Plan for formulating documents guiding the Law on Credit Institutions 2024 of Vietnam

Plan for formulating documents guiding the Law on Credit Institutions 2024 of Vietnam

(1) The State Bank of Vietnam and the Ministry of Finance will take the lead, coordinating with the Ministry of Justice, the Government Office, and other relevant ministries, sectors, and localities to draft, propose, and issue regulations detailing the implementation of the Law according to the list and timeline specified in the Prime Minister's Decision on issuing the list and assigning leading agencies for drafting detailed implementation documents for laws and resolutions passed by the 15th National Assembly during its 5th extraordinary session (drafted by the Ministry of Justice).

(2) 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 are to review the content stipulated by the Law on Credit Institutions, which authorizes the Government and the Prime Minister to issue corresponding regulations. They are to build and present to the competent authorities for amendment, supplementation, and issuance of guidance documents for implementing the Law on Credit Institutions 2024, ensuring they align with the effective date of the Law on Credit Institutions 2024 from July 1, 2024:

(i) The content stipulated in the Law on Credit Institutions 2024 involves reviewing the responsibilities of various ministries and sectors:

The State Bank of Vietnam will review and draft Government Decrees on the organization and operation of the Social Policy Bank (Clause 2, Article 16; Clause 2, Article 17; Clause 1, Article 19; Clause 4, Article 20; Clause 4, Article 22; Article 26 of the Law); Decrees on licensing conditions for credit institutions and foreign bank branches (Clause 5, Article 29 of the Law); Decrees on non-cash payments (Clause 2, Article 110 of the Law); Decrees on microfinance programs of political-social organizations and non-governmental organizations (Clause 13, Article 210 of the Law); Prime Ministerial Decisions on conditions, dossiers, and procedures for approving credit limits beyond the threshold for credit institutions and foreign bank branches (Clause 7, Article 136 of the Law), and other related provisions.

- The Ministry of Finance will review and draft Government Decrees on the organization and operation of the Vietnam Development Bank (Clause 2, Article 16; Clause 2, Article 17; Clause 1, Article 19; Clause 4, Article 20; Clause 4, Article 22; Article 26 of the Law), financial mechanisms for policy banks (Article 26 of the Law), and other related provisions.

- The Ministry of Labor, Invalids, and Social Affairs will review and draft Government Decrees on salary and allowance regimes for policy bank officers and employees (Article 26 of the Law) and other related provisions.

- The Ministry of Natural Resources and Environment will review and draft Government Decrees on land registration changes for secured property involving land use rights and assets attached to land originating from bad debts of credit institutions and foreign bank branches (Clause 4, Article 198 of the Law) and other related provisions.

- The Ministry of Justice will review and draft Government Decrees on mortgage registration for land use rights, assets attached to land, and future assets linked to land originating from bad debts of credit institutions and foreign bank branches (Clause 4, Article 198 of the Law) and other related provisions.

(ii) For documents already included in the Government's work program and the regulation drafting programs of ministries and sectors: The leading drafting agencies are responsible for updating the reviewed content, ensuring amendments and supplements align with regulations and accepting accountability to the Government and the Prime Minister for implementation outcomes.

For documents not yet included in the Government's work program and the regulation drafting programs of ministries and sectors: Relevant ministries and sectors should proactively review and report to competent authorities to include them in the regulation drafting program; accepting accountability to the Government and the Prime Minister for implementation outcomes.

(iii) Completion timeline: Conduct reviews, draft, and submit documents to competent authorities, ensuring the documents come into effect from July 1, 2024.

(The list and assignment of leading drafting agencies for guidance documents on implementing the Law on Credit Institutions 2024 are included in the Appendix attached to Decision 257/QĐ-TTg).

More details can be found in Decision 257/QĐ-TTg dated March 29, 2024.

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