Trang Chủ
The National Assembly has agreed to extend the pilot period for the disposal of bad debts of CIs from August 15, 2022, to December 31, 2023. To ensure the effective implementation of Resolution No. 42/2017/QH14 during the extended resolution period, the Government requests ministries and localities to carry out measures to overcome difficulties and problems during implementation.
Accordingly, the Government requests that The State Bank of Vietnam require CIs, Vietnam Asset Management Company (VAMC), and relevant units of the State Bank of Vietnam to be fully aware of the extended period of Resolution No. 42/2017/QH14.
Ministries, ministerial-level agencies, and People's Committees of provinces shall require agencies, units, officials, and public employees who perform tasks related to the disposal of bad debts and collateral of bad debts of CIs and VAMC to be fully aware of the extended period of Resolution No. 42/2017/QH14.
The Ministry of Information and Communications shall publicize and disseminate Resolution No. 42/2017/QH14's contents and the extension of its period.
Regarding the initiation of remedial measures against difficulties and problems arising during the implementation of Resolution No. 42/2017/QH14, the Government requests that the Ministry of Justice continue to direct the General Department of Civil Judgment Enforcement to review outstanding judgment enforcement cases related to collateral disposal for debt recovery, and prioritize complete settlement of these cases to ensure the maximum recovery of collateral; and also implement the priority of payment of court fees in judgment enforcement cases as prescribed in Resolution No. 42/2017/QH14 and relevant laws; Coordinate with the Supreme People's Court to build a data system related to ongoing cases and to allow CIs to search and extract data from the system.
The Ministry of Security shall take strict actions against those who violate the law by disrupting or interrupting the seizing and disposing of collateral to recover debts and ensure that the seizure and disposal of collateral to recover debts smoothly and in accordance with the law.
The Ministry of Finance shall continue to implement the priority of payment as prescribed in Resolution No. 42/2017/QH14 related to the payment of tax obligations when disposing of collateral of bad debts and relevant laws.
The People's Committees of provinces and municipal cities shall continue to provide guidance and instructions to grassroots authorities (ward and commune level) on the implementation of Resolution No. 42/2017/QH14 and assign responsibilities to support CIs and bad debt buyers/sellers in implementing their plans for seizing collateral; Continue to promote the role of the Steering Committee for the Execution of Civil Judgments and direct departments and agencies in the province to coordinate effectively in the enforcement of civil judgments, especially for complex cases, cases affecting security and political stability, and cases requiring the participation of departments and agencies in the province.
Ministries and governing agencies shall require corporations, companies, and member units to fulfill their debt repayment obligations and guarantee obligations for loans that they guarantee to subsidiaries and member companies.
The State Bank of Vietnam shall continue to perform the tasks of the focal unit implementing Resolution No. 42/2017/QH14 in the banking sector.
Regarding the formulation and improvement of documents, the State Bank of Vietnam shall coordinate with concerned ministries and agencies in proposing legislation of regulations on the disposal of bad debts and collateral thereof, along with reviewing and amending the Law on Credit Institutions.
The Ministry of Finance shall develop and formulate regulations on standards for the valuation of credit debts to establish a legal basis for the valuation activities of valuation organizations.
The State Bank of Vietnam shall supervise and urge the implementation of this Resolution; any arising problems should be reported to the Government and the Prime Minister for consideration and direction.
Previously, on June 16, 2022, the 15th National Assembly passed Resolution No. 63/2022/QH15 on agreeing to extend the deadline for applying all provisions of Resolution No. 42/2017/QH14 on pilot disposal of bad debts of credit institutions to December 31, 2023.
In Resolution No. 63/2022/QH15, the National Assembly requests the Government to take remedial measures against difficulties and problems mentioned in Report No. 174/BC-CP dated May 11, 2022, to strengthen coordination between agencies and units associated with responsibilities in implementing the Resolution, to ensure the efficiency and effectiveness of the Resolution.
Department of Research and International Cooperation (translation)
