## 1.      At the request of the State Bank of Vietnam (SBV), and with the support of the

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---

### Mission overview
- Mission by IMF’s Statistics Department (STA) on financial soundness indicators (FSIs) in Hanoi, Vietnam, during April 3–7, 2023.
- Objectives:
  - Review available source data for the deposit takers (DTs) to assess their adequacy for compiling FSIs.
  - Prepare spreadsheets for compiling FSIs for DTs.
  - Use the spreadsheets to compile FSIs for DTs from available source data, using the new FSIs report forms in line with the 2019 FSIs Compilation Guide (2019 FSIs Guide).

### Coverage and data sources for deposit takers (DTs)
- Institutional coverage and exclusions:
  - DTs sector dominated by state-owned commercial banks (SOCBs) and joint-stock commercial banks (JSCBs).
  - As of December 2022, SOCBs and JSCBs combined total assets accounted for 84.6 percent of the banking system’s total assets (equivalent to 168 percent of GDP).
  - A few DTs were excluded due to inadequate data; their market share equivalent to 2.4 percent of the DTs’ total assets.
  - FSIs compilation during the mission covered almost all credit institutions (CIs) sectorized as DTs.
- Source data adequacy and improvements:
  - Aggregated CIs’ financial statements provide adequate breakdowns for FSIs compilation based on the 2019 FSIs Guide.
  - Source data include balance sheet, income statement, and supervisory series needed for compiling FSIs.
  - Account descriptions are sufficiently clear to map to the new FSIs report forms.
  - Mission actions to improve source data included splitting provisions into those for loan losses and for other financial assets and splitting loans by counterpart sectors.

### Data collection frequency and timelines
- Current collection:
  - Balance sheet and income statement are collected from CIs on a quarterly basis.
  - CIs required to submit data for the first three quarters within 30 days and data for the last quarter within 45 days after the end of the reference quarter.
  - During the mission, data for the third quarter of 2022 were used as source data to develop the new FSIs compilation spreadsheets.
- Planned changes:
  - SBV officials explained a plan to improve FSIs data frequency from the current semi-annual frequency to quarterly frequency, subject to SBV management approval.

### Compilation framework and mission outputs
- Implementation:
  - New FSIs report forms in line with the 2019 FSIs Guide were implemented in the spreadsheets.
  - Spreadsheets electronically link available source data for DTs to the new FSIs report forms based on recommended account classification and sectoring.
  - Framework electronically derives FSIs for DTs from source data, minimizing manual work and errors.
- Results from 2022Q3 data:
  - Eleven core and six additional FSIs for DTs and one real estate market indicator were compiled during the mission.
  - New FSIs metadata forms were completed based on available information on accounting and regulatory frameworks, and compilation practices.
  - Recommendation: FSIs metadata should be disseminated along with the FSIs.

### Institutional responsibilities and coordination
- Responsible units:
  - Macroprudential Supervision Department (MPSD) of the Bank Supervisory Agency (BSA) is responsible for the FSIs compilation.
  - Mission recommended MPSD collaborate with the Monetary Policy Department (MPD) and Monetary Statistics and Forecasting Department (MSFD) to obtain additional source data to compile new FSIs for DTs as set forth in the 2019 FSIs Guide.
- Reporting timeframe agreed with authorities:
  - SBV will: (i) submit to STA for review the FSIs for DTs (Table 5.1 DT) and the FSIs metadata in the new FSIs report forms; (ii) provide data for additional breakdowns to improve source data in the FSIs compilation spreadsheets; and (iii) start regular reporting of the FSIs for DTs in the new FSIs report forms (Table 5.1 DT) to STA for dissemination on the IMF’s FSIs data portal.

### Financial sector structure and key statistics (as of December 2022 unless noted)
- Total CI system:
  - Number of institutions: 1,307
  - Total assets: 18,538,039 (in billions of VND)
  - Percent of total CI system assets: 100
  - Percent of GDP: 198.6
- Deposit takers:
  - Number of institutions: 1,296
  - Total assets: 18,241,164 (in billions of VND)
  - Percent of total CI system assets: 98
  - Percent of GDP: 195.5
- Banks:
  - Number of institutions: 48
  - Total assets: 16,762,031 (in billions of VND)
  - Percent of total CI system assets: 90
  - Percent of GDP: 179.7
- State-owned commercial banks:
  - Number of institutions: 7
  - Total assets: 7,679,165.7 (in billions of VND)
  - Percent of total CI system assets: 41.4
  - Percent of GDP: 82.3
- Joint stock commercial banks*:
  - Number of institutions: 28
  - Total assets: 8,000,502.4 (in billions of VND)
  - Percent of total CI system assets: 43.2
  - Percent of GDP: 85.8
- Foreign bank branches:
  - Number of institutions: 50
  - Total assets: 1,038,753.3 (in billions of VND)
  - Percent of total CI system assets: 5.6
  - Percent of GDP: 11.1
- Non-deposit takers:
  - Number of institutions: 11
  - Total assets: 286,874.6 (in billions of VND)
  - Percent of total CI system assets: 1.5
  - Percent of GDP: 3.1
- Memo:
  - 2022 GDP = VND 9,329,244.8 billion (World Economic Outlook Database)
- Note:
  - *Include Postal Savings Services.

### Insurance sector growth and data gaps
- Sector composition (2021, Ministry of Finance’s Annual Report of Vietnam Insurance Market 2021):
  - 32 non-life insurance companies
  - 19 life insurance companies
  - 2 professional reinsurers
  - 24 insurance brokers
- Asset growth and shares:
  - Insurance sector total assets increased on average by about 23 percent annually from 2016 to 2021.
  - The sector’s 2021 total assets were equivalent to 8.4 percent of GDP.
  - Life insurance accounted for about 73 percent of total insurance premium.
- Comparative asset growth (total assets in billions of VND and annual percent growth):
  - Insurance subsector:
    - 2016: 248,247
    - 2017: 316,487
    - 2018: 395,215
    - 2019: 462,964
    - 2020: 573,368
    - 2021: 708,534
    - Percent growth from 2016 to 2021 (%): 185.4
    - Annual percent growth series: 22.7, 27.5, 24.9, 17.1, 23.8, 23.6
  - Deposit takers subsector:
    - 2016: 8,116,532
    - 2017: 9,638,331
    - 2018: 10,661,565
    - 2019: 12,092,503
    - 2020: 13,638,707
    - 2021: 15,597,473
    - Percent growth from 2016 to 2021 (%): 92.2
    - Annual percent growth series: 16.4, 18.7, 10.6, 13.4, 12.8, 14.4
  - Data sources:
    - Insurance subsector data: The Annual Report of Vietnam Insurance Market 2021.
    - Deposit takers subsector data: FSIs data for Vietnam disseminated on the IMF’s FSIs data portal.
  - Memo:
    - 2021 GDP = VND 8,389,837.7 billion (World Economic Outlook Database)
- Recommendation on insurance data:
  - SBV to establish a data sharing agreement with the Insurance Supervisory Agency (ISA) under the MOF to obtain data for compiling the FSIs on insurance sector.
  - SBV to start collecting data on insurance sector from the ISA for compiling the FSIs on insurance sector.

