At the fifth extraordinary session of the 15th National Assembly (NA), on January 15, 2024, the NA Deputies discussed the draft Law on Credit Institution (revised) under the chairmanship of NA Chairman Vuong Dinh Hue.
NA Vice Chairman Nguyen Duc Hai moderates the session
Delivering a summary report on a number of key issues that had been commented and required explanations and modifications in the draft Law on Credit Institutions (revised), Mr. Vu Hong Thanh, Chairman of the NA’s Economic Committee, shared that, at the 6th session of the 15th NA, the Deputies had provided further comments on the draft Law on Credit Institutions (revised). Right after the session, the NA Standing Committee had requested the relevant agencies to revise the draft Law based on the comments and feedbacks from the NA Deputies. The draft Law, after being revised, is now composed of 15 Chapters and 210 Articles (an increase of 7 Articles as compared to the previous version presented to the National Assembly at the 6th Session).
NA Deputies
At this meeting, the NA Vice Chairman requested the Deputies to focus on discussing the substances as stated in the explanatory report. In general, the NA Deputies made high recognition for the contents of the draft Law after being revised, and expressed agreement with most of the substances that have been revised. In addition, the NA Deputies also raised more comments on the regulations related to the transitional period; the implementation arrangements; the organization, governance, administration of the credit institutions; the risk provisioning; the anticipated interest; the early interventions; the special control measures, and solutions to mass withdrawals at a credit institution; the special borrowing and lending operations; the information transparency; the prevention of cross-ownership and manipulation at the credit institutions; the assurances of a prudent banking system, the national financial and monetary security.
The NA Vice Chairman confirmed that the NA Standing Committee would work with the relevant agencies to focus on studying and urgently taking into considerations all of the comments and feedbacks in order to finalize the draft Law on Credit Institutions (revised) to be submitted to the NA for final consideration and adoption.
Le Hang