National Assembly Chairman: Completing the legal corridor on currency, gold and banking activities

State bank governor Full explanation of problems

On the morning of June 9, the National Assembly completed questioning the third group of issues on the banking sector.

Concluding remarks, President of Congress Vuong Dinh Hue emphasized that banking is a very important field, the lifeblood of the economy, ensuring the safety and healthy development of the banking industry has always been especially appreciated by National Assembly deputies, voters and people. care about.

The question-and-answer session on the afternoon of June 8 and the morning of June 9 had 57 National Assembly deputies registered for questioning, 32 delegates raised questions, 5 debated, and 25 registered all. Time will send interrogation questions to the Governor for a written response.

The National Assembly Chairman affirmed, through questioning and answering questions, it showed that the delegates adhered to the content of the interrogation, focused on many opinions, enthusiasm and responsibility, went straight to the problem and suggested many solutions. important law. Although the Governor of the State Bank has only been in charge for more than 1 year, he has worked for the State Bank for many years, so he has carefully prepared and firmly grasped the issues under the State management function of the State Bank. .

Participating in answering, explaining and clarifying some more questions asked by Deputy Prime Minister Le Minh Khai and Minister of Construction Nguyen Thanh Nghi.

Governor of the State Bank of Vietnam Nguyen Thi Hong answered questions about the banking and monetary sectors. Photo: VNA

The National Assembly Chairman said that in the past time, especially in 2021 and the first 5 months of 2022, due to the impact of the epidemic and the fluctuations of the geopolitical situation in the world, it has had a great impact on the development process. economy and society of our country in general and the banking industry in particular. However, with effort, effort and responsibility, the banking industry has overcome difficulties and challenges to achieve many important and outstanding results. That is to operate monetary policy and banking activities flexibly and proactively, coordinate with fiscal policy and other macro-economic policies to contribute to macroeconomic stability and control. inflation, ensuring the safety of the credit institution system, stabilizing the currency and foreign exchange markets, strictly controlling credit in potentially risky areas. Continue to actively implement the Resolutions of the National Assembly and the Government on restructuring credit institutions, handling weak banks, effectively handling bad debts of the credit institution system and banks. commercial goods.

However, through questioning many National Assembly deputies, there are still concerns and worries about difficulties and challenges that may affect the banking sector in the coming time, such as political impacts on the world, pressure Inflationary force is increasing, affecting the management of monetary policy in the country. The implementation of Resolution 43/2022/QH15 of the National Assembly on fiscal and monetary policies, support for socio-economic recovery and development under the responsibility of the State Bank is generally slow, especially is the implementation of a credit package supporting 2% interest in practice. The handling of bad debts according to Resolution 42/2017/QH14 of the National Assembly has not achieved the target of increasing bad debt pressure due to difficulties and heavy impacts of the COVID-19 pandemic. The approval of the project on restructuring credit institutions associated with bad debt settlement in the 2021-2025 period is still slow. The handling of weak commercial banks and credit institutions requires large mobilization of resources and is unprecedented, so there are still many difficulties and challenges.

The setting of credit growth targets is still inadequate, in general there is no unified criteria and method, the adjustment during the year is not flexible and passive. Striving to save operating costs and using monetary tools and policies to reduce lending interest rates for the economy still face many challenges. The situation of black credit, high-tech crime in the monetary and credit fields is still complicated; Unusual movement of gold price when the difference is too high between domestic and world gold prices as well as between domestic gold brands.

Promote Fintech application, ensure safety of banking information

Speaking at the end of the questioning session, National Assembly Chairwoman Vuong Dinh Hue suggested that the Government, the Governor of the State Bank, ministers, and industry leaders pay attention to the implementation of the following solutions:

Continue to coordinate closely fiscal policy and other macroeconomic policies in order to control inflation, stabilize the macro-economy, support economic recovery and development, and promptly respond to domestic and international market developments. economic. Continue to drastically implement Resolution 43/2022/QH15 of the National Assembly, Resolution 11/NQ-CP on monetary and fiscal policies to support economic recovery and development, Decree 31/2022/ND- CP dated May 20, 2022 of the Government on interest rate support from the state budget for loans of enterprises, especially small and medium enterprises, cooperatives and business households. Continue to strive to reduce costs and lower lending interest rates for the economy as in Resolution 43/2022/QH15 of the National Assembly.

