Decree on Salary Policies for Officials and Public Employees of Policy Banks in Vietnam

Decree on Salary Policies for Officials and Public Employees of Policy Banks in Vietnam​ (Image from the Internet)

On May 29, 2024, the Office of the Government of Vietnam issued Notice 247/TB-VPCP concluding the meeting chaired by Deputy Prime Minister Le Minh Khai on the progress of developing guiding documents for the Law on Credit Institutions.

There will be a Decree on salary policies for officials, public employees of policy banks in Vietnam

At the meeting on the progress of developing guiding documents for the Law on Credit Institutions 2024, Deputy Prime Minister Le Minh Khai requested the following Ministries: Ministry of Justice, Ministry of Natural Resources and Environment, Ministry of Labor - War Invalids and Social Affairs, and relevant agencies urgently review, clearly determine the necessity of issuance, scope of adjustment, and content of the Decrees:

(1) Decree on salary and allowance policies for officials, public employees of policy banks;

(2) Decree on registration of land use right changes for collateral assets related to the debt originating from bad debts of credit institutions, foreign bank branches;

(3) Decree of the Government of Vietnam on mortgage registration for land use rights, assets attached to the land, assets attached to the land formed in the future related to debts originating from bad debts of credit institutions, foreign bank branches;

Based on this, specific proposals should be submitted to the State Bank of Vietnam before May 31, 2024, to compile and complete the report to the Prime Minister of the Government of Vietnam before June 3, 2024, ensuring the requirements for guidance and organization of implementation set out in the Law on Credit Institutions and related legal provisions.

Additionally, the meeting requested the agencies present to agree on the following contents:

- The State Bank of Vietnam should urgently implement according to simplified procedures for developing and issuing detailed regulations of the Law on Credit Institutions in compliance with the conclusions of the Standing Government at Notice 245/TB-VPCP dated April 25, 2024.

- The Ministry of Finance should thoroughly review, promptly report, and proactively propose the application of simplified procedures for developing and issuing a Decree on financial policies of credit institutions, foreign bank branches, and financial supervision and evaluation of state capital investment efficiency in credit institutions where the state holds 100% charter capital and credit institutions with state capital. The detailed regulations of the Law on Credit Institutions must be effective from July 1, 2024, as stipulated.

- The State Bank of Vietnam, relevant Ministries, and agencies should, according to their assigned functions and duties, gather and incorporate comments from the meeting, urgently review, report, and submit to competent authorities for consideration and decision on the application of simplified procedures for developing and issuing guiding documents for the Law on Credit Institutions in accordance with the Law on Promulgation of Legal Documents 2015.

- During the development and issuance of guiding documents for the Law on Credit Institutions according to simplified procedures, the leading Ministries and agencies must ensure comprehensive consultation from affected entities and ensure the contents do not conflict with the regulations of the Law on Credit Institutions and related legal provisions; strictly adhere to all regulations on power control, anti-corruption, prevention of negativity, group interests, and local interests.

More details can be found in Notice 247/TB-VPCP dated May 29, 2024.

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