The State Bank of Vietnam (SBV) issued Decision No.1097/QD-NHNN on the SBV’s action plan on implementing Resolution No.19/NQ-CP dated March 12, 2015 on key measures of improving business environment and enhancing national competitive capacity for 2015-2016 period.
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The objectives of the SBV’s action plan are to continue completing legal texts in the field of monetary and banking operations, with focus on completion of legal framework to support the development of debt trading market, diversify derivative instruments, support the restructuring and the NPL resolution of credit institutions; to implement measures of creating favorable conditions for getting access to bank loans, supporting credit institutions to extend credit in a safe and effective manner, contributing to upgrading “credit access indicators” to implement consistent measures in accordance with the objective and roadmap stipulated in Scheme on restructuring the system of credit institutions and resolving NPLs of credit institutions for 2011 – 2015 period; to strive obtaining the objectives set in Scheme on restructuring the system of credit institutions for 2011 – 2015 period, Scheme on resolving NPLs and establishing Vietnam Asset Management Company, declining the NPLs ratio to below 3%; strengthening the reform of administrative procedures in order to facilitate institutions and individuals to make transactions with the SBV; to simplify procedures to create favorable conditions for individuals to get access and utilize banking services.
To obtain the above mentioned objectives, key tasks and measures are stipulated in the action plan as follows: revising regulations on establishment, organization, safe and sound operations of credit institutions; completing legal framework for debt trading market, mortgaged assets, responsibilities of borrowers and mandates of lenders; formulating mechanism for encouraging and facilitating foreign and domestic investors to participate in trading NPLs and mortgaged assets; revising relevant regulations on credit extension; continuing to formulating and completing mechanism and policies on derivative instruments of credit institutions…
Moreover, to continue implementing measures on credit extension to support production and business together with ensuring credit quality and decreasing arising NPLs; enhancing programs on connecting commercial banks and enterprises and stabilizing markets in provinces; developing methods of credit rating for borrowers as enterprises…
To complete the SBV’s plan on reviewing administrative procedures for 2015; to develop procedures related to the implementation of such central bank operations as open market operations, refinancing, discounting valuable papers… Credit institutions are required to reform and simplify procedures of providing services in line with the SBV’s plan on reforming administrative procedures in order to reduce transaction costs and facilitate individuals and enterprises to get access and utilize banking services.
LH