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The Star
an hour ago
- Business
- The Star
Proposal to give State Bank in Vietnam special lending authority
A woman rides a motorbike past the State Bank of Vietnam in Hanoi on February 25, 2025. - AFP HANOI: The National Assembly continued discussions on May 29 on the draft to amend and supplement the Law on Credit Institutions, with a notable proposal to grant the State Bank of Vietnam (SBV) expanded authority to issue special loans, including those without collateral and at 0-per-cent interest. Under the proposed amendments, the SBV would be authorised to make rapid lending decisions to credit institutions in urgent situations of systemic risk or liquidity crisis. This marks a shift from previous legislation, where such authority resided with the Prime Minister. State Bank Governor Nguyen Thi Hong explained that the changes are necessary in light of rapid technological advancements and the increasing ease of banking transactions, which have made sudden mass withdrawals more likely. In emergencies where there's a risk of systemic collapse, the State Bank must act swiftly, Hong said. Lending without collateral and with a 0 per cent interest rate is extremely rare and only applies in very specific circumstances. These special loans would be reserved for cases of having mass withdrawals that could destabilise the banking system, or for institutions under special supervision as they work on restructuring plans. Typically, such loans still require collateral, often in the form of highly liquid assets or debts owed to the banks. Loans without collateral would only be issued in exceptional cases, when no suitable assets are available. Deputy Tran Thi Thu Dong supported the regulation for its potential to enable rapid intervention during liquidity crises. However, she also voiced concerns over the absence of oversight mechanisms when collateral is not required, raising the possibility of misuse. To address this, she proposed that the SBV be required to periodically report to the Government and National Assembly on all special loan activities, including borrowers, loan amounts, terms and outcomes. She also called for clear criteria to determine eligible recipients of these loans to prevent abuse and ensure the support targets institutions genuinely in need. Lawmakers also discussed the proposal on legalising the right for banks to seize collateral assets under clearly defined conditions. The SBV argued that formalising this right would reduce risks and costs associated with bad debt resolution, thereby encouraging more lending at lower interest rates and boosting capital accessibility for businesses. The draft law explicitly states that asset seizures must not be unilateral or unconditional. Instead, they must comply with strict procedures ensuring fairness, transparency, and the protection of all involved parties. Another major proposal came from Deputy Huynh Thi Phuc, who highlighted the urgent need to foster the development of a debt trading market. 'In the current environment of rising non-performing loans, creating legal provisions for debt trading is essential,' Phuc said. 'This would encourage the formation of investment funds specialising in distressed assets and streamline large-scale debt transactions.' Phuc also pointed to persistent legal and procedural barriers in transferring real estate projects used as collateral. She urged lawmakers to clarify the legal effect of such transfers and set clear responsibilities and deadlines for coordination among relevant agencies. - Vietnam News/ANN
Straits Times
an hour ago
- Politics
- Straits Times
South Korean presidential front runner Lee proposes revising constitution on martial law
Lee Jae-myung, leader of the main opposition Democratic Party, speaks during 2024 New Year's press conference at National Assembly in Seoul, South Korea, on Jan 31, 2024. PHOTO: REUTERS SEOUL - South Korea's left-wing presidential front runner Lee Jae-myung proposed on May 30 to amend the constitution to make it more difficult to impose martial law, aiming to prevent political crises like the one that erupted in 2024. As candidates entered their final stretch before the snap presidential election on June 3, Lee and his Democratic Party urged South Koreans to come out to vote to end the political turmoil that has gripped the country since ousted conservative leader Yoon Suk Yeol's short-lived martial law declaration in December. "Our national prestige has fallen, but it (martial law) happens. We have to make that impossible systematically," Lee told a live-streaming talkshow on YouTube. 