The electronic voting results showed that there were 450 Deputies in favor (accounting for 91.28%). Thus, with the majority of Deputies voting in favor, the NA officially passed the Law on Credit Institutions (revised).
According to the NA President Vuong Dinh Hue, with the contents that had been revised fundamentally and comprehensively, the new Law on Credit Institutions would contribute to promptly legalizing the Party's policies and guidelines, improving the legal frameworks in the banking sector in accordance with the socialist-oriented market principles, meeting the requirements of restructuring the credit institution system, ensuring safe and sound banking operations and a prudent banking system; enhancing the transparency in accordance with the international standards and practices.
The NA President also requested the Government to focus on arranging the implementation and disseminating the substances of the new Law; urgently study and continue to revise the Law on the State Bank of Vietnam, the Law on Deposit Insurance, as well as other relevant laws, in order to create a consistent legal basis for the implementation of the provisions of the new Law on Credit Institutions.
Source: SBV