New rules to handle risky debt
The Prime Minister has issued a mechanism to handle risky debt at the Vietnam Bank for Social Policies.
The Prime Minister has issued a mechanism to handle risky debt at the Vietnam Bank for Social Policies.
The mechanism will replace existing measures of handling risky debt by new measures of waiving, reducing interest rates and cornering debt.
From September 10, there will be new measures to reschedule and waive debts.
Under the new mechanism, customers who are eligible for debt extensions have lost more than 40 percent of equity in their projects or business.
Debt corner is a new measure, in which the bank delays collecting debt from borrowers, excluding interest, incurred during the period of the debt corner.
The maximum period for cornering debt is three to five years.
In cases where the period of debt corner expires and borrowers still have problems repaying debt, they are to be considered for continued debt corner.
The above-mentioned cases are for clients facing force majeure including natural disaster, pandemics, fire and change in State policies. The new measures will benefit poor households, students and those who are targets of the Goverment's preferential social policy./.
The mechanism will replace existing measures of handling risky debt by new measures of waiving, reducing interest rates and cornering debt.
From September 10, there will be new measures to reschedule and waive debts.
Under the new mechanism, customers who are eligible for debt extensions have lost more than 40 percent of equity in their projects or business.
Debt corner is a new measure, in which the bank delays collecting debt from borrowers, excluding interest, incurred during the period of the debt corner.
The maximum period for cornering debt is three to five years.
In cases where the period of debt corner expires and borrowers still have problems repaying debt, they are to be considered for continued debt corner.
The above-mentioned cases are for clients facing force majeure including natural disaster, pandemics, fire and change in State policies. The new measures will benefit poor households, students and those who are targets of the Goverment's preferential social policy./.
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