The Draft Law on Credit Institutions (amended) was adopted and revised after the 5th session of the 15th National Assembly, with 16 chapters and 208 articles. This Law regulates the establishment, organization, operation, reorganization, dissolution, and bankruptcy of credit institutions; the establishment, organization, and operation of foreign bank branches and representative offices of foreign credit institutions and other foreign organizations with banking activities; the handling of bad debts and the handling of collateral of bad debts.
Participating in discussions and giving comments on the draft law, representatives of departments, branches and banks in the area affirmed the necessity of promulgating the Law on Credit Institutions (amended), creating a stable legal basis for credit institutions to operate healthily and have favorable development conditions.
The content that delegates were interested in contributing comments on was related to solutions to prevent manipulation and domination of credit institutions.
Some opinions say that, in current practice, some private commercial banks show signs of being “takeover” and controlled by major shareholders, related persons of major shareholders or corporations and private enterprises; there is a potential risk of lack of transparency, even violations of the law and the consequence is an increase in bad debt ratio. Therefore, the law needs to continue to supplement more drastic policies to eliminate this situation.
Regarding bad debt, there are opinions suggesting that the National Assembly Standing Committee should carefully and cautiously evaluate, put in the context of current legal regulations to perfect regulations to ensure the legitimate rights and interests of the parties, avoid administrativeizing civil and economic relations; ensure harmony and fairness with subjects participating in civil and economic relations on the principle of only legalizing appropriate contents under normal conditions.
At the same time, it is necessary to study the regulations on the responsibilities of the civil prosecution and enforcement agencies in supporting credit institutions when requested to determine the status of secured assets in order to seize secured assets.
The law also needs to provide more detailed regulations on the rights of the buyer of collateral for bad debts; it is necessary to consider regulations on determining the right to seize and procedures for seizing assets in accordance with legal regulations, avoiding legal conflicts, infeasibility, and problems in the process of applying the law...
Some comments suggested that it is necessary to specify more clearly the timely response solutions when a credit institution is subject to a mass withdrawal that could affect or threaten the safety of the system. Supplement regulations related to the dissolution and bankruptcy of credit institutions with weak business operations; or supplement regulations on solutions in monetary management and operation, especially understanding the current status of credit quality, the situation of bad debt, and debt management, etc.
Some opinions also contributed to the content of Vietnam deposit insurance; proposed to add to the draft the content of the representative board of directors at provincial and district levels in the organizational structure of the management of the social policy bank system.
Concluding the conference, Deputy Head of the Provincial National Assembly Delegation Thai Thi An Chung accepted the comments from provincial departments, branches and credit institutions in the province; at the same time, she hoped that the units would continue to research to contribute more comments from practical issues that are posing many difficulties, inadequacies and current socio-economic development requirements of the country.
The Deputy Head of the Provincial National Assembly Delegation also affirmed: Based on the opinions of the units, the Delegation will study, synthesize, and report to the National Assembly Standing Committee; at the same time, it will participate in the working sessions of the National Assembly at the 6th session, scheduled to open on October 23, 2023.
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