A view of a residential area in Hanoi. Resolution No. 42/2017/NQ-QH14, which piloted handling of bad debt of credit institutions, is proposed to be extended until December 31, 2024 to create conditions for credit institutions to effectively handle bad debts, including the handling of collateral assets of real estate projects. (Photo vneconomy.vn) Under the petition, the HoREA requests the Government to propose to the National Assembly (NA) an extension of Resolution No. 42/2017/NQ-QH14 on piloting bad debt settlement of credit institutions until December 31, 2024 to create conditions for credit institutions to effectively manage bad debts, including the collaterals of real estate projects.
According to HoREA, the resolution has created conditions for credit institutions to effectively manage bad debts since 2017, especially the collaterals of real estate projects, but it expired on December 31, 2023.
The association said the amended Law on Real Estate Business will take effect from January 1, 2025, so a legal gap will arise in 2024 when the new law has not been applied while Resolution No. 42/2017/NQ-QH14 expired.
"Therefore, HoREA proposes the Government coordinate with the NA Standing Committee to propose the NA consider an extension of Resolution No. 42/2017/NQ-QH14 for another 12 months until December 31, 2024 to create conditions for credit institutions to effectively manage bad debts, including the collaterals of real estate projects," it said in the petition./.
VNA
