Request to clarify the status and results of bad debt settlement

Under the chairmanship of National Assembly Chairman Vuong Dinh Hue, today (April 14), the National Assembly Standing Committee held its 10th session.

This morning, at the first working session, the National Assembly Standing Committee considered and commented on the Government’s report summarizing the implementation of Resolution No. bad debt of credit institutions and propose to improve the legal system on handling bad debts and collateral.

National Assembly Chairman Vuong Dinh Hue delivered the opening speech. (Photo: VNA)

The National Assembly Standing Committee assessed the issuance of Resolution 42 as a correct and timely decision of the National Assembly, along with the implementation efforts of the Government and agencies and units that have contributed to controlling bad debts. ensure the safety of the credit institution’s system with the bad debt ratio in 2021 maintained below 2%.

Notably, many credit institutions have been able to handle bad debts by themselves, claim back bad debts that have been sold to the Asset Management Company and so far have no debts.

The National Assembly Standing Committee proposed the Government study and absorb comments to complete the final report on Resolution 42 and the draft Resolution on extending the application period of Resolution 42 in the direction of analysis and clarification. status of bad debts, results of debt settlement and note to clarify basic and important criteria as requested by National Assembly Chairman Vuong Dinh Hue, that is: total number of bad debts according to the scope of Resolution 42, total debt that has been resolved, bad debt incurred after the resolution took effect and total debt remaining until December 31, 2021, bad debt arising due to the impact of COVID-19, bad debt in lending to projects BOT, real estate, corporate bonds and banks are bondholders.

The National Assembly Standing Committee also agreed to supplement the National Assembly’s resolution on extending the time limit for application of the entire Resolution 42 to the law- and ordinance-making program in 2022; applying the shortened order and procedures to submit to the National Assembly for consideration and decision at the next meeting in May in the direction of extending the time limit for applying all provisions of Resolution 42 to December 31, 2023, but not extending or narrow the scope and subjects of application compared to Resolution 42.

The National Assembly Standing Committee also proposed the Government add to the report summarizing the progress, construction time, legal framework on handling bad debts and collateral, and submit it to the National Assembly for consideration and promulgation to replace Decree No. decision 42.

This afternoon, giving comments on the Oil and Gas Law (amended) project, the National Assembly Standing Committee assessed that the bill was prepared quite elaborately, fully, and qualified for submission to the National Assembly for consideration.

The National Assembly Standing Committee asked the drafting agency to absorb a number of directives from National Assembly Chairman Vuong Dinh Hue, such as: continue to review to fully institutionalize the Party’s major undertakings, especially the Resolution of the Central Committee and the Politburo on the development orientation of the oil and gas industry; strengthen the assignment and decentralization of state management from central to local levels, ensuring the effectiveness and creating favorable business conditions for enterprises of all economic sectors in the oil and gas field; develop a specific mechanism to attract foreign investment in domestic oil and gas development in remote and potential regions.

The National Assembly Standing Committee also noted that the provisions of the law must be consistent on the principle that economic development is associated with the protection of the country’s legitimate rights and interests at sea, in accordance with international law. ensure the safety of people, property, investors as well as their legitimate interests when participating in basic investigation of oil and gas activities; review regulations on oil and gas contracts to ensure that they are tight, clear, specific, feasible, close to reality, attaching responsibility in approving and signing oil and gas contracts; clearly and specifically define the role of state management, position and legal status, and are clearly associated with the scope of rights and associated with the obligations and responsibilities of the Vietnam Oil and Gas Group as an investor. oil and gas independently signs oil and gas contracts and when performing tasks authorized by the Government.

Earlier, speaking at the opening session, National Assembly Chairman Vuong Dinh Hue once again emphasized that the National Assembly this term attaches great importance to legislative work, not only “beating the drum to register”, giving the name of the resolution. or a bill that has been scrutinized very carefully from the outset. For example, although the Law on Medical Examination and Treatment is very important and urgent, it must be submitted to the Standing Committee of the National Assembly twice to be eligible to be included in the law- and ordinance-making program of 2023.

The National Assembly Chairman affirmed that the Standing Committee of the National Assembly will continue to work with the spirit that any projects that are not eligible and are not yet ripe will not be considered. Any agency or committee that still proposes but fails to implement it must take responsibility.

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