Attending the meeting, on the side of the Ministry of Justice were Deputy Minister Nguyen Thanh Tu and Mr. Nguyen Van Cuong - Director of the Institute of Strategy and Legal Science.
MOJ Deputy Minister Nguyen Thanh Tu
On the side of the State Bank of Vietnam (SBV), there was Ms. Vu Ngoc Lan - Deputy Director of the Legal Department.
On the side of the Vietnam Banks Association, there were Dr. Nguyen Quoc Hung - Vice President and General Secretary and Ms. Nguyen Thi Phuong - Head of the Banking Legal Club, along with representatives of departments and agencies of the SBV and many member credit institutions.
In his opening remarks, Dr. Nguyen Quoc Hung, Vice President cum General Secretary of VNBA, expressed his honor to welcome the delegation of the Ministry of Justice to listen to and discuss the difficulties and obstacles in the implementation of legal regulations related to the operations of the banking sector.
Dr. Nguyen Quoc Hung, Vice President cum General Secretary of VNBA
He emphasized that this is the content that the Banking Association considers extremely important and urgent, because legal regulations have a direct impact on the operational efficiency of the credit institution system.
Dr. Nguyen Quoc Hung said that in recent times, many regulations and policies related to the operations of commercial banks have been issued..., including many contents related to land, investment, handling of secured assets, administrative procedures, and other inter-sectoral legal regulations. This makes the implementation process in practice encounter many difficulties and shortcomings. Besides the regulations that have created a favorable legal corridor, there are still some contents that are not suitable for practice, causing obstacles to credit activities, affecting the ability to support the economy, businesses and people.
Dr. Nguyen Quoc Hung said that there are regulations that need to be amended, supplemented or given clearer instructions soon, and expressed his hope that the Ministry of Justice will continue to receive valid recommendations, share and support the banking industry in a timely manner.
Ms. Nguyen Thi Phuong, Head of the Banking Legal Club (Vietnam Banks Association)
Going into specific legal "bottlenecks", Ms. Nguyen Thi Phuong, Head of the Banking Legal Club (Vietnam Banking Association), presented a detailed summary report. She emphasized the contradictory and overlapping regulations within the same document or between legal documents. In addition, there are unclear regulations, leading to many different interpretations and lack of feasibility when applied in practice. These problems appear in a series of important legal documents such as the 2015 Civil Code, the 2024 Land Law, the 2023 Housing Law, the Law on Civil Judgment Enforcement and even the newly issued Law on Credit Institutions 2024.
The Chairman of the Banking Law Club recommended that the State Bank and the Ministry of Justice provide guidance on the receipt of real estate assets for debt assignment and the sale and transfer of these assets in accordance with the provisions of the Law on Credit Institutions so that credit institutions have a basis for implementation.
In addition, Ms. Phuong also requested that the State Bank of Vietnam and the General Department of Land Management issue documents providing professional guidance in accordance with the spirit of the provisions in Clause 3, Article 139 of the Law on Credit Institutions 2024, in which credit institutions are entitled to receive debt assignment of real estate assets for the purpose of debt settlement.
The meeting also received many enthusiastic opinions from member banks on issues such as regulations on business registration licenses, procedures for collecting documents proving the purpose of borrowing capital, or regulations on risk provisioning, etc.
Ms. Vu Ngoc Lan, Deputy Director of the Legal Department of the SBV
Speaking at the meeting, representatives of management agencies, Ms. Vu Ngoc Lan, Deputy Director of the Legal Department of the State Bank, highly appreciated the practical information and affirmed that the State Bank "is always open-minded and listens to practical contributions".
Adding a legal science perspective, Mr. Nguyen Van Cuong, Director of the Institute of Strategy and Legal Science, said that from international experience, no legal system can avoid overlapping and contradictions. The key point is to have a mechanism to handle each specific situation flexibly and reasonably, knowing how to choose which norms have priority, how to interpret the law to ensure reasonableness and the spirit of the law.
Listening and synthesizing the opinions, Deputy Minister of Justice Nguyen Thanh Tu highly appreciated the careful preparation and frank exchange spirit of the Vietnam Banking Association. He affirmed that the purpose of the meeting was not only to take notes, but also to "coordinate closely, get to the bottom of the problem and resolve it substantially."
To implement systematically, Deputy Minister Nguyen Thanh Tu suggested that the Vietnam Banking Association continue to synthesize and systematize the recommendations and classify them into 3 core groups: Contradictions and overlaps between legal documents; Unclear regulations, causing many interpretations and difficulties in application; Regulations that create a burden on compliance, or hinder innovation and creativity.
The Deputy Minister suggested that the Vietnam Banking Association send the summary as soon as possible so that the Ministry of Justice has a basis to organize an official workshop with relevant ministries and branches, thereby screening, perfecting the recommendations and submitting them to competent authorities for consideration.
On behalf of the VNBA, Dr. Nguyen Quoc Hung respectfully accepted all the instructions of the Deputy Minister. He pledged that the VNBA will promptly complete the recommendation report following the suggested direction, ensuring that the proposals accurately reflect the difficulties of its members. He also expressed his sincere thanks to the leaders of the Ministry of Justice and the State Bank of Vietnam for always listening, sharing and accompanying the banking community in their efforts to perfect the legal framework, for the goal of safe, effective and sustainable development.
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