Business

Central bank works on debt repayment term restructuring circular

The State Bank of Vietnam (SBV) has worked with credit institutions to get their opinions on the draft circular on restructuring the debt repayment term and keeping the debt groups unchanged to support borrowers who have difficulties in production and business activities.
Central bank works on debt repayment term restructuring circular ảnh 1A residential area in Hanoi (Photo: VNA)
Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV)has worked with credit institutions to get their opinions on the draftcircular on restructuring the debt repayment term and keeping the debt groupsunchanged to support borrowers who have difficulties in production and businessactivities.

The business community is awaiting the circular as they arefacing many difficulties in production and business.

Under the draft circular, to be qualified for restructuring,enterprises must prove they can’t repay their principal and interest on timenot because of their weak production and business, but because of objectivereasons of the economy and the market; and they are able to repay the debts infull according to the new restructured term.

Earlier, the HCM City Real Estate Association (HoREA) sent aletter to the SBV, saying both credit institutions and all their customersincluding firms, investors and homebuyers, are very interested andare waiting for the circular to come into force.

Le Hoang Chau, HoREA’s chairman, said HoREA highly appreciated thecontent of the draft circular on restructuring the repayment term and keepingthe debt group unchanged.

However, he said, due to the urgent need to remove difficulties inthe economy, including the real estate and corporate bond markets, theassociation proposed the SBV submit to the Government for permission to buildand promulgate the circular according to the simplified order and procedures.

On April 16 this year, the Government Office issued anannouncement on the conclusion of Deputy Prime Minister Tran Hong Ha at ameeting with the Prime Minister's Working Group on solving difficulties andobstacles in the implementation of real estate projects.

In the announcement, the Deputy Prime Minister directed the SBV toissue a circular on restructuring debt repayment terms and criteria forassessing customer capacity before April 25, 2023. The circular is aimed toassist the customers in solving difficulties, and contributing to thedevelopment of investment, production and business activities.

According to experts, if the circular is issued, creditinstitutions will have more policies to support firms, including real estateones, as the firms’ existing debts will not be transferred to the bad debtgroup. Therefore, they will have more time to improve their cash flow to repaybonds.

However, experts said credit institutions will carefully selectfirms to be qualified for debt restructuring to avoid having to spend on riskprovisions that can affect their profits./.
VNA
#State Bank of Vietnam #credit institutions #restructuring #debt groups #production and business #Vietnamplus #Vietnam news #Vietnam News Agency
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