Plan for the implementation of the Law on Credit Institutions 2024 in Vietnam

Plan for the implementation of the Law on Credit Institutions 2024 in Vietnam (Internet image) 

Regarding this matter, LawNet would like to answer as follows:

On March 29, 2024, the Prime Minister issued Decision 257/QD-TTg on the plan for the implementation of the Law on Credit Institutions No. 32/2024/QH15 (referred to as the Plan).

Plan for the implementation of the Law on Credit Institutions 2024 in Vietnam

The contents of the Plan are as follows:

(1) Dissemination and popularization of the Law

- Organize the thorough dissemination of the provisions of the Law on Credit Institutions 2024

+ Leading agency: State Bank of Vietnam.

+ Coordinating agencies: ministries, agencies under the ministries, People's Committees of provinces and centrally-run cities, Voice of Vietnam, Vietnam Television, Credit Institutions and relevant agencies and organizations.

+ Form: Suitable forms according to practical conditions.

+ Implementation time: Quarter I, Quarter II of 2024, and subsequent years.

- Publish the full text of the Law and detailed regulations on the Portal/Website of electronic information and the national database of legislative documents; compile materials to popularize the Law and coordinate with the Ministry of Justice to update on the Portal of Popularizing Legal Education of the nation; organize the dissemination of the Law and specific provisions of the Law on various mass media and other appropriate forms of dissemination and popularization.

+ Implementing agency: State Bank of Vietnam; Ministries, agencies under the ministries; People's Committees of provinces and centrally-run cities; Media agencies, press.

+ Implementation time: 2024 and subsequent years.

(2) Review of legislative documents related to the Law:

- Content: reviewing related legal normative documents under the jurisdiction for timely amendment, supplementation, replacement, abolishment, or issuance of new legal normative documents to ensure compliance with the provisions of the Law and detailed regulations under the Law.

- Leading agency: State Bank of Vietnam shall lead and summarize the results of reviewing related legal normative documents.

- Coordinating agencies: Ministries, agencies under the ministries shall review legal normative documents related to the Law under their jurisdiction for issuance; send the results of the review to the State Bank of Vietnam in April 2024.

- Completion time: April 2024.

(3) Formation of legislative documents detailing and guiding the implementation of the Law on Credit Institutions:

- The State Bank of Vietnam and the Ministry of Finance, in coordination with the Ministry of Justice, the Government Office, and relevant ministries, sectors, and localities, shall construct and submit to the Government for issuance, and issue within their jurisdiction, detailed documents regulating the implementation of the Law according to the List and schedule specified in the Prime Minister's Decision on the issuance of the List and the assignment of the leading agencies to draft detailed documents guiding the implementation of laws and resolutions adopted by the 15th National Assembly at its extraordinary session 5 (led by the Ministry of Justice in drafting).

- The State Bank of Vietnam, the Ministry of Finance, the Ministry of Labor, Invalids and Social Affairs, the Ministry of Justice, and the Ministry of Natural Resources and Environment shall review the provisions of the Law on Credit Institutions assigned by the Government and the Prime Minister to issue, construct, and submit to the competent authorities for amendment, supplementation, and issuance of guiding documents on the implementation of the Law on Credit Institutions within their jurisdiction, ensuring compliance with the effectiveness of the implementation of the Law on Credit Institutions from July 1, 2024:

(i) The provisions of the Law on Credit Institutions shall be reviewed in relation to the responsibilities of the ministries and sectors:

- The State Bank of Vietnam shall review and construct Government Decrees regulating the organization and operation of the Social Policy Bank (Clause 2 of Article 16; Clause 1 of Article 17; Clause 1 of Article 19; Clause 4 of Article 20; Clause 4 of Article 22; Article 26 of the Law on Credit Institutions 2024); Government Decrees regulating the licensing conditions for credit institutions and branches of foreign banks (Clause  5 of Article 29 of the Law on Credit Institutions 2024); Government Decrees regulating non-cash payments (Clause 2 of Article 110 of the Law on Credit Institutions 2024); Government Decrees regulating microfinance programs of political-social organizations and non-governmental organizations (Clause 13 of Article 210 of the Law on Credit Institutions 2024); Prime Minister's Decision regulating the conditions, dossiers, and procedures for requesting approval of the maximum credit limit exceeding the limit of credit institutions and branches of foreign banks (Clause 7 of Article 136 of the Law on Credit Institutions 2024) and other related provisions of the Law on Credit Institutions 2024.

- The Ministry of Finance shall review and construct Government Decrees regulating the organization and operation of the Vietnam Development Bank (Clause 2 of Article 16; Clause 2 of Article 17; Clause 1 of Article 19; Clause 4 of Article 20; Clause 4 of Article 22; Article 26 of the Law on Credit Institutions 2024), Government Decrees regulating the financial mechanism of the policy bank (Article 26 of the Law on Credit Institutions 2024), and other related provisions of the Law on Credit Institutions 2024.

- The Ministry of Labor, Invalids, and Social Affairs shall review and construct Government Decrees regulating the salary and allowance regime for officials and employees of the policy bank (Article 26 of the Law on Credit Institutions 2024) and other related provisions of the Law on Credit Institutions 2024.

- The Ministry of Natural Resources and Environment shall review and construct Government Decrees regulating the registration of land and property rights as collateral for land use rights, property attached to land arising in the future from bad debts of credit institutions and branches of foreign banks (Clause 4 of Article 198 of the Law on Credit Institutions 2024), and other related provisions of the Law on Credit Institutions 2024.

- The Ministry of Justice shall review and construct Government Decrees regulating the registration of mortgages for land use rights, property attached to land, property attached to land formed in the future from bad debts of credit institutions and branches of foreign banks (Clause 4 of Article 198 of the Law on Credit Institutions 2024), and other related provisions of the Law on Credit Institutions 2024.

(ii) For documents already included in the Government's working program, the program for constructing normative legislative documents for ministries and sectors: The drafting agencies are responsible for updating the reviewed content, making necessary amendments, supplements, and improvements in accordance with the regulations, and being accountable to the Government and the Prime Minister for the implementation results.

For documents not yet included in the Government's working program, the program for constructing normative legislative documents for ministries and sectors: The ministries and sectors shall proactively review and report to the competent authorities for inclusion in the program for constructing normative legislative documents; being accountable to the Government and the Prime Minister for the implementation results.

(iii) Completion time: Implementing the review, construction, and submission of documents to the competent authorities, ensuring that the documents are effective from July 1, 2024.

(List and assignment of leading agencies to draft guiding documents on the implementation of the Law on Credit Institutions according to the Appendix attached to Decision 257/QD-TTg).

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