'Overcoming the insurrection (crisis) is no-brainer. Without it, our country will collapse,' he said, adding that economic growth and unity would be among his other top priorities. Lee said he would seek to revise the constitution to strengthen martial law requirements, for instance by not allowing leaders to implement martial law without getting Parliament's approval within 24 hours. More South Koreans turned out for early voting on May 30 after reaching record numbers a day earlier. Early voting ends at 6pm on May 30. As of noon on May 30, 25.8 per cent of eligible voters had voted, the highest turnout compared to other polls in the same period. Lee also said a special prosecutor should investigate the Dec 3 martial law incident to make sure those responsible were punished, although he called for leniency for those in the military who were reluctant to follow orders. The Democratic Party's election campaign chair Yoon Yeo-jun said that the vote would be an opportunity to set the country right so that the 'Yoon Suk Yeol tragedy would never happen again'. Mr Kim Moon-soo, Lee's rival candidate from the conservative People Power Party, said he would stop 'legislative dictatorship' by Lee's Democratic Party that holds a majority in Parliament. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
an hour ago
- Politics
- The Star
South Korean presidential frontrunner proposes revising constitution on martial law
FILE PHOTO: Lee Jae-myung, leader of the main opposition Democratic Party, speaks during 2024 New Year's press conference at National Assembly in Seoul, South Korea, 31 January 2024. JEON HEON-KYUN/Pool via REUTERS/File Photo SEOUL (Reuters) -South Korea's left-wing presidential frontrunner Lee Jae-myung proposed on Friday to amend the constitution to make it more difficult to impose martial law, aiming to prevent political crises like the one that erupted last year. As candidates entered their final stretch before the snap presidential election on June 3, Lee and his Democratic Party urged South Koreans to come out to vote to end the political turmoil that has gripped the country since ousted conservative leader Yoon Suk Yeol's short-lived martial law declaration in December. "Our national prestige has fallen, but it (martial law) happens. We have to make that impossible systematically," Lee told a live-streaming talkshow on YouTube. "Overcoming the insurrection (crisis) is no-brainer. Without it, our country will collapse," Lee said, adding that economic growth and unity would be among his other top priorities. Lee said he would seek to revise the constitution to strengthen martial law requirements, for instance by not allowing leaders to implement martial law without getting parliament's approval within 24 hours. More South Koreans turned out for early voting on Friday after reaching record numbers on Thursday. Early voting ends at 6 p.m. (0900 GMT) on Friday. As of noon on Friday, 25.8% of eligible voters had voted, the highest turnout compared to other polls in the same period. Lee also said a special prosecutor should investigate the December 3 martial law incident to make sure those responsible were punished, although he called for leniency for those in the military who were reluctant to follow orders. Yoon Yeo-jun, chair of the Democratic Party's election campaign, said that the vote would be an opportunity to set the country right so that the "Yoon Suk Yeol tragedy would never happen again." Kim Moon-soo, Lee's rival candidate from the conservative People Power Party, said he would stop "legislative dictatorship" by Lee's Democratic Party that holds a majority in parliament. (Reporting by Ju-min Park; Editing by Stephen Coates)
Straits Times
an hour ago
- Politics
- Straits Times
South Korean presidential frontrunner proposes revising constitution on martial law
FILE PHOTO: Lee Jae-myung, leader of the main opposition Democratic Party, speaks during 2024 New Year's press conference at National Assembly in Seoul, South Korea, 31 January 2024. JEON HEON-KYUN/Pool via REUTERS/File Photo SEOUL - South Korea's left-wing presidential frontrunner Lee Jae-myung proposed on Friday to amend the constitution to make it more difficult to impose martial law, aiming to prevent political crises like the one that erupted last year. As candidates entered their final stretch before the snap presidential election on June 3, Lee and his Democratic Party urged South Koreans to come out to vote to end the political turmoil that has gripped the country since ousted conservative leader Yoon Suk Yeol's short-lived martial law declaration in December. "Our national prestige has fallen, but it (martial law) happens. We have to make that impossible systematically," Lee told a live-streaming talkshow on YouTube. "Overcoming the insurrection (crisis) is no-brainer. Without it, our country will collapse," Lee said, adding that economic growth and unity would be among his other top priorities. Lee said he would seek to revise the constitution to strengthen martial law requirements, for instance by not allowing leaders to implement martial law without getting parliament's approval within 24 hours. More South