LookAtVietnam – The National Assembly’s Economic Committee debated draft revisions to the laws on the State Bank of Viet Nam and Credit Organisations in Ha Noi on September 22.

Deputies worried that some articles in the draft law were not suited to the new reality and that it would be better to allow the Government and State Bank to flesh out details in subsequent regulations, rather than try to make the law over-specific.

National Assembly deputies questioned some provisions in the draft law. For instance, the provision stating that “the National Assembly determines the inflation rate” and “the Government determines inflation targets” would be better stated as authorising the National Assembly to set inflation targets.

About proposals for a monetary policy advisory council, deputies agreed with the drafting committee that such a body should not be created in the law at this time. Many voiced concerns over the proposed function and scope of this body.

Regarding the Law on Credit Organisations, committee members reached a consensus on the need for a revised law since its last amendments in 2004.

“The existing law had made important contributions to creating a healthy legal environment for the operation of credit organisations, agreed deputies, but the demands of international economic integration and national economic development had exposed some of its shortcomings.

Deputies worried that some articles in the draft law were not suited to the new reality and that it would be better to allow the Government and State Bank to flesh out details in subsequent regulations, rather than try to make the law over-specific.

Deputies expressed support, meanwhile, for the scope of the law to be further expanded to cover policy banks and investment banks.

VietNamNet/Viet Nam News