Attending the meeting were the Standing Committee of the Economic and Financial Committee; representatives of the State Bank, Ministry of Justice, Ministry of Public Security, Supreme People's Procuracy, Supreme People's Court; representatives of the Commercial Banking Association...

Reporting on the content of the draft Law amending and supplementing a number of articles of the Law on Credit Institutions, Director of the Legal Department, State Bank of Vietnam Ta Quang Don said that the draft Law supplements regulations on the right to seize secured assets, seize secured assets as evidence in criminal cases and regulations on returning secured assets as evidence and means of administrative violations.

At the same time, amend and supplement the provisions in Clause 1, Article 193 of the current Law on Credit Institutions to transfer the State Bank's authority to decide on special lending. Accordingly, the State Bank decides on special lending with or without collateral for credit institutions; the State Bank's special lending interest rate is 0%/year.

Delegates attending the Seminar agreed to amend and supplement the current Law on Credit Institutions to continue to legalize the provisions of Resolution No. 42/2017/QH14 of the National Assembly to create a synchronous legal framework on bad debt handling, ensuring compliance with reality, contributing to improving the effectiveness and efficiency of bad debt handling of credit institutions, foreign bank branches (collectively referred to as credit institutions), debt trading and handling organizations, thereby unblocking capital sources and improving the safety and soundness of the credit institution system.

The draft Law has added Article 198a after Article 198 of the current Law on Credit Institutions, regulating the right to seize secured assets of credit institutions, debt trading and handling organizations in cases of handling bad debts and handling secured assets of bad debts.

Accordingly, credit institutions, debt trading and settlement organizations are entitled to seize secured assets. The seizure of secured assets is only carried out in cases where the security contract has an agreement that the guarantor agrees to allow the secured party to seize the secured assets of bad debts according to the provisions of law. The seizure of secured assets is not a unilateral seizure, and must comply with the scope, limits and conditions of seizure to ensure the rights and interests of the parties involved...

Delegates gave their opinions to clarify the nature, objectives, conditions, scope of implementation, and roles of relevant agencies... when credit institutions, debt trading and settlement organizations seize secured assets.

Concluding the discussion, Nguyen Hai Nam, a member of the National Assembly who works full-time at the Economic and Financial Committee, acknowledged the very responsible opinions of the delegates and experts, contributing to the amendment and supplementation of a number of articles of the current Law on Credit Institutions to ensure the legitimate rights and interests of the parties, the unity of the legal system, and humanity when exercising the right to seize secured assets. The agency in charge of the review will coordinate with the Drafting Committee to absorb the opinions to develop the most optimal plan when submitting the draft Law to the National Assembly, the National Assembly Standing Committee for comments at the ongoing 44th Session.

Source: https://daibieunhandan.vn/toa-dam-lay-y-kien-du-an-luat-sua-doi-bo-sung-mot-so-dieu-cua-luat-cac-to-chuc-tin-dung-post410309.html