Working regime of the Steering Committee for restructuring the system of credit institutions in Vietnam

Working regime 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. Position and functions of the Steering Committee for restructuring the system of credit institutions

- 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, Government agencies and People's Committees of provinces and centrally run cities, implement solutions approved and directed by competent authorities in relevant documents to implement the restructuring of credit institutions associated with bad debt handling.

- The Head of the Steering Committee and the Standing Deputy Head use the seal of the Prime Minister; the Deputy Head, who is the Governor of the State Bank, uses the seal of the State Bank. Members use the seal of the ministry, branch, agency, and locality they represent.

(Article 3 of the Regulations on organization and operation of the Steering Committee for restructuring the system of credit institutions issued together with Decision 42/QD-BCĐCCL in 2023)

2. Working regime of the Steering Committee for restructuring the system of credit institutions in Vietnam

- The Steering Committee meets regularly every six months or unexpectedly at the request of the Head of the Steering Committee.

- The Head and members of the Steering Committee operate on a part-time basis; and are responsible for organizing, directing, and implementing the restructuring of credit institutions associated with handling bad debts according to the functions and tasks of the Ministry, ministerial-level agencies, agencies under the Government and the People's Committees of provinces and centrally run cities that they represent, as assigned by the Head of the Steering Committee.

- Members of the Steering Committee are at the level of deputy minister, vice chairman of the People's Committee, deputy head of an agency or unit, or higher, and have the role of representative of that ministry, locality, agency, or unit. The opinions of members of the Steering Committee in the activities of the Steering Committee are also the official opinions of the ministries, branches, localities, agencies, and units they represent.

- Members of the Steering Committee attend all meetings of the Steering Committee. In case they are unable to attend the meeting, members of the Steering Committee must have a document stating the reason, and the ministry, branch, locality, agency, or member's unit must send a leadership representative to attend the meeting to replace the Steering Committee member who cannot attend the meeting. Opinions of members of the Steering Committee or attendees of meetings of the Steering Committee are the official opinions of the ministries, branches, localities, agencies, and units they represent.

- The Steering Committee approves the contents by collecting written opinions.

The decision of the Steering Committee must be approved by more than half of the total number of Steering Committee members. If the number of yes and no votes is equal, the decision will be based on the opinion that the Head of the Steering Committee or the Standing Deputy Head of the Steering Committee (when authorized by the Head of the Steering Committee) has voted.

(Article 9 of Regulations on organization and operation of the Steering Committee for restructuring the system of credit institutions issued together with Decision 42/QD-BCĐCCL in 2023)

3. Duties and powers of the Steering Committee for restructuring the system of credit institutions in Vietnam

The tasks and powers of the Steering Committee for restructuring the system of credit institutions are specified in Article 4 of the Regulation on organization and operation of the Steering Committee for restructuring the system of credit institutions issued together with Decision 42/QD-BCĐCCL in 2023, including:

- Help the Prime Minister direct the implementation of solutions to restructure credit institutions associated with bad debt handling according to goals and orientations stated in Decision 689/QD-TTg dated June 8, 2022, approving the Project to restructure the system of credit institutions associated with bad debt handling for the period 2021–2025 and amending and supplementing documents (if any).

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

- Help the Prime Minister direct and urge ministries, branches, and localities to handle issues within the scope of Decision 689 within the functions and tasks of ministries, branches, and localities.

- Help the Prime Minister harmonize and coordinate between ministries, branches, and localities, and increase the responsibility and effectiveness of participation and coordination among ministries, branches, and localities in the process of implementing Decision 689/QD-TTg.

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

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