On the morning of April 24, continuing the program of the 44th Session, the National Assembly Standing Committee gave opinions on the draft Law amending and supplementing a number of articles of the Law on Credit Institutions.
Presenting a summary report on the draft Law, Governor of the State Bank Nguyen Thi Hong said that continuing to legalize the provisions in Resolution No. 42/2017/QH14 aims to create a synchronous legal framework on bad debt handling, ensuring consistency with reality to handle problems and difficulties that have hindered credit institutions and foreign bank branches (hereinafter referred to as TCTDs).
The amendment and supplementation of the authority to decide on the special loan of the State Bank (SBV) in the direction of changing the decision -making authority from the Prime Minister (in cases where special loans have an interest rate of 0%/year, special loans without collateral) into the State Bank to thoroughly decentralize and decentralize the SBV in the special loan decision; Strengthen the role, improve the responsibility of the Government member.
At the same time, this regulation helps reduce intermediaries in the implementation process; thereby, contributing to shortening processing time to ensure timely, secure and safe organization and implementation of the credit institution system.
In addition, according to Governor of the State Bank of Vietnam Nguyen Thi Hong, amending and supplementing regulations on the authority to decide on special lending with 0% interest rate/year, without guaranteed assets, ensuring timely, tight, efficient, feasible, secure, and safe implementation of the credit institution system, preventing negativity, loss, waste and law violations.
Ensure compliance with international treaties to which Vietnam is a member and Vietnam's agreements and commitments; ensure the goal of international integration, in line with development trends.
Reviewing this content, Permanent Vice Chairman of the Economic and Financial Committee Le Quang Manh said that the majority of opinions agreed with the necessity of promulgating the Law to institutionalize the Party's policies, meet practical requirements on decentralization of special lending decision-making authority; improve the effectiveness of handling bad debts and collateral of credit institutions, contributing to unlocking credit resources to serve the goal of economic growth.
According to Mr. Le Quang Manh, the majority of opinions agreed with the policy of decentralizing the authority to decide on special lending.
Some opinions say that these cases indirectly use State resources, there is a risk of not being able to recover loans, there needs to be coordination and participation of relevant agencies, therefore, stipulating that the Prime Minister decides on lending is necessary and reasonable.
In addition, the Standing Committee of the Economic and Finance Committee proposes to assess the impact on the application of 0%/year interest rate for all special loans of the State Bank, it is necessary to assign the Government to detail the criteria, special loan conditions and take measures to strengthen control, prevent and limit possible losses.
It is recommended to review all provisions of the Law on Credit Institutions in 2024 related to the authority to decide on special lending to avoid problems in implementation.
Regarding the seizure of assets of the right party to enforce the judgment being used as collateral for bad debts, some opinions agreed with this policy but suggested not legalizing it but continuing to implement it according to the pilot resolution of the National Assembly. Some opinions suggest that it is necessary to carry out the seizure of assets in accordance with normal procedures and order according to the provisions of relevant laws.
