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Many delegates agreed to prolong the application of Resolution 42 to handle bad debts

This morning, the National Assembly discussed at the group many issues of socio-economic development, state budget and the implementation of Resolution 42, piloting bad debt settlement of credit institutions and extending the application period of this Resolution.

Delegates assessed that the economy is showing positive signs of recovery, the macro-economy continues to be stable, when GDP increased by more than 5.03% in the first quarter. Total export turnover of the whole country to in mid-May increased by more than 15.53% over the same period in 2021. The delegates also made many recommendations to promote growth in the coming time.

“In the context of negative growth in many big countries, positive growth in ours, I think it’s an effort. Business confidence and expectations continue to be strengthened, especially investors. Foreign investors, investment attraction in 2021 will increase by 25.2%, while before that, the Government reported to the National Assembly that it is expected to decrease”, said Mr. Nguyen Van Thang, Delegation of the National Assembly of Dien Bien province.

Many delegates agreed to prolong the application of Resolution 42 to handle bad debts - Photo 1.

The National Assembly deputies discussed at group 13, including Phu Tho, Thanh Hoa and Tra Vinh. (Photo: Pham Kien – VNA)

“In order to promote sustainable agriculture, it is recommended that the Government adopt stronger policies in attracting investment and processing agricultural products for the Mekong Delta. If compared with Thailand, Thailand now has a modern storage system,” commented Mr. Trinh Lam Sinh, Delegation of the National Assembly of An Giang province.

In order to create conditions for enterprises to have resources to restore production and business, many delegates also agreed with the extension of the application period of Resolution 42 to deal with bad debts, because when bad debts are handled will help open up cash flow for economic development.

“In the past time, the implementation of Resolution 42 has many shortcomings. If it is removed, the handling of bad debts can achieve more positive results. Borrowers are unable to repay loans, when organizations Credit institutions that want to handle collateral still have to consult the borrower. While there are cases of borrowers fleeing, the mechanism for handling collateral is still very difficult,” said Mr. Nguyen Ngoc. Bao, the National Assembly Delegation of Bac Ninh province, said.

After 5 years of implementation, more than 380,200 billion dong of bad debt has been handled according to Resolution 42, equal to 47.9% of the identified bad debt. The delegates also suggested that during the prolongation of the Resolution, it is necessary to consider developing a law on handling bad debts to ensure a solid legal basis for this process.

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