### Action plan and priority recommendations (selected items and target dates)
- Priority Recommendations (selected):
  - Report the FSIs for the DTs (Table 5.1 DT), including data from the first quarter of 2022 (or the second quarter of 2022 for semi-annual frequency) and the finalized FSIs metadata in the new report forms to STA for review. — Target Date: September 2024 — Responsible: SBV
  - Start regular compilation of the FSIs for DTs using the spreadsheets developed during this TA mission. — Target Date: September 2024
  - Start regular reporting of the FSIs for DTs in the new FSIs report forms (Table 5.1 DT) to STA for dissemination on the IMF’s FSIs data portal. — Target Date: October 2024 — Responsible: SBV
- Additional high-priority and medium actions (selected):
  - Finalize the FSIs metadata for Vietnam, prepared during the mission, to reflect the compilation and reporting of the FSIs based on the 2019 FSIs Guide. — Target Date: September 2024
  - Update FSIs metadata when there are changes in accounting and regulatory framework, data definitions, or calculation of underlying FSIs data. — Target Date: Continuous
  - Provide data for additional breakdowns added in the source data templates during the mission. — Target Date: September 2024
  - Collect additional data from other departments within the SBV to compile new FSIs as discussed during the mission (see Appendix II). — Target Date: October 2024
  - Establish a data sharing agreement with the ISA under the MOF to obtain data for compiling the FSIs on insurance sector. — Target Date: October 2024
  - Start collecting data on insurance sector from the ISA for compiling the FSIs on insurance sector. — Target Date: October 2024
  - Use the formulas provided during the mission to compile the memorandum series for annualized net income before and after tax and average total assets and equity for calculation of ROA and ROE. — Target Date: Continuous
  - Nominate officials responsible for the FSIs compilation that have not yet participated in IMF’s FSIs training to attend training courses to be conducted by STA. — Target Date: Continuous

### Methodological and capacity-building notes
- Methodology:
  - Mission implemented the new FSIs report forms in line with the 2019 FSIs Guide, which expanded the original list of FSIs in the 2006 FSIs Guide to recommend compiling and disseminating 17 core and 12 additional FSIs for DTs, one core FSI on residential real estate prices, and 23 additional FSIs for other sectors.
  - STA has started using the new FSIs report forms to collect FSIs data from reporting authorities; new compilation spreadsheets were developed to link source data to the new report forms.
- Capacity building:
  - Bridge-table-based spreadsheets map source data to the new FSIs report forms, automatically deriving DTs’ sectoral financial statements and minimizing manual work and errors.
  - Information on account classifications in the bridge table will be useful for future reference and staff training.
  - Strengthening staff capacity is recommended through STA-conducted training for officials responsible for FSIs compilation.

---

### Institutional Coverage and Consolidation Basis (excerpts)
- Findings:
  - Mission compiled FSIs for CIs sectorized as deposit takers (DTs); institutional coverage for DTs is virtually complete.
  - Excluded deposit-taking CIs: MFIs, finance companies, and PCFs with combined market share equivalent to 2.4 percent of the CIs’ total assets; exclusion deemed not to materially affect FSIs for DTs.
  - Some DTs have subsidiaries in banking, non-bank, and nonresident sectors; consolidated financial statements currently include nonfinancial subsidiaries, which is not consistent with the 2019 FSIs Guide.
  - CI parents required to report solo and group-consolidated data, but only solo data are used to compile FSIs due to:
    - Focus on supervision of individual CIs rather than groups.
    - Lack of staff capacity and credibility of group consolidation.
    - Coverage of consolidated data including nonfinancial subsidiaries.
  - Domestic location (DL) basis is used to compile FSIs for DTs; appropriate because solo (non-consolidated) data are the source.
  - FSIs for DTs include domestically‑controlled and foreign‑controlled domestically incorporated DTs and FBBs.
- Key numeric points:
  - Excluded CIs combined market share: 2.4 percent of CIs’ total assets.
  - Coverage of FSIs for DTs during mission: 97.5 percent of DTs’ total assets based on available data as of December 2022 (equivalent to 190 percent of GDP).
- Recommendation:
  - Address constraints preventing use of group-consolidated data (staff capacity, consolidation credibility, and nonfinancial subsidiary coverage) to align consolidation with the 2019 FSIs Guide.

### Accounting and Regulatory Frameworks Underlying the FSIs Data
- Findings:
  - Regulatory framework: SBV’s Circulars 22, 23, and 41.
  - CIs subject to Circular 41 have adopted Basel II (since 2020); others follow Basel I Plus per Circular 22; finance companies follow Basel I Plus per Circular 23.
  - Minimum capital adequacy requirement:
    - 8 percent for CIs that follow Basel II.
    - 9 percent for CIs and finance companies that follow Basel I Plus.
  - NPL definition aligns with the 2019 FSIs Guide; criterion includes overdue payments > 90 days and other indicators of credit deterioration.
  - Circular No. 11/2021/TT-NHNN dated July 30, 202,1 prescribes classification of assets and provisioning methods.
  - Interest stops accruing when a loan becomes an arrear; therefore, accrued interest on NPLs does not exist in Vietnam.
  - Provisioning schedule required for loan losses (Table 4):
    - Group 1 (standard debts): 0 (In percent)
    - Group 2 (debts with attention being paid to): 5 (In percent)
    - Group 3 (Sub-standard debts): 20 (In percent)
    - Group 4 (doubtful debts): 50 (In percent)
    - Group 5 (debts with possibly irrecoverable principals): 100 (In percent)
  - Examples of risk-weighted coefficients under Basel I Plus (Table 5):
    - Cash, gold, deposits with SBV: 0 (in percent)
    - Precious metal, excluding gold, claims on general government, deposits, and loans among CIs: 20 (in percent)
    - Claims on CIs, excluding specified items: 50 (in percent)
    - Capital contribution and share acquisition, excluding those deducted from Tier 1 capital: 100 (in percent)
    - Claims on subsidiaries and affiliates of CIs: 150 (in percent)
    - Real estate business related claims: 200 (in percent)
  - Accounting standards: CIs adopt Vietnamese Accounting Standards (VAS); deviations from IFRS 9 in asset valuation exist (Table 6 summary):
    - Shares and other equities: VAS = Historical cost; IFRS 9 = FVTPL
    - Debt securities available for sale: VAS = Historical cost; IFRS 9 = FVOCI
    - Debt securities held to maturity investments: VAS = Historical cost; IFRS 9 = Amortized cost
    - Debt securities held for trading: VAS = FVTPL; IFRS 9 = FVTPL
    - Loans: VAS = Book value; IFRS 9 = Amortized cost
  - Exchange rate practice: 2019 FSIs Guide prefers market (spot) exchange rate and midpoint between buying and selling rates; Vietnam CIs use their own exchange rates fixed within a band of the SBV’s central official exchange rate — practice broadly in line with the 2019 FSIs Guide.
- Recommendation:
  - Document provisioning, interest accrual, valuation, and exchange-rate practices in metadata (see FSIs Metadata section).

