace Decree No. 88/2019/ND-CP dated November 14, 2019, on the administration of sanctions in the monetary and banking sector (as amended and supplemented).

The draft proposes adding numerous sanctions and increasing fines for administrative violations. The highest penalty could reach VND500 million ($19,700).

Specifically, Article 7 of the draft decree stipulates fines ranging from VND400 million to VND500 million ($15,700 to $19,700) for three separate violations.

First, illegal interference in the banking operations or other business activities of credit institutions and foreign bank branches.

Second, engaging in anti-competitive or unfair competitive practices that risk or cause harm to the implementation of national monetary policy and the safety of credit institutions.

Third, violating regulations on attaching non-compulsory insurance products to the provision of banking products and services in any form, as stipulated in the Law on Credit Institutions.