Koreans turned out for early voting on Friday after reaching record numbers on Thursday. Early voting ends at 6 p.m. (0900 GMT) on Friday. As of noon on Friday, 25.8% of eligible voters had voted, the highest turnout compared to other polls in the same period. Lee also said a special prosecutor should investigate the December 3 martial law incident to make sure those responsible were punished, although he called for leniency for those in the military who were reluctant to follow orders. Yoon Yeo-jun, chair of the Democratic Party's election campaign, said that the vote would be an opportunity to set the country right so that the "Yoon Suk Yeol tragedy would never happen again." Kim Moon-soo, Lee's rival candidate from the conservative People Power Party, said he would stop "legislative dictatorship" by Lee's Democratic Party that holds a majority in parliament. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CTV News
5 hours ago
- Business
- CTV News
Arthabaska: Denis Coderre urges Liberals to vote for Éric Duhaime
Former Montreal mayor Denis Coderre (left) appears alongside Éric Duhaime, leader of the Conservative Party of Quebec (PCQ) and candidate in the Arthabaska by-election, in Victoriaville on Thursday, May 29, 2025. (The Canadian Press/Thomas Laberge) In a political twist in Arthabaska, Denis Coderre has thrown his support behind Éric Duhaime, calling on Liberals and federalists in the riding to vote for the Conservative leader. 'A party leader, no matter who it is — if it had been someone else, I would've done the same darn thing — has the right to sit in the National Assembly,' the former mayor of Montreal said Thursday at a press conference in Victoriaville, standing alongside Duhaime. Coderre said the Conservative leader's ideas deserve to be heard at the National Assembly. 'The interests of Quebecers include, among other things, scrapping the carbon tax, and the only one who's been clear, straightforward and transparent about that is Éric Duhaime,' he said. The former federal minister urged the Quebec Liberal Party (PLQ) not to run a candidate in the riding, both to facilitate Duhaime's election and to 'save money.' 'If the PLQ runs someone, they won't even get 10 per cent,' he argued. Sitting beside him, the Conservative leader welcomed the endorsement, describing Coderre as a politician who puts democracy first. 'It sends the message that people of all stripes — no matter your position on the Constitution, no matter where you fall on the left-right spectrum — you're welcome in the Quebec Conservative Party. I want to bring people in Arthabaska together,' Duhaime said. After the press conference, the two went to shake hands with seniors at a nearby retirement residence. Tax troubles Until recently, Coderre had wanted to run for the PLQ leadership. But his ongoing tax troubles led the Liberals to reject his candidacy in February. At the time, he said he was 'disgusted' by the party's decision. On Thursday, the former mayor insisted his support for the Conservatives isn't about getting back at the Liberals. Coderre's tax issues remain unresolved. La Presse reported in recent days that he still owes taxes at both the provincial and federal levels. Back in October 2024, he said his situation would be resolved by January. At Thursday's press conference in Victoriaville, he repeated that 'all funds are secured.' 'The rest of this sounds more like smearing, harassment and intimidation,' he said. Asked whether he might run with the Conservatives in 2026, he replied simply: 'I'll deal with my stuff first.' Despite everything, the former federal minister says he still holds a PLQ membership card. When asked whether paying taxes is important, Duhaime sidestepped the question, saying that 'unfortunately,' in politics, old stories always resurface. 'Today's real news is that someone is standing up to say that democracy has its place in Quebec,' he added. Coderre was mayor of Montreal from 2013 to 2017. Before that, he was a federal Liberal MP from 1997 to 2013 in the Montreal riding of Bourassa. Three-way race According to poll aggregator Qc125, the Arthabaska by-election is shaping up to be a three-way race between the Quebec Conservative Party (PCQ), the Coalition Avenir Québec (CAQ), and the Parti Québécois (PQ). Former Radio-Canada journalist Alex Boissonneault is running for the PQ. Voters in Arthabaska haven't elected a PQ MNA in over 25 years. Québec solidaire is running Pascale Fortin in the by-election. So far, neither the CAQ nor the Liberals have named a candidate. The riding has been held by the CAQ since 2012. In the 2022 provincial election, Conservative candidate Tarek Henoud placed second in Arthabaska with 25 per cent of the vote. The government has until September to call the by-election. This report by The Canadian Press was first published in French on May 29, 2025. By Thomas Laberge, The Canadian Press