### Source Data for Deposit Takers
- Findings:
  - Source data collection based on SBV Circular No: 49/2014/TT-NHNN; CIs must report balance sheet and income statement quarterly.
    - Reporting deadlines: first three quarters within 30 days after quarter end; fourth quarter within 45 days after quarter end.
    - Data reported electronically via SBV’s website and stored in a data warehouse accessible to the BSA.
  - CIs submit solo and group-consolidated data covering all subsidiaries; consolidated data are not suitable for FSIs compilation.
  - Current data collection system adequate for quarterly FSIs compilation; mission used third quarter of 2022 data to develop compilation spreadsheets.
  - Aggregated financial statements include adequate breakdowns but require improvements:
    - Needed breakdowns added during mission: provisions split into provisions for loan losses and for other financial assets; loans split by counterpart sectors.
    - Accrued interest breakdown by instrument and counterpart sector is not available; accrued interest included in other assets or other liabilities.
  - Mission proposed collection of additional data to compile new FSIs and interpret existing FSIs:
    - Proposed additional data: credit to private sector, net open position in foreign exchange, residential real estate loans, spread between reference lending and deposit rates, spread between highest and lowest interbank rates.
    - Proposed additional FSI: foreign-currency-denominated liabilities to total liabilities (underlying data available from other SBV departments).
    - Collaboration required with SBV departments: MPD and MSFD.
- Recommendations:
  - BSA to provide data for additional breakdowns added in the source data templates during the mission.
  - BSA to collect additional data from other departments within the SBV to compile new FSIs as discussed during the mission.

### FSIs Compilation Framework (detailed)
- Findings:
  - Framework developed to electronically derive FSIs for DTs from available source data via a bridge table linking aggregated balance sheet, income statement, and supervisory series to new FSIs report forms.
  - Bridge table facilitates electronic derivation of sectoral financial statements and memorandum series (Table 5.1 for DTs) and minimizes manual work and errors; bridge table presented in Appendix III.
  - Income and expense data compiled on an accumulative basis from the beginning of the reference year to the reporting period end, in line with the 2019 FSIs Guide; SBV will continue this practice.
  - Need to calculate annualized net income and averaged total assets and capital for ROA and ROE:
    - Preferred averaging formulas for quarterly data (example for 2022):
      - 2022Q1 averaging equity and total assets: (2021Q4+2022Q1)/2
      - 2022Q2 averaging equity and total assets: (2021Q4+2022Q1+2022Q2)/3
      - 2022Q3 averaging equity and total assets: (2021Q4+2022Q1+2022Q2+2022Q3)/4
      - 2022Q4 averaging equity and total assets: (2021Q4+2022Q1+2022Q2+2022Q3+2022Q4)/5
    - Annualizing net income (as presented):
      - 2022Q1: 2022Q1*4
      - 2022Q2: 2022Q2*2
      - 2022Q3: 2022Q3*3/4
      - 2022Q4: 2022Q4
    - Data series in new FSIs report forms for compiling ROA and ROE (Table 8):
      - 63. Annualized net income before taxes
      - 64. Annualized net income after taxes
      - 65. Average total assets
      - 66. Average capital and reserves
  - A set of FSIs for DTs was compiled during the mission using the developed spreadsheets with third quarter of 2022 data:
    - Eleven core and six additional FSIs for DTs and one real estate market indicator compiled.
  - BSA received and was trained on compilation spreadsheets.
- Recommendations:
  - BSA to use the formulas provided during the mission to compile the memorandum series for annualized net income before and after tax and average total assets and equity.
  - BSA to start regular compilation of the FSIs for DTs, using the spreadsheets developed by this TA mission.

### FSIs Metadata
- Findings:
  - Metadata are essential to interpret FSIs and enable cross-country comparisons; should document content and coverage, accounting conventions, and national guidelines.
  - Deviations from the 2019 FSIs Guide and national calculation practices should be explained and updated in metadata.
  - Mission completed new FSIs metadata Table 2 and Table 3 based on available information on accounting and regulatory frameworks and compilation practices; draft FSIs metadata Table 2 presented in Appendix IV.
  - FSIs metadata should be disseminated along with the FSIs.
- Recommendations:
  - BSA to finalize the FSIs metadata for Vietnam, prepared during the mission to reflect the compilation and reporting of the FSIs based on the 2019 FSIs Guide.
  - BSA to update FSIs metadata prepared during the mission when there are changes in the accounting and regulatory framework, as well as data definitions or calculation of underlying FSIs data on a continuous basis.

---

### Implementation of new FSIs reporting (excerpts)
- The developed spreadsheets provide a tool to electronically populate Table 5.1, the new report form for DTs’ sectoral financial statement and memorandum series for submission.
- BSA positioned to implement the new FSIs report forms in line with the 2019 FSIs Guide.
- Footnote: The authorities are still considering which FSIs to report to STA for dissemination on the IMF’s FSIs data portal.9

### Recommendations on reporting
- SBV to report the FSIs for the DTs (Table 5.1 DT), including data from the first quarter of 2022 (or the second quarter of 2022 for semi-annual frequency) and the finalized FSIs metadata in the new report forms to STA for review.
- SBV to start regular reporting of the FSIs for DTs in the new FSIs report forms (Table 5.1 DT) to STA for dissemination on the IMF’s FSIs data portal.

