Standardizing the operations of the Social Policy Bank system
(VBSP News) The Ministry of Finance has just announced two new administrative procedures in the field of registration of operations of the Social Policy Bank, contributing to the completion of the legal framework, standardization of management work and increased transparency in the operation of the policy credit system.
On July 28th, the Ministry of Finance issued Decision No. 1997/QD-BTC announcing two new administrative procedures in the field of registration of operations of the Social Policy Bank (NHCSXH), within the scope of the Ministry's management functions.
This is a step towards standardizing the management process for the Vietnam Bank for Social Policies (VBSP) system after the legal regulations related to business registration and operation registration are completed, while also creating conditions for the nationwide network of branches and transaction offices to operate uniformly and transparently.
Standardizing the operations of the Social Policy Bank system.
According to Decision No. 1997/QD-BTC, the Ministry of Finance announced two new administrative procedures in the field of registration of operations of the Vietnam Bank for Social Policies (VBSP). The first procedure involves registering changes to the registration details; updating and supplementing information; reissuing certificates; correcting registration information for VBSP, its branches, and transaction offices; and conducting initial registration for newly established branches and transaction offices. The second procedure involves registering the termination of operations for VBSP branches and transaction offices. The competent authority for handling both procedures is the provincial-level business registration agency.
According to the appendix attached to the Decision, applications can be submitted directly to the Business Registration Agency or the Provincial Public Administrative Service Center, sent via postal service, or submitted online through the electronic information system. Diversifying the methods of receiving applications not only facilitates the work of units within the Vietnam Bank for Social Policies system but also aligns with the policy of promoting administrative procedure reform and digital transformation in state management, contributing to shortening processing time and reducing the cost of registration procedures.
The regulations clearly specify the deadline for registration when changes occur.
According to Decision 1997/QD-BTC, for the procedure of changing registration information, the Social Policy Bank must register within 10 working days from the date of the change for details such as the legal representative, head office address, business activities, tax registration information, or charter capital.
In the case of a change in the head office address resulting in a change of the tax authority, the bank must complete all relevant procedures with the tax authority as prescribed before registering the change with the Business Registration Authority. Regarding adjustments to charter capital, the date the change is considered a reality is calculated from the date the annual financial statements of the Vietnam Bank for Social Policies are approved by the Board of Directors.
Regarding the procedure for registering the closure of a branch or transaction office, the Vietnam Bank for Social Policies (VBSP) must also register within 10 working days from the date of closure. Before completing this procedure, the bank must fulfill all tax obligations as stipulated by tax management laws, and simultaneously complete the closure of all transaction offices under the branch (if any).
Clearly defining the deadlines and procedures for carrying out these tasks is expected to contribute to increased transparency in management, ensuring that registration data is always updated promptly and consistently between business registration agencies and tax authorities, thereby increasing the efficiency of management for the Social Policy Bank system nationwide.
Creating a legal framework for the policy credit network.
Although the new procedures mainly relate to the internal management of the Social Policy Bank, experts believe that standardizing the registration process is crucial for the stable operation of the policy credit system.
Currently, the Vietnam Bank for Social Policies (VBSP) is a specialized credit institution implementing preferential loan programs of the State for poor households, near-poor households, newly escaped poverty people, students with difficult circumstances, workers going to work abroad, people in ethnic minority areas, and many other policy target groups.
For women, especially rural women, women who are heads of poor households, or women who own small businesses, capital from the Vietnam Bank for Social Policies (VBSP) is a crucial "lever" to help develop livelihoods, expand production, create jobs, and increase income. Therefore, perfecting the legal framework to ensure the smooth operation of branches and transaction offices will contribute to ensuring the continuous and timely implementation of preferential credit programs.
urthermore, clearly defining the responsibility for registration when changing information or ceasing operations also helps to enhance transparency in governance, ensuring that registration data is always fully updated, serving state management purposes, and improving coordination between business registration agencies, tax authorities, and related units.
In the context of the Government's efforts to promote administrative procedure reform and build a digital administration, the issuance of new administrative procedures for the Social Policy Bank is seen as a step towards perfecting the institution, modernizing management, and creating a foundation for the policy credit system to continue playing its role as a financial "support" for millions of people, especially women and vulnerable groups nationwide.
