Circulars issued to simplify administrative procedures in banking system

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The State Bank of Viet Nam (SBV) has issued 14 circulars to eliminate many business conditions in banking prior to the enactment of the Law on Investment and Law on Enterprises which began  on July 1.

The SBV’s move has been appraised by a number of economic specialists as the circulars worked towards simplifying the administrative procedures and eliminating regulations related to a lot of business conditions such as overseas lending, collateral, and payment of foreign credit organizations.

These circulars were expected to help banks save time and expenditures on administrative procedures to improve business effectiveness.

The SBV has also issued an Action Plan of the banking system to improve the business environment, increase the national competitiveness, support and develop enterprises in the 2016-2017 phase, with orientation to 2020.

The Governor of the SBV sets the goal to raise the national credit approach indicator and urge credit organizations to renew lending procedures.

(Source:VGP)