The online banking credit industry boosting conference for 2024 was held on the morning of February 20. (Photo: SBV)
At the online banking credit industry boosting conference for 2024 held on the morning of February 20, the State Bank of Vietnam (SBV) announced that the agency has continued to review and improve legal regulations in credit granting activities to facilitate the operations of credit institutions, enhance access to bank credit, and support customers facing difficulties in credit activities.
In particular, the agency has completed, submitted to the National Assembly and passed the Law on Credit Institutions (amendments) at the extraordinary session in January 2024; reviewed, assessed, and amended the Circular No. 06/2023/TT-NHNN stipulating lending activities of credit institutions, and the Circular No. 16/2021/TT-NHNN determining the purchase and sale of corporate bonds by credit institutions;
SBV is also evaluating to consider amending the Circular No. 02/2023/TT-NHNN on restructuring the term of repayment and keeping the debt group unchanged towards extending the implementation period of policies; and reviewing to amend, supplement legal corridor, perfecting and enhancing the operations of financial companies, financial leasing companies, microfinance organizations, etc., to stimulate credit demand and increase the ability to supply official credit capital for needs serving living, consumption, and contribute to limiting “black credit”.
It is known that the Law on Credit Institutions (amendments) has been officially approved by the National Assembly. The Law on Credit Institutions (amendments) consists of 15 chapters and 210 articles, effective from July 1, 2024.
The construction of the Law aims to complete the legal regulations on the organization and operation of credit institutions, handle difficulties and deficiencies of the current Law on Credit Institutions, promote the application of science and technology in the banking sector, and develop modern banking products and services; strengthen the internal inspection, control, and self-responsibility of credit institutions, enhance transparency in banking activities; complete the legal framework for handling credit institutions facing liquidity risks; codify some provisions on bad debt handling by credit institutions.
Regarding Circular No. 06/2023, this legal document will take effect on September 1, 2023. In which, Circular No. 06/2023 has added provisions on lending that are consistent with the digital transformation process in banking activities and other regulations to facilitate easier access to bank loans for customers.
At the same time, the Circular supplements some provisions to control risks arising in lending activities, contributing to ensuring the safe operation of the credit institution system.
However, in the context of the economy still facing many difficulties, to prioritize promoting economic growth, the State Bank of Vietnam issued Circular No. 10/2023/TT-NHNN on August 23, 2023, suspending the implementation of Clause 8, Clause 9, and Clause 10 of Article 8 of Circular No. 39/2016/TT-NHNN (as amended by Clause 2 of Article 1 of Circular No. 06/2023/TT-NHNN) from September 1, 2023, until the effective date of the new legislative norm concerning these issues.
Regarding Circular No. 16/2021, SBV is currently drafting an amended and supplemented circular to conform to the market situation and help overcome difficulties in the economy.
One of the expected contents to be included in the draft is the addition of regulations that credit institutions must use non-cash payment services to pay the amount of purchasing corporate bonds from the issuing enterprises and bond sellers.
This regulation aims to support monitoring, supervise the use of proceeds from corporate bond issuance, enhance transparency of information, support the sustainable development of the corporate bond market, and be compatible with the government’s policy of promoting non-cash payments.
Regarding Circular No. 02/2023 on debt rescheduling and keeping the debt group unchanged, Deputy Governor Dao Minh Tu said that SBV is considering extending the Circular No. 02/2023/TT-NHNN on debt rescheduling and keeping the debt group unchanged. In necessary cases, SBV may continue to maintain the Circular No. 02.
This Circular will expire on June 30. “By June 30, if the economy still needs it, businesses still need it, about 3 months before that, we will submit to continue maintaining the Circular No. 02. However, it must ensure that the essence of the extended, postponed debts, avoid hidden bad debts in the economy,” Mr. Dao Minh Tu said at the year-end conference.
