Vietnam: To set deadlines of 30 days to consider and settle risky debt each period

Vietnam: To set deadlines of 30 days to consider and settle risky debt each period
Đức Thảo

Below is the remarkable content specified in Decision 08/2021/QD-TTg on amending and supplementing a number of articles of the Regulation on handling risky debts at the Bank for Social Policies of Vietnam issued together with Decision 50/2010/QD-TTg .

According to Vietnam's Decision 08/2021/QD-TTg, from May 19, 2021, the time to consider handling risky debts and report the results of dealing with risky debts is set as follows:

- The consideration and handling of risky debts due to objective causes shall be carried out at the time when the actual risks arise or in batches based on the request of the customer or the Bank for Social Policies.

- The consideration and handling of risky debts in batches is up to 30 working days from the date of receipt of complete dossiers as prescribed.

Every 6 months or when there is an unexpected request, the Bank for Social Policies shall make a report on the results of dealing with the at-risk debt according to Forms No. 01 and No. 02 in the Appendix issued with this Decision in the form of physical documents sent via postal service or in the form of electronic documents sent via postal service to the Ministry of Finance, the Ministry of Planning and Investment of Vietnam, and the State Bank of Vietnam for monitoring.

- The time to close the reporting data for the first 6 months of the year is from January 1 of the reporting period to June 30 of the reporting period. The closing time for reporting data for the last 6 months of the year is from July 1 of the reporting period to December 31 of the reporting period.

More details can be found in Vietnam's Decision 08/2021/QD-TTg, effective May 19, 2021.

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