Law on Credit Institutions

Today, the National Assembly discussed the draft Resolution on piloting a number of specific mechanisms and policies for social housing development. Photo: Pham Dong

Submitting to the National Assembly specific mechanisms and policies for social housing development

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During the session, the National Assembly will listen to the presentation and report on the review of the draft Resolution on piloting a number of specific mechanisms and policies for social housing development.

The amendment of the Law on Credit Institutions to completely handle bad debts is considered an important foundation to increase the capacity to provide capital for the economy and reduce capital costs. Photo: Hai Nguyen

Amending the Law on Credit Institutions - handling bad debts, supporting growth of 8%

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The draft amendment to the Law on Credit Institutions (CIs) was born in the context of bad debt increasing again, the economy set a growth target of 8%, and it is necessary to legalize the right to detain bad debt assets.

According to VAMC, when banks lose the right to confiscate collateral, handling bad debts becomes even more difficult, taking a lot of time and litigation costs. Photo: Hai Nguyen.

Proposal to legalize regulations on banks being allowed to confiscate assets

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The State Bank proposes to legalize the regulation of prioritizing the confiscation of collateral assets, helping banks handle bad debts faster and limiting prolonged disputes.