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Vietnam Business » Vietnam Banking News » Regulate the handling of dangerous debt to the Vietnam Bank for Social Policy

Regulate the handling of dangerous debt to the Vietnam Bank for Social Policy

Prime Minister (PM), Nguyen Tan Dung signed Decision No 50/2010/QD-TTg to regulate the handling of dangerous debt to the Vietnam Bank for Social Policy (VBSP) on 28 to be replaced in July to the decision No 69/2005 / QD-TTG of the PM of 4 April 2005.

Therefore, these include regulation governs VBSP and eligible borrowers: 1) poor households, 2) students and students with difficulties, 3) the debtor of the National Fund for Employment, 4) the beneficiaries of the policy as a time-bound guest workers, 5) borrowers to implement the national strategy for water supply and sanitation, rural areas, 6) business and household production in difficult areas, 7) ethnic minority households with special difficulties, 8 Mortgage holders in the fields as decided by the PM, 9), retailers in deprived areas and 10) of other issuers in the decisions of the DP. The regulation governs the use of dangerous debt objective reasons for borrowers to VBSP. For risky debt because of subjective reasons of institutions and individuals who need the borrowers to repay their debts under the law. For loans borrowed finance policy of the poor and other beneficiaries signed in VBSP by trust funds, through agreements and contracts with local and foreign institutions and individuals base, the risky loans (if any) must be submitted, processed in accordance with these agreements and contracts. The objective reasons are: (i) natural disasters, wars, fires and epidemics caused prohibited direct losses to clients or projects, (ii) changes in public policy that directly goods on the production and business borrowers (ie procurement,. ..), (iii) visit the borrowers and students and workers, their political capacity, permanent or mentally ill, homeless people to lose, dead, missing or have been registered as dead or missing, or are to be paid with assets or liabilities or heirs heirs who are not in a position to his debts from the borrowers and pay (IIII) the institutional borrowers in the process of dissolution or bankruptcy, according to the law, without rules or assets to repay the VBSP. The regulation states that the handling of dangerous debt was to be built in which from the above provisions. The Chairman of the Board and Director General of VBSP responsible for dealing with dangerous debt. The new regulation allows VBSP, from 10 September 2010, three steps for dealing with dangerous debt (including debt rescheduling, freezing and take depreciation), rather than an exemption or reduction of interest on the debt and write-off, as happened in the past. The funds for the repayment of debt from the prediction of the risk of the fund VBSP. If the Fund is not sufficient for the repayment of debt, the Chairman of the Board VBSP report to the Prime Minister for decision making. Besides all the above topics, this Regulation also sets out the legal documents, instructions and procedures for dealing with dangerous debt.

Vietnam Business And Financial News Network. Source [stox.vn]

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