Laws of Vietnam

THE PRIME MINISTER

DECIDES:

Article 1.- To finish the experimental establishment of people’s credit funds according to the project, issued together with the Prime Minister’s Decision No. 390/TTg of July 27, 1993. The dissolution of the Steering Committee for the experimental establishment of people’s credit funds at central and local levels shall comply with the Prime Minister’s Decision No. 79/2000/QD-TTg of July 6, 2000.

Article 2.- To approve the project on consolidation, perfection and development of people’s credit fund system in Report No. 1070/TTr-NHNN17 of November 3, 2000 of the Vietnam State Bank.

The Vietnam State Bank Governor shall assume the prime responsibility and coordinate with the concerned ministries and branches as well as the presidents of the People’s Committees of the provinces and centrally-run cities in directing the implementation of the project on consolidation, perfection and development of people’s credit fund system, which has been approved by this Decision.

Article 3.- For weak and inefficient people’s credit funds, during the period of consolidation, all measures must be applied to recover debts in order to ensure the payment to the depositors. In case of necessity, the Vietnam State Bank may use the lending fund to support joint-stock credit institutions in ensuring the payment to the depositors; not to let people’s credit funds to go bankrupt beyond the State’s control, thus affecting the operations of the people’s credit fund system and bank system.

Article 4.- In cases where penal measures must be taken against individuals, who commit violations relating to the operation of the people’s credit funds, the Vietnam State Bank shall have to coordinate closely with the Ministry of Public Security and the concerned People’s Committees of the provinces and centrally-run cities in not causing adverse effects on the operation of people’s credit funds and maintaining socio-political stability and law disciplines.

Article 5.- The Ministry of Culture and Information shall coordinate with the People’s Committees of the provinces and centrally-run cities in directing central and local mass media agencies not to carry reports harmful to the operation of the people’s credit fund system, thus affecting the money depositors’ confidence.

Article 6.- This Decision takes effect after its signing.

Article 7.- The Vietnam State Bank Governor, the ministers of: Finance, Agriculture and Rural Development and Trade, the Chairman of the Government Commission for Organization and Personnel, the ministers of Labor, War Invalids and Social Affairs, Justice, Public Security, Culture and Information, the presidents of the People’s Committees of the provinces and centrally-run cities and the heads of the concerned agencies shall have to implement this Decision.

For the Prime Minister
Deputy Prime Minister
NGUYEN TAN DUNG