Hanoi: National Assembly (NA) Chairman Tran Thanh Man on August 17 called for tighter safeguards and clear accountability in the banking sector, stressing that the management agency role of commercial banks must not become a 'safety certificate' for corporate bonds. NA Chairman Man made the remarks at a discussion on the explanation, incorporation of feedback and revisions to draft law amending and supplementing several articles of the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering, and the Law on Credit Institutions, within the framework of the 5th session of the NA Standing Committee in Hanoi.

According to Vietnam News Agency, the chairman emphasized the importance of preventing corporate bond management from being perceived merely as a formality or assurance of safety. The call for increased oversight comes amid concerns that commercial banks might inadvertently provide undue confidence to investors, potentially leading to complacency in risk assessment. The ongoing discussions aim to refine legal frameworks to ensure that banks adhere to stringent standards without serving as mere rubber stamps for corporate bond issuance.