Headlines 10/04/2024 11:11 SA

Vietnam to develop 10 documents guiding Law on Credit Institutions 2024

Văn Minh

On March 29, 2024, the Prime Minister of Vietnam promulgated Decision No. 257/QD-TTg on the plan to implement the Law on Credit Institutions 2024.

According to the Decision, the Law on Credit Institutions 2024 is approved by the 15th National Assembly of Vietnam in the 5th irregular meeting and comes into force as of July 1, 2024.

To implement the Law on Credit Institutions 2024 promptly, synchronously, consistently, and effectively, the Prime Minister of Vietnam promulgates the list of documents guiding the implementation of the Law on Credit Institutions 2024 and assigns specific authorities in charge of the formulation of such documents as follows:

- The State Bank of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on the organization and operation of the Vietnam Bank for Social Policies.

- The State Bank of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on the licensing conditions of credit institutions and foreign bank branches.

- The State Bank of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on non-cash payments.

- The State Bank of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on the microfinance programs of socio-political organizations and non-governmental organizations.

- The Ministry of Finance of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on the organization and operation of the Vietnam Development Bank.

- The Ministry of Finance of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on financial regulations of policy banks.  

- The Ministry of Labor – War Invalids and Social Affairs of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on regulations on salaries and allowances for officials and public employees of policy banks.

- The Ministry of Natural Resources and Environment of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on the registration of change to land regarding collateral that is land use rights or property on land of debts originating from bad debts of credit institutions or foreign bank branches.

- The Ministry of Justice of Vietnam is assigned to preside over the formulation of the Decree of the Government of Vietnam on collateral registration for land use rights, property on land, and property on land of debts originating from bad debts of credit institutions and foreign bank branches.

- The State Bank of Vietnam is assigned to preside over the formulation of the Decision of the Prime Minister of Vietnam on approval for credit overextensions granted by credit institutions and foreign bank branches.

See more details in Decision No. 257/QD-TTg effective as of March 29, 2024.

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Above are the summary and notification of new documents for customers of THU VIEN PHAP LUAT. For more information, please send an email to info@thuvienphapluat.vn.

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