Proposal for Governor to decide on special loan with 0% interest rate/year

The Government assigned the State Bank of Vietnam (SBV) to continue researching and completing the draft document of the Government's opinions on the contents of explanation, acceptance and revision of the draft Law on Credit Institutions (amended) with the requirements to ensure that there is sufficient legal basis to regulate the activities of credit institutions; ensure the healthy and sustainable development of credit institutions, serving the development of the country.

The contents of explanation, acceptance and adjustment need to be analyzed in depth, convincing, clearly stating the political basis, legal basis, practical basis of the necessity to promulgate the provisions in the draft law, removing difficulties and obstacles in the practical operations of credit institutions, preventing cross-ownership, taking advantage of State policies for corruption, negativity, committing other illegal acts; ensuring monetary security, national interests, ethnic interests, rights and legitimate interests of related individuals and organizations.

Đề xuất Thống đốc quyết định khoản vay đặc biệt lãi suất 0%/năm- Ảnh 1. — Proposing that the Governor of the State Bank has the authority to decide on special loans with 0% interest rate

At the same time, strengthen the State management role of the State Bank, the tasks and powers of the Governor of the State Bank in controlling the activities of credit institutions to ensure State management and ensure monetary security. Clearly define the tasks, powers and responsibilities of the Supervisory Board in credit institutions, ensuring the independence and self-responsibility before the law of the Supervisory Board when performing its tasks and powers as prescribed.

Regarding the specific issues mentioned in Submission No. 166 of the State Bank, the Government basically agrees with the proposal of the State Bank. The State Bank carefully reviews to ensure synchronization, unity, effectiveness, efficiency, feasibility, and tools to strictly control banking operations, prevent risks, and ensure the safety of the credit institution system and national financial and monetary security, especially regarding the contents of conditions and criteria for early intervention; support mechanisms applicable to credit institutions for early intervention; special control; special lending cases; special lending without collateral; handling of collateral being real estate projects, etc.

Regarding the authority to regulate debt classification, risk handling and the authority to decide on special loans with 0% interest rate/year, the draft law stipulates the authority of the Governor of the State Bank to decide on these contents because this is a specialized issue, under the state management of the State Bank.

Regarding the authority to decide on credit limits, the State Bank will study and stipulate in the draft law in the direction of ensuring the Government's flexibility in managing and operating credit granting activities; stipulate principles in the draft law, and a specific implementation roadmap according to the Government's regulations.

The State Bank, the Ministry of Justice, relevant ministries and agencies continue to coordinate with the National Assembly agencies to study, absorb and revise the draft Law on Credit Institutions (amended), and report to the Government and the Prime Minister according to the provisions of the Law on Promulgation of Legal Documents.

The State Bank of Vietnam received the opinions of Government members, completed the Government's written opinions on explaining, accepting and revising the draft Law on Credit Institutions (amended); assigned the Governor of the State Bank of Vietnam to, on behalf of the Prime Minister, sign the Government's written opinions on behalf of the Government and send them to the National Assembly Standing Committee and the National Assembly's Economic Committee.

Deputy Prime Minister Le Minh Khai directed the revision and completion of this draft law.

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