Government calls for clarity on responsibilities of Credit Institutions Supervision Commission

Clarifying the responsibilities of the supervisory board is to ensure that the supervisory board is independent and self-responsible before the law when performing its duties in accordance with regulations. Finance and Banking Government demands clarity on the responsibilities of supervisory boards of credit institutions. Minh Nguyet • {Publication date} Clearly stipulates the responsibilities of the Supervisory Board to ensure the independence and self-responsibility of the Supervisory Board in performing its tasks as prescribed.

On January 5, the government released the resolution of the December 2023 legislative session.

Specifically, regarding the reception, revision and completion of the Credit Institutions Law (Amendment) project, the government highly appreciates the State Bank of Vietnam (State Bank), the Ministry of Public Security and the Ministry of Justice. All relevant departments actively cooperated with the congressional agencies to study, interpret, and absorb the opinions of congressional representatives, agencies, organizations, and individuals, and draft, revise, and complete the draft (amendment) of the Credit Institutions Law.

The government entrusted the National Bank to continue to study and complete the government’s draft opinion document on the interpretation, acceptance and modification of the draft “Credit Institutions Law” (amendment).

It clearly stipulates the tasks, powers and responsibilities of the supervisory board of credit institutions, ensuring the independence of the supervisory board in performing its duties and powers in accordance with the law and its self-responsibility before the law.

At the same time, it is required to strengthen the management role of the State Bank and 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.

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In addition, regarding the decision-making power of credit limit, the government entrusted the National Bank to study and stipulate it in the draft law to ensure the flexibility of government management and operation of credit activities. According to government regulations, the draft law sets out principles and a concrete implementation roadmap.

Regarding other opinions of government members, the National Bank studied, explained, fully absorbed and ensured the previous provisions of the Organic Law on the handling of mortgage assets for real estate projects. The Credit Institutions (Amendment) came into effect to ensure the feasibility and convenience of fund mobilization for corporate activities and credit activities of credit institutions.

The government designated Deputy Prime Minister Lim Khai to guide the revision and completion of the law project.

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