Continue to review, amend and supplement legal documents in order to perfect the legal corridor on currency, foreign exchange, gold and banking operations, and ensure the safety of the banking system. credit institutions such as credit institutions, the Law on Deposit Insurance, the Law on the State Bank, the Law on Anti-Money Laundering, etc. To organize drastic implementation of the Scheme on restructuring credit institutions associated with bad debt settlement. In the 2021-2025 period, develop the credit institution system in the direction that domestic credit institutions play a key role, operating in a healthy, quality, efficient, public, transparent manner, meeting standards standards on safety and banking activities and approach international practices, striving to reach the development level of the leading group of countries in the ASEAN region by 2025.

Focus on developing, approving and implementing the Scheme on restructuring weak banks, striving by the end of 2025 to basically deal with weak banks and credit institutions, and improve the financial capacity of banks. credit institutions. Interested in providing more charter capital for the State Commercial Bank and the Bank with a controlling stake in the State.

National Assembly Chairwoman Vuong Dinh Hue also suggested continuing to prevent cross-ownership and manipulative use in credit institutions. Strengthen the capacity and effectiveness of inspection and supervision of activities of credit institutions, thematic inspection of high-risk potential areas.

Researching digital applications, promoting Fintech and financial technology applications in this field. Continue to promote the implementation of Resolution 42/2017/QH14 of the National Assembly on handling bad debts, take drastic measures to recover debts, use provisions to handle risks, and improve credit quality. use, prevent and minimize new bad debts by 2025, bringing bad debts of the whole system including bad debts sold to VAMC and down to 3%. Develop criteria for analyzing credit growth indicators for each credit institution to ensure consistency, publicity, transparency, and compliance with the provisions of law on the basis of operation situation, financial capacity, sound management, administration and credit expansion capacity of each credit institution. Limited research towards eliminating the current administrative credit line management.

There are plans and solutions to expand the scale, rapidly increase the proportion of high-value-added, non-credit banking services, and promote non-cash payments. Research and coordinate with relevant agencies to study and amend and supplement regulations on trading of corporate bonds of credit institutions to ensure strict compliance, and at the same time improve requirements and standards of corporate governance of credit institutions. credit institutions when participating in the corporate bond market in order to contribute to ensuring the safety of the bank’s operations.

Develop the financial market in general and the corporate bond market in particular in a healthy manner. Closely monitor the growth rate of outstanding loans and credit quality for potential risk areas, especially investment in real estate, securities and investment in corporate bonds.

At the same time, ensuring capital supply for the stock and real estate markets to continue to develop healthily and sustainably, drastically implementing a comprehensive financial strategy, strongly developing microfinance institutions, directing credit institutions concentrate capital sources, promptly meet the demand for loan capital. Promoting the application of science and technology, developing online payment and lending services, simplifying loan processes and procedures, creating conditions for people and businesses to easily access key credit sources. knowledge with interest rates to serve production and business, legitimate consumer life needs, contribute to limiting black credit, promoting the development of non-cash payment.

The National Assembly Chairwoman proposed continuing to perfect the legal corridor, implementing solutions to promote financial inclusion, digital transformation in banking activities, and create conditions for credit institutions to develop secure products. complete and effective. Research, deploy and apply technical solutions to enhance information security for banking recruitment information system. At the same time, strengthen the management and supervision of the provision and provision of e-banking services and coordinate with law enforcement agencies to detect and promptly handle relevant violations.

Coordinate with the Ministry of Public Security and functional agencies to expand and allow banks to connect, exploit information and national database on population, and exploit information on citizen identification cards. chip, limit fraudulent acts of impersonation, forging identity documents when performing e-banking transactions. Fight to effectively prevent high-tech crimes in the banking sector, the phenomenon of buying and selling bank accounts in cyberspace.

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