### Future training and technical assistance
- BSA officials familiarized with the compilation spreadsheets, understand how source data are mapped, and will be able to update them when needed and use them to compile the FSIs for DTs going forward.
- Current staff situation:
  - Three officials of the MPSD are responsible for compiling the FSIs, but none have participated in the IMF’s FSIs training courses.
  - A Deputy Head and another official of the MPSD and an official of the International Cooperation Department closely worked with this mission.
- Training remains essential for relevant officials to enhance understanding of data concepts and definitions and capacity to collect and compile good quality data to support financial sector surveillance.
- Recommendation:
  - SBV to nominate relevant officials that have not yet participated in the IMF’s FSIs training to attend training courses to be conducted by STA both at the IMF’s headquarters or Singapore Regional Training Institute.

### Appendices (selected highlights)
- Appendix I — Credit institutions’ aggregated financial statements (structure and key items): detailed income statement, operating expenses, balance sheet, and loan classification and risk provisioning items (Unit: billion dongs 2022Q1 and specified units).
- Appendix II — Additional source data for compiling new FSIs (selected definitions): foreign currency liabilities; net open position in foreign currency; total net open position in foreign currency; credit to the private sector; reference lending and deposit rates; highest and lowest interbank rates; residential real estate loans.
- Appendix III — Bridge table mapping source data to new FSIs report forms (Table 5.1 Deposit Takers): mapping of income and expense items, balance sheet items, and memorandum/supervisory series to Table 5.1 items (In millions of VND).
- Appendix IV — FSI metadata (Table 2) and indicator definitions (selected): metadata examples for core and additional FSI indicators, consolidation basis (DL), accounting standards (National GAAP), and no intra-group adjustments for listed examples.

_Imf | Technical Assistance Report – Vietnam FSI Mission_

### 1.      At the request of the State Bank of Vietnam (SBV), and with the support of the

### tarea2024092-print-pdf - 1.      At the request of the State Bank of Vietnam (SBV), and with the support of the

### Mission overview
- Mission by IMF’s Statistics Department (STA) on financial soundness indicators (FSIs) in Hanoi, Vietnam, during April 3–7, 2023.
- Objectives:
  - Review available source data for the deposit takers (DTs) to assess their adequacy for compiling FSIs.
  - Prepare spreadsheets for compiling FSIs for DTs.
  - Use the spreadsheets to compile FSIs for DTs from available source data, using the new FSIs report forms in line with the 2019 FSIs Compilation Guide (2019 FSIs Guide).

### Coverage and data sources for deposit takers (DTs)
- Institutional coverage:
  - The DTs sector in Vietnam is dominated by state-owned commercial banks (SOCBs) and joint-stock commercial banks (JSCBs).
  - As of December 2022, SOCBs and JSCBs combined total assets accounted for 84.6 percent of the banking system’s total assets (equivalent to 168 percent of GDP).
  - A few DTs were excluded due to inadequate data, with their market share equivalent to only 2.4 percent of the DTs’ total assets.
  - The FSIs compilation during the mission covered almost all credit institutions (CIs) sectorized as DTs.
- Source data adequacy:
  - Aggregated CIs’ financial statements used as source data provide adequate breakdowns for FSIs compilation based on the 2019 FSIs Guide.
  - Source data include balance sheet, income statement, and supervisory series needed for compiling FSIs.
  - Account descriptions in financial statements are sufficiently clear to facilitate source data mapping to the new FSIs report forms.
  - Mission actions to improve source data include splitting provisions into those for loan losses and for other financial assets and splitting loans by counterpart sectors.

### Data collection frequency and timelines
- Current collection:
  - Balance sheet and income statement are collected from CIs on a quarterly basis.
  - CIs are required to submit data for the first three quarters within 30 days and data for the last quarter within 45 days after the end of the reference quarter.
  - During the mission, data for the third quarter of 2022 were used as source data to develop the new FSIs compilation spreadsheets.
- Planned changes:
  - SBV officials explained a plan to improve FSIs data frequency from the current semi-annual frequency to quarterly frequency, subject to SBV management approval.

### Compilation framework and outputs from the mission
- Implementation:
  - Mission worked with SBV officials to implement the new FSIs report forms in line with the 2019 FSIs Guide.
  - Spreadsheets were prepared in which available source data for DTs are electronically linked to the new FSIs report forms based on the account classification and sectoring recommended in the 2019 FSIs Guide.
  - The framework electronically derives FSIs for DTs from source data, minimizing manual work and errors.
- Results:
  - Using quarterly data for the third quarter of 2022, eleven core and six additional FSIs for DTs and one real estate market indicator were compiled during the mission.
  - New FSIs metadata forms were completed based on available information on accounting and regulatory frameworks, and compilation practices.
  - Recommendation that the FSIs metadata should be disseminated along with the FSIs.

### Institutional responsibilities and coordination
- Responsible units:
  - The Macroprudential Supervision Department (MPSD) of the Bank Supervisory Agency (BSA) is responsible for the FSIs compilation.
  - Mission recommended MPSD collaborate with the Monetary Policy Department (MPD) and Monetary Statistics and Forecasting Department (MSFD) to obtain additional source data to compile new FSIs for DTs as set forth in the 2019 FSIs Guide.
- Reporting timeframe agreed with authorities:
  - SBV will (i) submit to STA for review the FSIs for DTs (Table 5.1 DT) and the FSIs metadata in the new FSIs report forms; (ii) provide data for additional breakdowns to improve source data in the FSIs compilation spreadsheets; and (iii) start regular reporting of the FSIs for DTs in the new FSIs report forms (Table 5.1 DT) to STA for dissemination on the IMF’s FSIs data portal.

### Financial sector structure and key statistics (as of December 2022 unless noted)
- Total CI system:
  - Number of institutions: 1,307
  - Total assets: 18,538,039 (in billions of VND)
  - Percent of total CI system assets: 100
  - Percent of GDP: 198.6
- Deposit takers:
  - Number of institutions: 1,296
  - Total assets: 18,241,164 (in billions of VND)
  - Percent of total CI system assets: 98
  - Percent of GDP: 195.5
- Banks:
  - Number of institutions: 48
  - Total assets: 16,762,031 (in billions of VND)
  - Percent of total CI system assets: 90
  - Percent of GDP: 179.7
- State-owned commercial banks:
  - Number of institutions: 7
  - Total assets: 7,679,165.7 (in billions of VND)
  - Percent of total CI system assets: 41.4
  - Percent of GDP: 82.3
- Joint stock commercial banks*:
  - Number of institutions: 28
  - Total assets: 8,000,502.4 (in billions of VND)
  - Percent of total CI system assets: 43.2
  - Percent of GDP: 85.8
- Foreign bank branches:
  - Number of institutions: 50
  - Total assets: 1,038,753.3 (in billions of VND)
  - Percent of total CI system assets: 5.6
  - Percent of GDP: 11.1
- Non-deposit takers:
  - Number of institutions: 11
  - Total assets: 286,874.6 (in billions of VND)
  - Percent of total CI system assets: 1.5
  - Percent of GDP: 3.1
- Memo: 2022 GDP = VND 9,329,244.8 billion (World Economic Outlook Database)
- Note: *Include Postal Savings Services.

