The Prime Minister asked the State Bank to inspect and supervise credit institutions investing in bonds, especially real estate enterprises.
Deputy Prime Minister Le Minh Khai has just signed and promulgated Official Dispatch No. 304/CD-TTg dated April 7, 2022 of the Prime Minister on rectification of corporate bond market activities and land use right auction.
Specifically, the Prime Minister requested the Minister of Finance and the Chairman of the State Securities Commission to direct functional agencies and units to urgently inspect, examine and supervise the compliance with the law on development operating, investing, distributing, trading and using the capital obtained from the issuance of bonds, especially the private placement of bonds of real estate enterprises, of credit institutions related to real estate enterprises. Real estate, enterprises with large issuance volume, high interest rates, enterprises with loss-making business results, issuers without collateral or unsecured assets of poor quality… in accordance with the Prime Minister’s direction at Official Dispatch No. 8857/CD-VPCP dated December 3, 2021 of the Government Office, to report to the Prime Minister the implementation results before April 15, 2022.
In addition, the BTC reviewed legal regulations related to the corporate bond market and the issuance and investment of corporate bonds to promptly amend and supplement according to its competence or propose the competent authorities to amend them. change and supplement to increase the effectiveness and efficiency of management and supervision of the corporate bond market, ensuring a healthy, transparent and safe market development; there are sanctions for early warning, risk management and strong and strict handling of violations of the law. Report to the Prime Minister the review results before April 30, 2022.
The Prime Minister also asked the Governor of the State Bank of Vietnam to direct the inspection, examination and close supervision of credit institutions that invest in corporate bonds and participate in activities of providing guarantee services. issue, invest, distribute… corporate bonds, especially bonds issued by real estate enterprises, enterprises with large issuance volume, high interest rates, and businesses with good business results. Loss of business, issuers do not have collateral…
The State Bank of Vietnam must review the credit lending activities of credit institutions for investors to participate in the auction of land use rights, promptly correct and strictly handle violations of regulations on credit loans. use.
According to the official dispatch, the Minister of Natural Resources and Environment should direct the review, strengthen the inspection and inspection of activities of organizing auctions of land use rights and real estate in localities. For cases with abnormal manifestations, causing market instability, promptly verify and clarify violations, strictly handle according to the provisions of law to prevent profiteering. The Ministry must review the provisions of the law related to the auction of land use rights, promptly detect inadequacies and omissions, advise and propose the competent authority to amend, adjust, supplement and complete The legal system on auction of land use rights aims to effectively prevent and combat abuses and violations for self-seeking purposes.
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