Vietnam: Documents guiding VAMC's bad debt trading must be promulgated before August 15, 2017

14:40, 20/07/2017

This is the Prime Minister's direction in Directive No. 32/CT-TTg implementing Resolution No. 42/2017/QH14 of the National Assembly of Vietnam on pilot settlement of bad debts of credit institutions.

The Prime Minister of Vietnam requests to formulate and complete guiding documents of Resolution No. 42/2017/QH14 and promulgate these documents before August 15, 2017. To be specific:

- State Bank of Vietnam shall take charge and cooperate with relevant agencies in providing guidelines for bad debt purchase by the Vietnam Asset Management Company (VAMC);

- The Ministry of Natural Resources and Environment shall take charge and cooperate with relevant agencies in providing guidelines for registering mortgage of land use right, property on land.

Besides, the State Bank of Vietnam shall:

- Improve legal framework in terms of administration of credit institutions, particularly risk management;

- Study and propose amendments to legislative documents in terms of credit grant of credit institutions to restrict bad debts;

- Inspect and supervise credit institutions’ and VAMC's implementation of Resolution No. 42/2017/QH14.

View more details at Directive No. 32/CT-TTg promulgated by the Prime Minister of Vietnam on July 19, 2017.

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