### Insurance sector growth and data gaps
- Sector composition (2021, Ministry of Finance’s Annual Report of Vietnam Insurance Market 2021):
  - 32 non-life insurance companies
  - 19 life insurance companies
  - 2 professional reinsurers
  - 24 insurance brokers
- Asset growth and shares:
  - Insurance sector total assets increased on average by about 23 percent annually from 2016 to 2021.
  - The sector’s 2021 total assets were equivalent to 8.4 percent of GDP.
  - Life insurance accounted for about 73 percent of total insurance premium.
- Comparative asset growth (total assets in billions of VND and annual percent growth):
  - Insurance subsector:
    - 2016: 248,247
    - 2017: 316,487
    - 2018: 395,215
    - 2019: 462,964
    - 2020: 573,368
    - 2021: 708,534
    - Percent growth from 2016 to 2021 (%): 185.4
    - Annual percent growth series: 22.7, 27.5, 24.9, 17.1, 23.8, 23.6
  - Deposit takers subsector:
    - 2016: 8,116,532
    - 2017: 9,638,331
    - 2018: 10,661,565
    - 2019: 12,092,503
    - 2020: 13,638,707
    - 2021: 15,597,473
    - Percent growth from 2016 to 2021 (%): 92.2
    - Annual percent growth series: 16.4, 18.7, 10.6, 13.4, 12.8, 14.4
  - Data sources:
    - Insurance subsector data: The Annual Report of Vietnam Insurance Market 2021.
    - Deposit takers subsector data: FSIs data for Vietnam disseminated on the IMF’s FSIs data portal.
  - Memo: 2021 GDP = VND 8,389,837.7 billion (World Economic Outlook Database)
- Recommendation on insurance data:
  - The SBV to establish a data sharing agreement with the Insurance Supervisory Agency (ISA) under the MOF to obtain data for compiling the FSIs on insurance sector.
  - The SBV to start collecting data on insurance sector from the ISA for compiling the FSIs on insurance sector.

### Action plan and priority recommendations (selected items and target dates)
- Priority Recommendations (selected):
  - Report the FSIs for the DTs (Table 5.1 DT), including data from the first quarter of 2022 (or the second quarter of 2022 for semi-annual frequency) and the finalized FSIs metadata in the new report forms to STA for review. — Target Date: September 2024 — Responsible: SBV
  - Start regular compilation of the FSIs for DTs using the spreadsheets developed during this TA mission. — Target Date: September 2024
  - Start regular reporting of the FSIs for DTs in the new FSIs report forms (Table 5.1 DT) to STA for dissemination on the IMF’s FSIs data portal. — Target Date: October 2024 — Responsible: SBV
- Additional high-priority and medium actions (selected):
  - Finalize the FSIs metadata for Vietnam, prepared during the mission, to reflect the compilation and reporting of the FSIs based on the 2019 FSIs Guide. — Target Date: September 2024
  - Update FSIs metadata when there are changes in accounting and regulatory framework, data definitions, or calculation of underlying FSIs data. — Target Date: Continuous
  - Provide data for additional breakdowns added in the source data templates during the mission. — Target Date: September 2024
  - Collect additional data from other departments within the SBV to compile new FSIs as discussed during the mission (see Appendix II). — Target Date: October 2024
  - Establish a data sharing agreement with the ISA under the MOF to obtain data for compiling the FSIs on insurance sector. — Target Date: October 2024
  - Start collecting data on insurance sector from the ISA for compiling the FSIs on insurance sector. — Target Date: October 2024
  - Use the formulas provided during the mission to compile the memorandum series for annualized net income before and after tax and average total assets and equity for calculation of ROA and ROE. — Target Date: Continuous
  - Nominate officials responsible for the FSIs compilation that have not yet participated in IMF’s FSIs training to attend training courses to be conducted by STA. — Target Date: Continuous

### Methodological and capacity-building notes
- Methodology:
  - The mission implemented the new FSIs report forms in line with the 2019 FSIs Guide, which expanded the original list of FSIs in the 2006 FSIs Guide to recommend compiling and disseminating 17 core and 12 additional FSIs for DTs, one core FSI on residential real estate prices, and 23 additional FSIs for other sectors.
  - STA has started using the new FSIs report forms to collect FSIs data from reporting authorities; therefore, new compilation spreadsheets were developed to link source data to the new report forms.
- Capacity building:
  - The bridge-table-based spreadsheets map source data to the new FSIs report forms, automatically deriving DTs’ sectoral financial statements and minimizing manual work and errors.
  - Information on account classifications in the bridge table will be useful for future reference and staff training.
  - Strengthening staff capacity is recommended through STA-conducted training for officials responsible for FSIs compilation.

_Imf | Technical Assistance Report – Vietnam FSI Mission_

### 21.      The mission worked with the BSA officials to improve source data. In addition to the

### tarea2024092-print-pdf - 21.      The mission worked with the BSA officials to improve source data. In addition to the

### Institutional Coverage and Consolidation Basis
- Findings:
  - The mission compiled FSIs for CIs sectorized as deposit takers (DTs); institutional coverage for DTs is virtually complete.
  - Excluded deposit-taking CIs: MFIs, finance companies, and PCFs with combined market share equivalent to 2.4 percent of the CIs’ total assets; exclusion deemed not to materially affect FSIs for DTs.
  - Some DTs have subsidiaries in banking, non-bank, and nonresident sectors; consolidated financial statements currently include nonfinancial subsidiaries, which is not consistent with the 2019 FSIs Guide.
  - CI parents are required to report solo and group-consolidated data, but only solo data are used to compile FSIs due to:
    - Focus on supervision of individual CIs rather than groups.
    - Lack of staff capacity and credibility of group consolidation.
    - Coverage of consolidated data including nonfinancial subsidiaries.
  - Domestic location (DL) basis is used to compile FSIs for DTs; appropriate because solo (non-consolidated) data are the source.
  - FSIs for DTs include domestically‑controlled and foreign‑controlled domestically incorporated DTs and FBBs.

