Gov’t meeting gathers legal feedback

A symposium was held in Hà Nội yesterday to collect feedback on a draft law on credit institutions’ restructuring, bad debts settlement and amendments to the Law on Planning.

Prime Minister Nguyễn Xuân Phúc delivers speech at a symposium held in Hà Nội yesterday to collect feedback on a draft law on credit institutions’ restructuring, bad debts settlement and amendments to the Law on Planning. — VNA/VNS Photo

HÀ NỘI — A symposium was held in Hà Nội yesterday to collect feedback on a draft law on credit institutions’ restructuring, bad debts settlement and amendments to the Law on Planning.

According to a report presented by the State Bank of Việt Nam, after four years of implementing a restructuring project, ineffective credit institutions were identified and restructured, avoiding bankruptcy and chaos.

Participants stressed the need for a separate law to deal with difficulties in the process of restructuring ineffective credit institutions and settling bad debts.

Chairing the meeting, Prime Minister Nguyễn Xuân Phúc stressed the need to finalise regulations on restructuring credit institutions and resolving bad debts, adding that if this work was not accelerated, the country’s socio-economic development would be affected.

He said the Government would prepare a draft resolution resolving bad debts as well as a draft law on amendments and supplements to the Law on Credit Institutions and submit it to the NA for consideration.

He said amendments and supplements to the Law on Planning should not contravene current regulations.

At its upcoming session beginning May 22, the NA would consider and discuss many reports and draft laws, he said, and asked the Government Office to work closely with ministries and sectors to prepare relevant reports. — VNS