On May 08, 2023, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Kim Anh had a meeting with an inter-ministerial delegation from the Lao P.D.R. headed by Mrs. Khankeo Lamaningao, Deputy Governor of the Bank of the Lao P.D.R.
At the meeting, Deputy Governor Nguyen Kim Anh welcomed the inter-ministerial delegation from the Lao P.D.R. headed by Mrs. Khankeo Lamaningao, Deputy Governor of the Bank of the Lao P.D.R., to visit and work with the SBV during the time of May 08 - 09, 2023.
Deputy Governor Khankeo Lamaningao shared that, the Lao Government has assigned the Bank of the Lao P.D.R. to develop a draft revised Law on Commercial Banks in order to amend the regulations on the management and the supervision of the commercial banks, to be aligned with the new situation, especially the regulations for the special control measures and the process of a bank liquidation and bankruptcy.
Based on the traditinal cooperative relationship between Vietnam and Laos, the Lao Government has sent an inter-ministerial delegation, comprising of the Bank of the Lao P.D.R., the National Assembly of Laos, the Ministry of Justice, the People's Court, the Government Office, to visit and work with the SBV in order to learn the experience of Vietnam in this area.
SBV Deputy Governor Nguyen Kim Anh speaks at the meeting.
At the meeting, SBV Deputy Governor Nguyen Kim Anh briefed the delegation about the recent performance of the banking system in Vietnam, and updated about the legal frameworks for the banking operations, focusing on the goals of creating a stable legal corridor for the operations of the system of credit institutions, ensuring the healthy operations of the credit institutions.
In addition, the SBV Deputy Governor also shared with the delegation about the orientations for the amendment of the Law on Credit Institutions of Vietnam, which aims to amend and supplement the tools to ensure the safety of the system of credit institutions; create better tools for the control of the Government; strengthen the inspection and supervision of the SBV; improve the regulations on the responses in case a credit institution is faced with liquidity risks, as well as the special measures to resolve the situations of mass withdrawals at a bank by the depositors; develop an effective mechanism for the restructuring of a credit institution under special control measures.
Deputy Governor Khankeo Lamaningao of the Bank of the Lao P.D.R. speaks at the meeting.
Based on the sharings of the representatives of the relevant entities, the two sides were engaged in an in-depth discussion on the details related to the topics of interest of the delegation, such as the circumstances in which special control measures are applied to a bank; the organizational structure, authority, duties and the operational regulations of the Special Control Board; the authority of the central bank over a specially controlled credit institution; the implementation process of the procedures for the liquidation and bankruptcy of a credit institution; etc.
The representatives of both sides.
Toward the end of the meeting, SBV Deputy Governor Nguyen Kim Anh expressed his hope that the exchanges and sharing of the SBV would be helpful for the finalization of the draft Law on Commercial Banks of the Lao P.D.R. in the future.
On the side of the Bank of the Lao P.D.R., Deputy Governor Khankeo Lamaningao thanked the relevant entities from the Vietnamese side for the warm welcome and the enthusiastic sharings of all information and experience with the Lao inter-ministerial delegation.
LK