Issuance of Circular 05 on annulment of certain legislative documents issued by the Governor of the State Bank of Vietnam

Issuance of Circular 05 on annulment of certain legislative documents issued by the Governor of the State Bank of Vietnam

On June 7, 2024, the Governor of the State Bank of Vietnam issued Circular 05/2024/TT-NHNN, which stipulates the abolition of certain legislative documents issued by the Governor of the State Bank of Vietnam.

Circular 05/2024/TT-NHNN takes effect from July 22, 2024.

Article 1 of Circular 05/2024/TT-NHNN specifies the complete abolition of the following legislative documents issued by the Governor of the State Bank of Vietnam:

[1] Circular 07/1997/TT-NHNN dated December 4, 1997, guiding the implementation of Decision 802/TTg dated September 24, 1997, of the Prime Minister regarding the handling of existing issues related to opening credit letters.

[2] Decision 403/1997/QD-NHNN2 dated December 5, 1997, by the Governor of the State Bank of Vietnam, allowing the Project Management Board of the Bank to apply the State Bank's accounting system, issued together with Decision 269/QD-NH2 dated December 4, 1992, by the Governor of the State Bank of Vietnam.

[3] Decision 456/2003/QD-NHNN dated May 12, 2003, by the Governor of the State Bank of Vietnam, amending and supplementing Clause 1, Article 1 of the "Interbank Electronic Payment Offset Regulations" issued together with Decision 1557/2001/QD-NHNN dated December 14, 2001, by the Governor of the State Bank of Vietnam.

[4] Circular 34/2012/TT-NHNN dated December 27, 2012, by the Governor of the State Bank of Vietnam, regulating the development and maintenance of banking software at the State Bank of Vietnam.

[5] Circular 13/2021/TT-NHNN dated August 23, 2021, by the Governor of the State Bank of Vietnam, amending and supplementing certain provisions of Circular 26/2013/TT-NHNN dated December 5, 2013, by the State Bank of Vietnam, on service fees for payment transactions through the State Bank of Vietnam.

Issuance of Circular 05 on annulment of certain legislative documents issued by the Governor of the State Bank of Vietnam - image from internet

What are principles of issuance of legislative documents in Vietnam?

Based on Article 5 of the Law on Promulgation of Legislative Documents 2015, the issuance of legislative documents is based on the following principles:

- Ensuring the constitutionality, legality, and consistency of legislative documents within the legal system.

- Adhering to the proper jurisdiction, form, procedure, and process of constructing and promulgating legislative documents.

- Ensuring transparency in the provisions of legislative documents.

- Ensuring the feasibility, cost-effectiveness, timeliness, accessibility, and implementability of legislative documents; incorporating gender equality issues into legislative documents; ensuring administrative procedure reform requirements.

- Ensuring national defense, security, environmental protection, and not impeding the implementation of international treaties of which the Socialist Republic of Vietnam is a member.

- Ensuring openness and democracy in receiving and responding to opinions and suggestions from individuals, agencies, and organizations during the process of constructing and promulgating legislative documents.

What documents are included in the system of legislative documents in Vietnam?

Based on Article 4 of the Law on Promulgation of Legislative Documents 2015 (amended and supplemented by Point a, Point b, Clause 1, Article 1 of the amended Law on Promulgation of Legislative Documents 2020), the system of legislative documents is regulated as follows:

System of legislative documents:

1. Constitution.

2. Codes, laws (hereinafter referred to as laws), resolutions of the National Assembly.

3. Decrees, resolutions of the Standing Committee of the National Assembly; inter-sectoral resolutions between the Standing Committee of the National Assembly and the Central Committee of the Vietnam Fatherland Front; inter-sectoral resolutions between the Standing Committee of the National Assembly, the Government, and the Central Committee of the Vietnam Fatherland Front.

4. Decisions, directives of the President.

5. Government decrees; inter-sectoral resolutions between the Government and the Central Committee of the Vietnam Fatherland Front.

6. Decisions of the Prime Minister.

7. Resolutions of the Judges' Council of the Supreme People's Court.

...

Therefore, the system of legislative documents includes:

[1] Constitution

[2] Codes, laws, resolutions of the National Assembly

[3] Decrees, resolutions of the Standing Committee of the National Assembly; inter-sectoral resolutions between the Standing Committee of the National Assembly and the Central Committee of the Vietnam Fatherland Front; inter-sectoral resolutions between the Standing Committee of the National Assembly, the Government, and the Central Committee of the Vietnam Fatherland Front.

[4] Orders, decisions of the President

[5] Government decrees; inter-sectoral resolutions between the Government and the Central Committee of the Vietnam Fatherland Front.

[6] Decisions of the Prime Minister

[7] Resolutions of the Judges' Council of the Supreme People's Court

[8] Circulars of the Chief Justice of the Supreme People's Court; circulars of the Chief Prosecutor of the Supreme People's Procuracy; circulars of the Minister, Head of the equivalent agency; decisions of the State Auditor General.

[9] Inter-sectoral circulars between the Chief Justice of the Supreme People's Court, the Chief Prosecutor of the Supreme People's Procuracy, the State Auditor General, the Minister, the Head of the equivalent agency. No inter-sectoral circulars are issued between the Minister, the Head of the equivalent agency.

[10] Resolutions of the People's Council of provinces, central-affiliated cities

[11] Decisions of the People's Committee at the provincial level

[12] Legislative documents of local authorities in special administrative-economic units

[13] Resolutions of the People's Council of districts, wards, towns, cities under the province, central-affiliated cities

[14] Decisions of the People's Committee at the district level

[15] Resolutions of the People's Council of communes, wards, townships

[16] Decisions of the People's Committee at the commune level.