Trang Chủ
Correcting the activities of the credit cooperatives system
According to the Official Dispatch, considered the request of the State Bank of Vietnam (SBV) on Review on the implementation of Prime Minister’s Directive No.6/CT-TTg dated March 12, 2019 on enhancing solutions to ensure PCFs’ operational safety and solidify the PCFs system, the Prime Minister directed as follows:
On March 12, 2019, the Prime Minister issued Directive 06/CT-TTg on the enhancement of solutions to ensure PCFs’ operational safety and solidify the PCF system. For more effective implementation of the enacted Directive 06/CT-TTg’s missions and solutions, the Prime Minister requested:
Governmental Ministries and Provincial/Municipal People’s Committees should:
Continue to strengthen and correct the credit cooperatives system’s operations in accordance with the goals, directions and solutions stated in the Prime Minister’s Decision No. 689/QD-TTg dated June 8, 2022 on the approval of "Restructuring the system of credit institutions associated with bad debts settlement in the period of 2021-2025" Project.
- Receive SBV’s views at Report No.121/TTr-NHNN dated November 14, 2022, continue to completely and correctly perform missions and solutions mentioned in the Directive 06/CT-TTg to realize the objectives and requirements concerning the enhancement of solutions to ensure PCFs’ operational safety and strengthen the PCFs system.
Ensuring the PCFs’ compliance to chartered principles and purposes
The Prime Minister directed the SBV to strengthen the comprehensive inspection, examination and supervision of the PCFs’ operations, especially those possessing large size, having signs of unsoundness, complexity, and potential risks; actively and closely coordinate with governmental ministries/sectors and provincial/municipal People's Committees, regularly exchange information and promptly handle arising problems, ensuring safety, soundness, efficiency in line with the developments of the economy.
In the process of examining and amending the Law on the State Bank of Vietnam, Law on Credit Institutions and Law on Deposit Insurance, the researching and proposing amendments should be made on (i) stipulation of credit cooperatives system’s organization and operation in compliance with chartered principles and purposes; (ii) stipulation over specific plans for resolving credit institutions, specially controlled credit institutions and mechanisms supporting resolution-participating institutions.
Regarding the resolution of unrecoverable specially controlled credit institutions in compliance with laws and regulations, the Decision No. 689/QD-TTg dated June 8, 2022 by the Prime Minister approving the "Restructuring the system of credit institutions associated with bad debts settlement in the period of 2021-2025" Project, the SBV should ensure compliance, strictness, prudence and publicity; ensure consistency in resolution policy, forms and measures; minimize negative impact and arising problems that may affect system safety.
Strictly prosecuting and adjudicating PCFs-related cases
The Ministry of Public Security directs provincial branches to proactively take control of the situation, strengthen the coordination and exchange information with the SBV's provincial and city branches on PCFs’ violations and other signs of PCFs’ suspicious activities; coordinate with SBV’s provincial and city branches to develop scenarios and contingency plans to ensure political security, social order and safety in the troubled PCFs resolution process.
The Ministry of Public Security would accelerate the investigation process to prosecute violations in accordance with laws and coordinate with judicial authorities to promptly prosecute and strictly adjucate violating PCFs in order to increase deterrence and prevention; take prompt measures to prevent the dispersion of properties and recover the lost or appropriated properties.
The Ministry of Planning and Investment should actively with the SBV in the process of amending and supplementing the Law on Cooperatives and the Law on Credit Institutions to ensure consistency and synchronization.
The provincial and municipal People's Committees should direct local governmental agencies to further strengthen the state management, supervise local PCFs' activities; inform the SBV's branches in provinces and cities in a timely manner on signs of violations and irregularities in the PCFs' operations, in order to have appropriate resolution, including solving leadership and manager problems; avoid causing local political insecurity, social disorder and local PCFs’ unsafety; in addition, coordinate with provincial and city SBV branches to promptly resolve arising incidents, especially regarding troubled and specially controlled PCF resolution, ensuring political stability and security, social order and local safety.
The Prime Minister also requests the speeding up of local judicial agencies' trial progress in cases concerning PCFs in accordance with the provisions, facilitating resolution-participated credit institutions in handling the troubled PCFs in compliance with laws; coordinate closely and on a regular basis with PCFs, local authorities and judgment enforcement agencies to further speed up the executed judgment, in order to ensure PCFs' debt recovery.