- Key numeric points:
  - Excluded CIs combined market share: 2.4 percent of CIs’ total assets.
  - Coverage of FSIs for DTs during mission: 97.5 percent of DTs’ total assets based on available data as of December 2022 (equivalent to 190 percent of GDP).

- Recommendation:
  - (Implicit in institutional findings) Address constraints preventing use of group-consolidated data (staff capacity, consolidation credibility, and nonfinancial subsidiary coverage) to align consolidation with the 2019 FSIs Guide.

### Accounting and Regulatory Frameworks Underlying the FSIs Data
- Findings:
  - Regulatory framework: SBV’s Circulars 22, 23, and 41.
  - CIs subject to Circular 41 have adopted Basel II (since 2020); others follow Basel I Plus per Circular 22; finance companies follow Basel I Plus per Circular 23.
  - Minimum capital adequacy requirement:
    - 8 percent for CIs that follow Basel II.
    - 9 percent for CIs and finance companies that follow Basel I Plus.
  - Nonperforming loan (NPL) definition aligns with the 2019 FSIs Guide; criterion includes overdue payments > 90 days and other indicators of credit deterioration.
  - Circular No. 11/2021/TT-NHNN dated July 30, 202,1 prescribes classification of assets and provisioning methods.
  - Interest stops accruing when a loan becomes an arrear; therefore, accrued interest on NPLs does not exist in Vietnam.
  - Provisioning schedule required for loan losses (Table 4):
    - Group 1 (standard debts): 0 (In percent)
    - Group 2 (debts with attention being paid to): 5 (In percent)
    - Group 3 (Sub-standard debts): 20 (In percent)
    - Group 4 (doubtful debts): 50 (In percent)
    - Group 5 (debts with possibly irrecoverable principals): 100 (In percent)
  - Examples of risk-weighted coefficients under Basel I Plus (Table 5):
    - Cash, gold, deposits with SBV: 0 (in percent)
    - Precious metal, excluding gold, claims on general government, deposits, and loans among CIs: 20 (in percent)
    - Claims on CIs, excluding specified items: 50 (in percent)
    - Capital contribution and share acquisition, excluding those deducted from Tier 1 capital: 100 (in percent)
    - Claims on subsidiaries and affiliates of CIs: 150 (in percent)
    - Real estate business related claims: 200 (in percent)
  - Accounting standards: CIs adopt Vietnamese Accounting Standards (VAS); deviations from IFRS 9 in asset valuation exist (Table 6 summary):
    - Shares and other equities: VAS = Historical cost; IFRS 9 = FVTPL
    - Debt securities available for sale: VAS = Historical cost; IFRS 9 = FVOCI
    - Debt securities held to maturity investments: VAS = Historical cost; IFRS 9 = Amortized cost
    - Debt securities held for trading: VAS = FVTPL; IFRS 9 = FVTPL
    - Loans: VAS = Book value; IFRS 9 = Amortized cost
  - Exchange rate practice: 2019 FSIs Guide prefers market (spot) exchange rate and midpoint between buying and selling rates; Vietnam CIs use their own exchange rates fixed within a band of the SBV’s central official exchange rate — practice broadly in line with the 2019 FSIs Guide.

- Recommendation:
  - Document provisioning, interest accrual, valuation, and exchange-rate practices in metadata (see FSIs Metadata section).

### Source Data for Deposit Takers
- Findings:
  - Source data collection is based on SBV Circular No: 49/2014/TT-NHNN; CIs must report balance sheet and income statement quarterly.
    - Reporting deadlines: first three quarters within 30 days after quarter end; fourth quarter within 45 days after quarter end.
    - Data reported electronically via SBV’s website and stored in a data warehouse accessible to the BSA.
  - CIs submit solo and group-consolidated data covering all subsidiaries; consolidated data are not suitable for FSIs compilation.
  - Current data collection system adequate for quarterly FSIs compilation; mission used third quarter of 2022 data to develop compilation spreadsheets.
  - Aggregated financial statements include adequate breakdowns for FSIs compilation but require improvements:
    - Needed breakdowns added during mission: provisions split into provisions for loan losses and for other financial assets; loans split by counterpart sectors.
    - Accrued interest breakdown by instrument and counterpart sector is not available; accrued interest included in other assets or other liabilities.
  - Mission proposed collection of additional data to compile new FSIs and interpret existing FSIs:
    - Proposed additional data: credit to private sector, net open position in foreign exchange, residential real estate loans, spread between reference lending and deposit rates, spread between highest and lowest interbank rates.
    - Proposed additional FSI: foreign-currency-denominated liabilities to total liabilities (underlying data available from other SBV departments).
    - Collaboration required with SBV departments: MPD and MSFD.

- Recommendations:
  - The BSA to provide data for the additional breakdowns added in the source data templates during the mission.
  - The BSA to collect additional data from other departments within the SBV to compile new FSIs as discussed during the mission.

### FSIs Compilation Framework
- Findings:
  - Framework developed to electronically derive FSIs for DTs from available source data via a bridge table linking aggregated balance sheet, income statement, and supervisory series to new FSIs report forms.
  - Bridge table facilitates electronic derivation of sectoral financial statements and memorandum series (Table 5.1 for DTs) and minimizes manual work and errors; bridge table presented in Appendix III.
  - Income and expense data compiled on an accumulative basis from the beginning of the reference year to the reporting period end, in line with the 2019 FSIs Guide; SBV will continue this practice.
  - Need to calculate annualized net income and averaged total assets and capital for ROA and ROE:
    - Preferred averaging formulas for quarterly data (example for 2022):
      - 2022Q1 averaging equity and total assets: (2021Q4+2022Q1)/2
      - 2022Q2 averaging equity and total assets: (2021Q4+2022Q1+2022Q2)/3
      - 2022Q3 averaging equity and total assets: (2021Q4+2022Q1+2022Q2+2022Q3)/4
      - 2022Q4 averaging equity and total assets: (2021Q4+2022Q1+2022Q2+2022Q3+2022Q4)/5
    - Annualizing net income (as presented):
      - 2022Q1: 2022Q1*4
      - 2022Q2: 2022Q2*2
      - 2022Q3: 2022Q3*3/4
      - 2022Q4: 2022Q4
    - Data series in new FSIs report forms for compiling ROA and ROE (Table 8):
      - 63. Annualized net income before taxes
      - 64. Annualized net income after taxes
      - 65. Average total assets
      - 66. Average capital and reserves
  - A set of FSIs for DTs was compiled during the mission using the developed spreadsheets with third quarter of 2022 data:
    - Eleven core and six additional FSIs for DTs and one real estate market indicator compiled.
  - BSA received and was trained on compilation spreadsheets.

