Will legalize regulations on seizure, confiscation and return of secured assets

According to the assessment of the State Bank, the legalization of the above regulations is necessary, in accordance with the political , legal and practical foundations as well as the direction of the Party and the State in removing institutional bottlenecks, promptly handling difficulties and obstacles of people and businesses, improving the efficiency of bad debt handling, contributing to unblocking capital sources, improving the safety and soundness of the credit institution system.

At the same time, the law amendment also creates a legal basis for adjusting the authority to lend special loans with an interest rate of 0%/year, without collateral, to meet practical needs.

The viewpoint of drafting the Law on amending and supplementing a number of articles of the Law on Credit Institutions is to institutionalize the viewpoints, policies and guidelines of the Party and the laws of the State on bad debt handling. It ensures constitutionality, legality and consistency with relevant legal documents.

Notably, the amendment will focus on three important contents: legalizing regulations on the right to seize secured assets; legalizing regulations on the seizure of secured assets of the party subject to enforcement; legalizing regulations on the return of secured assets as evidence in criminal cases and supplementing regulations on the return of secured assets as exhibits and means of administrative violations.

The legalization of these regulations is carried out in the form of the Law amending and supplementing a number of articles of the Law on Credit Institutions. At the same time, the content of the above-mentioned 3 legalized policies must be clearly defined and their specific impacts must be assessed; at the same time, consistency and uniformity between the provisions of the law must be ensured.

In addition, the amendment and supplement of the regulation also clearly defines the authority to decide on special loans with an interest rate of 0%/year, without collateral, helping to keep the system of credit institutions safe, preventing negativity, loss, waste and violations of the law.

Along with that, the amendment and supplementation of provisions in the law also aims to ensure compliance with international treaties to which Vietnam is a member and Vietnam's agreements and commitments; ensuring the goal of international integration, in line with development trends.

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Source: https://www.sggp.org.vn/se-luat-hoa-quy-dinh-ve-ke-bien-tich-thu-va-hoan-tra-tai-san-bao-dam-post795327.html