To develop regulations on asset seizure by credit institutions to ensure compliance with the Constitution in Vietnam

To develop regulations on asset seizure by credit institutions to ensure compliance with the Constitution in Vietnam (Internet image)

The Government of Vietnam promulgated Resolution 46/NQ-CP on March 31, 2023 at the special meeting on law-making in March 2023.

According to Resolution 46/NQ-CP, the Government of Vietnam decides on the following contents:

To develop regulations on asset seizure by credit institutions to ensure compliance with the Constitution in Vietnam

For the project of the Law on Credit Institutions (amended), the Government basically agreed with the content and assigned the State Bank of Vietnam to assume the prime responsibility and coordinate with relevant agencies to ensure the following requirements:

- The development of the project of the Law on Credit Institutions (amended), must fully institutionalize the Party's guidelines and guidelines on perfecting institutions in the banking sector; and requirements, orientations and directions of the National Assembly, the Government and the Prime Minister in the above documents.

- Researching, understanding, and fully explaining the opinions of the Government members, relevant agencies, organizations, and individuals.

- Putting the common interests of the country as the goal of building the project of the Law on Credit Institutions (amended);

The provisions of the Law must overcome obstacles in the implementation of the current Law on Credit Institutions, contributing to freeing up financial resources for socio-economic development, handling cross-ownership issues, and contributing to preventing and combating corrupt and negative acts in the banking sector.

- Strengthening state management in the banking sector; enhancing the role of the State Bank of Vietnam and the Governor of the State Bank of Vietnam in the organization and operation of credit institutions;

Strengthen examination, inspection, supervision, and the timely detection and handling of negative issues and violations of the law in the banking sector.

- Continue to complete the final report on the implementation of Resolution 42/2017/QH14 of the National Assembly on piloting bad debt settlement by credit institutions; clearly identify difficult problems, inadequacies, and causes to propose effective and effective solutions to overcome those difficulties and inadequacies.

- Formulate regulations on the order of priority for payment and seizure of security assets in accordance with the Constitution, laws, and operational practices of credit institutions;

Specifying the authority of the Governor of the State Bank of Vietnam in deciding on special loans, not stipulating that the Government and the Prime Minister decide this content in line with the spirit of strengthening the role and responsibility of Government members in Resolution 27-NQ/TW in 2022.

Completing regulations related to the organization, administration, and administration of credit institutions
in order to further improve the management and administration capacity of credit institutions, to prevent cross-ownership, manipulation, and domination.

- Researching and completing regulations on inspection and supervision by the State Bank of Vietnam and the Government Inspectorate in the banking sector, ensuring the feasibility, uniformity, and consistency of the legal system.

- Continue to consult experts, scientists, related organizations, and individuals to complete the project of the Law on Credit Institutions (amended) according to regulations.

Assign the Governor of the State Bank of Vietnam, authorized by the Prime Minister, on behalf of the Government to sign and submit to the National Assembly and the National Assembly Standing Committee the draft Law on Credit Institutions (amended).

Deputy Prime Minister Le Minh Khai directs the development and completion of the project of the Law on Credit Institutions (amended).

Completing 03 new policies in the field of entry and exit management of foreigners in Vietnam

Specifically, in Resolution 46/NQ-CP the government assigned the Ministry of Public Security to assume the prime responsibility for, and coordinate with, the Ministry of Justice in completing procedures in accordance with the law for the Government to submit to the National Assembly for consideration and inclusion in the General Resolution of the National Assembly at the 5th session (May 2023) a number of new policies in the field of management of entry, exit, transit, and residence of foreigners in Vietnam about 03 policies as follows:

(1) Implement the policy of granting electronic visas to citizens of all countries and territories. Assign the Government to decide on a specific list of countries and territories on the basis of reciprocity, ensuring national defense, security, social order and safety, and the economic and social development of Vietnam;

(2) Increase the duration of the e-visa from no more than 30 days to no more than 03 months, valid once or multiple times;

(3) Increase the time limit for granting a temporary residence certificate at the border gate for people entering unilaterally with a visa exemption from 15 days to 45 days. Assign the Minister of Public Security to sign the Government's report to be submitted to the National Assembly at the 5th Session on the above content.

More details can be found in Resolution 46/NQ-CP dated March 31, 2023.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE