Business

Association proposes extending resolution on piloting bad debt settlement

The HCM City Real Estate Association (HoREA) recently sent a written petition to the Prime Minister proposing an extension of a resolution on piloting bad debt settlement until the end of 2024.
Association proposes extending resolution on piloting bad debt settlement ảnh 1A 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)
Hanoi (VNA) - The HCM City Real Estate Association(HoREA) recently sent a written petition to the PrimeMinister proposing an extension of a resolution on piloting bad debtsettlement until the end of 2024.

Under the petition, the HoREA requests the Government topropose to the National Assembly (NA) an extension of Resolution No.42/2017/NQ-QH14 on piloting bad debt settlement of creditinstitutions until December 31, 2024 to create conditions for creditinstitutions to effectively manage bad debts, includingthe collaterals of real estate projects.

According to HoREA, the resolution has created conditions forcredit institutions to effectively manage bad debts since 2017, especially thecollaterals of real estate projects, but it expired on December 31, 2023.

The association said the amended Law on Real Estate Businesswill take effect from January 1, 2025, so a legal gap will arise in 2024 whenthe new law has not been applied while Resolution No. 42/2017/NQ-QH14 expired.

"Therefore, HoREA proposes the Governmentcoordinate with the NA Standing Committee to propose the NAconsider an extension of Resolution No. 42/2017/NQ-QH14 for another 12months until December 31, 2024 to create conditions for credit institutions toeffectively manage bad debts, including the collaterals of realestate projects," it said in the petition./.
VNA
#HCM City Real Estate Association (HoREA) #bad debt #credit institutions #Vietnam #Vietnam news #Vietnam News Agency
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