The State Bank Inspectorate Region 2 has just announced the inspection conclusion for 3 branches of Vietnam Public Joint Stock Commercial Bank (PVCombank) in Ho Chi Minh City, including Ho Chi Minh City Branch (PVCombank HCM), Saigon Branch (PVCombank Saigon) and Phu Nhuan Branch (PVCombank Phu Nhuan).

With 13 contents inspected according to the plan approved by competent authorities, the State Bank Inspectorate Region 2 concluded that basically the 3 branches have complied with the provisions of the law and the State Bank on activities such as capital mobilization, foreign exchange activities and activities to prevent and combat money laundering, terrorist financing, etc.

The branches' operations over the years have been effective and have contributed positively to the local economic development.

However, the inspection agency also pointed out the shortcomings and limitations of 3 PVCombank branches in Ho Chi Minh City. In particular, credit granting activities at the branches have some typical shortcomings and limitations, such as appraisal and decision on lending; inadequate and loose inspection and supervision of loans; borrowers have not ensured that they use loans for the right purposes,...

Regarding foreign exchange management and money transfer abroad, PVCombank HCM branch has not yet collected complete documents for some transactions of importing goods and one-way money transfer.

PVCombank Saigon Branch was identified to have some shortcomings, problems, and not being strictly implemented related to anti-money laundering activities.

PVCombank Phu Nhuan Branch was identified to have some shortcomings and limitations in accounting and bookkeeping activities such as: Recording revenue, accrued interest, and deposit interest collection was not accurate.

With the above shortcomings, limitations and deficiencies, the Chief Inspector of the State Bank of Vietnam, Region 2, has applied handling measures according to authority and regulations of law.

At the same time, PVCombank headquarters was requested to implement 17 recommendations (including 7 recommendations related to the inspection content at PVCombank HCM, 5 recommendations related to the inspection content at PVCombank Saigon and 5 recommendations related to the inspection content at PVCombank Phu Nhuan).

The Inspectorate requested PVCombank HCM to implement 6 recommendations, PVCombank Saigon to implement 8 recommendations and PVCombank Phu Nhuan to implement 6 recommendations to overcome the above shortcomings and limitations.

Vietnam Public Joint Stock Commercial Bank (PVcomBank) was established on September 16, 2013 on the basis of the merger between Vietnam Oil and Gas Finance Joint Stock Corporation (PVFC) and Western Commercial Joint Stock Bank (WesternBank).

To date, PVCombank is present in 28 provinces and cities nationwide with nearly 110 transaction points.

The bank's headquarters is located at 22 Ngo Quyen, Hoan Kiem District, Hanoi.