Tasks and powers of the Steering Committee for restructuring the system of credit institutions in Vietnam

Tasks and powers of the Steering Committee for restructuring the system of credit institutions in Vietnam (Internet image)

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

1. What is the Steering Committee for Restructuring the System of credit institutions?

According to Clause 1, Article 3 of the Regulation issued together with Decision 42/QD-BCDCCL dated June 12, 2023, the Steering Committee for Restructuring the System of Credit Institutions is an inter-sectoral coordination organization that helps the Prime Minister direct and coordinate activities between ministries, ministerial-level agencies, Governmental agencies and People's Committees of provinces and centrally run cities;

Implement solutions approved by competent authorities and directed in relevant documents to restructure credit institutions associated with bad debt settlement.

2. Tasks and powers of the Steering Committee for restructuring the system of credit institutions in Vietnam

Tasks and powers of the Steering Committee for restructuring the system of credit institutions in Vietnam according to Article 4 of the Regulation promulgated together with Decision 42/QD-BCDCCL dated June 12, 2023 are as follows:

- Help the Prime Minister direct the implementation of solutions to restructure credit institutions associated with bad debt settlement according to the objectives and orientations stated in Decision 689/QD-TTg approving the Scheme on restructuring the system of credit institutions associated with bad debt settlement in the 2021–2025 period and amendments and supplements (if any).

- Research and propose to the Prime Minister directions and solutions to handle important issues, handle difficulties and obstacles in the process of implementing Decision 689/QD-TTg dated June 8, 2022, and handle issues beyond the competence of ministries and branches.

- Help the Prime Minister direct and urge ministries, branches, and localities to handle issues within the scope of Decision 689/QD-TTg dated June 8, 2022 on the functions and tasks of ministries, branches, and localities.

- Help the Prime Minister harmonize and coordinate among ministries, branches, and localities, and at the same time enhance the responsibility, effectiveness of participation, and coordination of ministries, branches, and localities in the implementation of Decision 689/QD-TTg dated June 8, 2022.

- Perform other tasks under the Prime Minister's direction on restructuring the system of credit institutions associated with bad debt settlement.

3. Standing body of the Steering Committee for restructuring the system of credit institutions in Vietnam

According to Article 8 of the Regulation promulgated together with Decision 42/QD-BCDCCL dated June 12, 2023, the State Bank of Vietnam is a standing body of the Steering Committee with the following functions and tasks:

- Comprehensively advise the Steering Committee in the implementation of the restructuring of credit institutions in association with bad debt settlement and the Steering Committee's activities.

- Help the Head of the Steering Committee urge the members of the Steering Committee to perform their assigned tasks and participate in the activities of the Steering Committee; gather and evaluate difficulties and obstacles in implementing solutions to restructure credit institutions associated with bad debt settlement; promptly propose and report to the Steering Committee.

- Coordinate and coordinate activities among members of the Steering Committee; ensure the maintenance of communication among members of the Steering Committee.

- Propose a meeting of the Steering Committee; assist the Head of the Steering Committee in formulating and submitting for signature documents, programs, and action plans of the Steering Committee; monitor the implementation progress of the programs and plans of the Steering Committee;

Send programs, plans, decisions, or documents of the Steering Committee to members of the Steering Committee, relevant agencies, organizations, and individuals for implementation; Prepare documents, draft notices, and serve meetings and activities of the Steering Committee.

- Implement the reporting regime as prescribed.

- Maintain records and documents of the Steering Committee in accordance with law.

- Perform other tasks assigned by the Head of the Steering Committee.

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