Promptly issue detailed regulations on the Law on Credit Institutions 2024 in Vietnam

Promptly issue detailed regulations on the Law on Credit Institutions 2024 in Vietnam (Image from the internet)

Promptly issue detailed regulations on the Law on Credit Institutions 2024 in Vietnam

After hearing reports from Ministries and agencies, and opinions from meeting attendees, Deputy Prime Minister of Vietnam Le Minh Khai requested the following Ministries: Justice, Natural Resources and Environment, Labor - War Invalids and Social Affairs, and related agencies to urgently review, determine the necessity to issue, scope of application, and content of the Decrees:

(1) Decree stipulating policies on salaries and allowances for policy bank officers and public employees;

(2) Decree stipulating land registration changes concerning collateral assets, including land use rights and assets attached to land from non-performing loan origins held by credit institutions and foreign bank branches;

(3) Government of Vietnam's Decree stipulating mortgage registration concerning land use rights, assets attached to land, and future assets attached to land from non-performing loan origins held by credit institutions and foreign bank branches;

Based on that, specific proposals should be sent to the State Bank of Vietnam by May 31, 2024, for consolidation and completion of a report to the Prime Minister of Vietnam by June 3, 2024, ensuring the requirements for guidance and implementation as set forth in the Law on Credit Institutions 2024 and related legal provisions.

Based on that, specific proposals should be sent to the State Bank of Vietnam by May 31, 2024, for consolidation and completion of a report to the Prime Minister of the Government of Vietnam by June 3, 2024, ensuring the requirements for guidance and implementation as set forth in the Law on Credit Institutions 2024 and related legal provisions.

Additionally, Deputy Prime Minister of Vietnam Le Minh Khai required the meeting participants to unify the following issues:

- The State Bank of Vietnam must urgently proceed according to streamlined procedures concerning the drafting and issuance of detailed regulations on the Law on Credit Institutions 2024, strictly following the Standing Government’s Conclusion in Notice 245/TB-VPCP dated April 25, 2024.

- The Ministry of Finance must thoroughly review, promptly report, and proactively propose applying streamlined procedures in drafting and issuing the Decree stipulating financial policies for credit institutions, foreign bank branches, financial supervision, and evaluating state capital investment efficiency in credit institutions wholly owned by the state and state-owned credit institutions as detailed regulation of the Law on Credit Institutions 2024, which must take effect from July 1, 2024, as required.

- The State Bank of Vietnam, relevant Ministries, and agencies per their functions and assigned duties should consolidate and incorporate the opinions presented at the meeting, and based on the Law on the Promulgation of Legal Documents 2015, urgently review, report, and submit to competent authorities to consider and decide on application of streamlined procedures concerning drafting and issuing guiding documents for the Law on Credit Institutions 2024.

- During the process of drafting and issuing guiding documents for the Law on Credit Institutions 2024 according to streamlined procedures, the leading Ministries and agencies in drafting documents must ensure the comprehensive gathering of input from affected parties and ensure the contents are not contrary to the provisions of the Law on Credit Institutions 2024 and other related legal provisions; strictly adhere to all regulations governing power control, anti-corruption, negative behaviors, group interests, and local interests.

Le Nguyen Anh Hao

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