Deputy Governor of the State Bank of Vietnam Doan Thai Son
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On March 7th, the Standing Committee of the National Assembly held the second national conference to implement laws and resolutions of the 6th session and the 5th extraordinary session of the 15th National Assembly.
At the conference on the implementation of the Law on Credit Institutions in 2024, Deputy Governor of the State Bank of Vietnam Doan Thai Son stated that on January 18th, 2024, at the 5th extraordinary session of the 15th National Assembly, the Law on Credit Institutions was passed, replacing the Law on Credit Institutions No. 47/2010/QH12.
According to Mr. Son, the development of the Law on Credit Institutions aims to improve legal regulations on the operations of credit institutions, address the shortcomings 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. It also aims to enhance internal self-examination and self-control of credit institutions, strengthen transparency in banking activities, improve the legal framework for handling credit institutions facing liquidity risks, and legalize certain regulations on the handling of bad debts of credit institutions.
Regarding the construction of a detailed list of documents regulating the Law on Credit Institutions and the assignment of the lead agency to draft and submit to the Prime Minister for promulgation, the representative of the State Bank of Vietnam said that the Agency has closely coordinated with the Ministry of Justice in proposing and developing a detailed list of documents regulating the Law on Credit Institutions in 2024.
Currently, in the list of documents regulating the Law on Credit Institutions in 2024, the State Bank of Vietnam is proposing the issuance of 6 detailed documents.
The State Bank of Vietnam is continuing to coordinate with the Ministry of Justice to finalize the draft Decision of the Prime Minister on promulgating a list of detailed regulations, resolutions, and assigning the lead agency to draft and submit to the Prime Minister for promulgation.
According to Mr. Son, the deadline for promulgating detailed regulations and guiding documents is very tight, along with a large number of new, revised, and supplemented documents, and a large volume of work. It is therefore crucial to actively involve relevant ministries and sectors.
“To ensure the schedule for the issuance of guiding documents for the enforcement of the Law on Credit Institutions in 2024, the State Bank of Vietnam has proposed that the Ministry of Justice consider applying simplified procedures for the issuance of certain legal normative documents,” said the Deputy Governor.