- Recommendations:
  - The BSA to use the formulas provided during the mission to compile the memorandum series for annualized net income before and after tax and average total assets and equity.
  - The BSA to start regular compilation of the FSIs for DTs, using the spreadsheets developed by this TA mission.

### FSIs Metadata
- Findings:
  - Metadata are essential to interpret FSIs and enable cross-country comparisons; should document content and coverage, accounting conventions, and national guidelines.
  - Deviations from the 2019 FSIs Guide and national calculation practices should be explained and updated in metadata.
  - The mission completed new FSIs metadata Table 2 and Table 3 based on available information on accounting and regulatory frameworks and compilation practices; draft FSIs metadata Table 2 presented in Appendix IV.
  - FSIs metadata should be disseminated along with the FSIs.

- Recommendations:
  - The BSA to finalize the FSIs metadata for Vietnam, which was prepared during the mission to reflect the compilation and reporting of the FSIs based on the 2019 FSIs Guide.
  - The BSA to update FSIs metadata prepared during the mission when there are changes in the accounting and regulatory framework, as well as data definitions or calculation of underlying FSIs data on a continuous basis.

*IMF | Technical Assistance Report – Vietnam FSI Mission (excerpts from the source content provided).*

### 43.      The compilation of FSIs, using the spreadsheets developed during the mission, will

### tarea2024092-print-pdf - 43. The compilation of FSIs, using the spreadsheets developed during the mission, will

### Implementation of new FSIs reporting
- The developed spreadsheets provide a tool to electronically populate Table 5.1, which is described as the new report form for DTs’ sectoral financial statement and memorandum series that reporting authorities should use to submit data for dissemination.
- The BSA is positioned to implement the new FSIs report forms in line with the 2019 FSIs Guide.
- Footnote: The authorities are still considering which FSIs to report to STA for dissemination on the IMF’s FSIs data portal.9

### Recommendations on reporting
- The SBV to report the FSIs for the DTs (Table 5.1 DT), including data from the first quarter of 2022 (or the second quarter of 2022 for semi-annual frequency) and the finalized FSIs metadata in the new report forms to STA for review.
- The SBV to start regular reporting of the FSIs for DTs in the new FSIs report forms (Table 5.1 DT) to STA for dissemination on the IMF’s FSIs data portal.

### Future training and technical assistance
- BSA officials have been familiarized with the compilation spreadsheets, understand how source data are mapped, and will be able to update them when needed and use them to compile the FSIs for DTs going forward.
- Current staff situation:
  - Three officials of the MPSD are responsible for compiling the FSIs, but none of them have participated in the IMF’s FSIs training courses.
  - A Deputy Head and another official of the MPSD and an official of the International Cooperation Department closely worked with this mission.
- Training continues to be essential for relevant officials to enhance understanding of data concepts and definitions and capacity to collect and compile good quality data to support financial sector surveillance.
- Recommendation:
  - The SBV to nominate the relevant officials that have not yet participated in the IMF’s FSIs training to attend training courses to be conducted by STA both at the IMF’s headquarters or Singapore Regional Training Institute.

### Appendix I — Credit institutions’ aggregated financial statements (structure and key items)
- Income statement (Unit: billion dongs 2022Q1):
  - Indicators listed include: Interest and similar incomes; Interest and similar expenses; Net interest incomes; Incomes from services activity; Expenses from services activity; Net gains/(losses) from FX trading activity; Net gains/(losses) from buying and selling trading securities; Net gains/(losses) from buying and selling investment securities; Incomes from other activities; Expenses from other activities; Incomes from capital contribution and share acquisition; Operating expenses; Net gains from business operations before provisioning for credit risk; Credit risk provisioning (Of which: Provision for loan losses; Of which: Provisions for other financial assets); Gross profits before tax; Current CIT expenses; Deferred CIT expenses; CIT expenses; After-tax profits.
- Operating expenses (Unit: billion dongs):
  - Line items include Payment of tax, fees and charges; Employee expenses (Salaries and allowances; Salary-based contributions; Subsidies; Other employee expenses); Asset expenses (Of which: fixed asset depreciations); Administrative expenses (Travel and subsistence; Employee associations/employee morale expenses); Payment of insurance premiums for deposits of customers; Provisioning expenses (excluding credit risk provisions and securities risk provisions); Other operating expenses.
- Balance sheet (Unit: billion dongs):
  - Asset side items include Cash, gold, silver, and precious stones on hand (Of which: cash; Of which: gold, silver, and precious stones on hand); Balances with the SBV; Deposits with and lending to other credit institutions (Deposits with other credit institutions; Lending to other credit institutions; Risk provisions); Trading securities (Trading securities; Risk provisions for trading securities); Financial derivatives and other financial assets; Lending to customers (including breakdowns: Other financial corporations; Nonfinancial corporations; Other domestic sectors; Risk provisions for lending to customers); Purchasing of debts (Purchasing of debts; Risk provisions for debts purchasing); Investment securities (available for sale; held to maturity; Risk provisions for investment securities); Long-term investments and capital contribution (Investment in subsidiaries; Capital contribution in joint-ventures; Investments in affiliate companies; Other long-term investments; Provisions for diminution in the value of long-term investments); Fixed assets (Tangible fixed assets — Historical cost; Depreciation; Financial leasing fixed assets — Historical cost; Depreciation; Intangible fixed assets — Historical cost; Amortization); Investment real property (Historical cost; Depreciation); Other assets (Receivables; Interests and fees receivable; Deferred CIT assets; Other assets; Risk provisions for other on-balance sheet assets); TOTAL ASSETS.
  - Liabilities and equity side items include Claims by the Government and by the SBV; Deposits and borrowings from other credit institutions (Deposits from other credit institutions; Borrowings from other credit institutions); Deposits from customers; Financial derivatives and other financial liabilities; Funding capital, entrusted investments, and loans to credit institutions at risk; Issuance of securities; Other liabilities (Interests and fees payable; Deferred CIT payable; Other payables and liabilities; Other risk provisions (Provisions for contingent liabilities)); TOTAL LIABILITIES; EQUITY (Capital — Charter capital; CAPEX investments / Procurement of physical assets; Share premium; Treasury stocks; Preferred stocks; Other capital; Reserves; Foreign exchange differences; Asset revaluation differences; Undistributed profits/Cumulative losses; Non-controlling shareholder interests); TOTAL LIABILITIES AND EQUITY.
- Loan classification and risk provisioning (Unit: billion dongs, %):
  - Loan classification items: Group 1 loans; Group 2 loans; Group 3 loans; Group 4 loans; Group 5 loans; Non-performing loans; Total loans; NPL rate (%).
  - Institutional vs individual breakdown: Institutional; Individual; Other.
  - Risk provisioning items: Regulatory general risk provisions; Regulatory specific provisioning for Group 2 loans; Regulatory specific provisioning for Group 3 loans; Regulatory specific provisioning for Group 4 loans; Regulatory specific provisioning for Group 5 loans.

