Government proposes revising law to settle bad debt
(VOVWORLD) -The Government has submitted to the National Assembly proposed revisions to the Law on Credit Organizations and a draft resolution on the settlement of bad debt incurred by credit institutions.
 The ongoing National Assembly session (Photo: VNA) |
State Bank of Vietnam Governor Le Minh Hung said the move is necessary to ensure stability and safety of the credit network, and of the economy as a whole.
“The draft law aims to fundamentally and comprehensively settle bad debt and deal with poor performing credit institutions while protecting the rights and interests of depositors and safeguarding the credit network. It will also help fix flaws in credit organizations,” Governor Hung explained.