Decision No. 135/2000/QD-TTg dated November 28, 2000 of the Prime Minister approving the project on consolidation, perfection and development of people’s credit fund system

DECISION

APPROVING THE PROJECT ON CONSOLIDATION, PERFECTION AND DEVELOPMENT OFPEOPLE'S CREDIT FUND SYSTEM

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government dated September 30, 1992;
Pursuant to the Politburo’s Directive No.57-CT/TW dated October 10, 2000;
At the proposal of the Vietnam State Bank Governor;

DECIDES

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

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

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

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

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

Article 5.- The Ministry of Culture and Information shallcoordinate with the People's Committees of the provinces and centrally-run cities indirecting central and local mass media agencies not to carry reports harmful to theoperation 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 GovernmentCommission for Organization and Personnel, the ministers of Labor, War Invalids and SocialAffairs, Justice, Public Security, Culture and Information, the presidents of thePeople’s Committees of the provinces and centrally-run cities and the heads of theconcerned agencies shall have to implement this Decision.