### Appendix II — Additional source data for compiling new FSIs (selected definitions)
- Foreign currency liabilities: liabilities denominated in a currency other than VND; includes liabilities denominated in VND but with amounts to be paid linked to a foreign currency, if applicable.
- Net open position in foreign currency for on-balance-sheet items: DTs’ net open position should be calculated in accordance with BCBS guidance (BCBS, 2005, Amendment to the Capital Accord to Incorporate Market Risk). This method is called the “shorthand” method by the BCBS. At supervisory discretion, DTs could use internal models.
- Total net open position in foreign currency: sum of net open position in foreign currency for on-balance-sheet items and off‑balance-sheet items.
- Credit to the private sector: includes gross loans extended by DTs to the nonfinancial private sector, plus debt securities issued by private nonfinance corporations and held by DTs; calculated on a gross basis, excluding provisions.
- Reference lending rates: a weighted average loan rate, excluding interest charged on loans between DTs.
- Reference deposit rates: a weighted average deposit rate, excluding interest charged on deposits between DTs.
- Highest interbank rate: Highest interest rate on lending among DTs.
- Lowest interbank rate: Lowest interest rate on lending among DTs.
- Residential real estate loans: loans collateralized by residential real estate and associated land intended for occupancy by individual households.

### Appendix III — Bridge table mapping source data to new FSIs report forms (Table 5.1 Deposit Takers)
- The bridge maps CI financial statement and memorandum series accounts to Table 5.1 items (In millions of VND).
- Income and Expense Statement mapping highlights:
  - Interest income: Gross interest income maps to "Interest and similar incomes"; Less provisions for accrued interest on nonperforming assets.
  - Interest expense: maps to "Interest and similar expenses".
  - Net interest income: computed as 1 – 2.
  - Noninterest income: Fees and commissions receivable maps to "Incomes from services activity"; Gains/losses on financial instruments map to FX trading, trading securities, investment securities lines; Incomes from other activities; Incomes from capital contribution and share acquisition.
  - Noninterest expenses: Personnel costs map to "Employee expenses"; Other expenses map to "Expenses from services activity", "Expenses from other activities", "Payment of tax, fees and charges", "Asset expenses", "Administrative expenses", "Payment of insurance premiums for deposits of customers", "Provisioning expenses (excluding credit risk provisions and securities risk provisions)", "Other operating expenses".
  - Provisions (net): Loan loss provisions (Of which: Provision for loan losses) and Other financial asset provisions (Of which: Provisions for other financial assets).
  - Income tax: mapped to "XII CIT expenses".
- Balance sheet mapping highlights:
  - Total assets and financial assets mapping across currency and deposits; balances with the SBV; deposits and lending to other credit institutions; loans (with detailed breakdowns including interbank loans resident/nonresident, noninterbank loans by sector, specific provisions); debt securities; equity and investment fund shares; financial derivatives; other financial assets.
  - Liabilities mapping across currency and deposits (customer and interbank), loans (borrowings), debt securities (issuance), other liabilities (interests and fees payable; deferred CIT payable; other payables), financial derivatives and employee stock options, general and other provisions (regulatory general risk provisions; regulatory specific provisioning for Group 2 loans).
  - Capital and reserves map to "VIII EQUITY".
- Memorandum series and supervisory-based series mapping includes items such as Tier 1 capital, Common Equity Tier 1 (CET1), Additional Tier 1 (AT1), Tier 2 capital, Tier 3 capital, total regulatory capital, risk-weighted assets, Basel III total exposure measure, high-quality liquid assets, total net cash outflows over the next 30 calendar days, available amount of stable funding, required amount of stable funding, large exposures, liquid assets, short-term liabilities, nonperforming loans, residential and commercial real estate loans, geographic distribution of loans, foreign currency loans and liabilities, net open positions in foreign currency, credit to the private sector, loan concentration by economic activity, reference lending and deposit rates, highest and lowest interbank rates.
- Data series for compiling FSIs: ROA and ROE items include Annualized net income before taxes; Annualized net income after taxes; Average total assets; Average capital and reserves.

### Appendix IV — FSI metadata (Table 2) and indicator definitions (selected)
- Metadata table lists indicators, definitions, consolidation basis, intra-group adjustments, accounting standards, and classification as Core Set or Additional Set.
- Examples from Deposit takers Core Set:
  - Regulatory capital to risk-weighted assets: Total regulatory capital; Risk-weighted assets; Basis: Basel I and Basel II; Consolidation: DL; Intra-group adjustments: No adjustments; Accounting Standards: National GAAP.
  - Tier 1 capital to risk-weighted assets: Tier 1 capital; Risk-weighted assets; Basis: Basel I and Basel II; Consolidation: DL; No adjustments; National GAAP.
  - Nonperforming loans to total gross loans: Nonperforming loans >90 days; Total gross loans; Consolidation: DL; No adjustments; National GAAP.
  - Return on assets: Net income before taxes; Total assets; Consolidation: DL; No adjustments; National GAAP.
  - Return on equity: Net income after taxes; Capital; Consolidation: DL; No adjustments; National GAAP.
  - Interest margin to gross income; Noninterest expense to gross income; Liquid assets to total assets; Liquid assets to short-term liabilities; Liquidity coverage ratio; Net stable funding ratio; Net open position in foreign exchange to capital.
- Additional Set examples include: Large exposures to capital; Geographical distribution of loans to total loans; Gross asset and liability positions in financial derivatives to capital; Trading income to total income; Personnel expenses to noninterest expenses; Spreads between reference lending and deposit rates and between highest and lowest interbank rates; Customer deposits to total (noninterbank) loans; Foreign-currency-denominated loans and liabilities to totals; Credit growth to private sector; Real estate price changes and ratios of real estate loans to total gross loans.

*IMF | Technical Assistance Report – Vietnam FSI Mission*

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_Source: https://www.imf.org/-/media/files/publications/tar/2024/english/tarea2024092-print-pdf.pdf_