Association proposes extending resolution on piloting bad debt settlement

Hanoi: 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. Under the petition, the HoREA requests the Government to propose to the National Assembly (NA) an extension of Resolution No. 42/2017/NQ-QH14 on piloting bad debt settlement of credit institutions until December 31, 2024 to create conditions for credit institutions to effectively manage bad debts, including the collaterals of real estate projects. According to HoREA, the resolution has created conditions for credit institutions to effectively manage bad debts since 2017, especially the collaterals of real estate projects, but it expired on December 31, 2023. The association said the amended Law on Real Estate Business will take effect from January 1, 2025, so a legal gap will arise in 2024 when the new law has not been applied while Resolution No. 42/2017/NQ-QH14 expired. "Therefore, HoREA proposes the Gover nment coordinate with the NA Standing Committee to propose the NA consider an extension of Resolution No. 42/2017/NQ-QH14 for another 12 months until December 31, 2024 to create conditions for credit institutions to effectively manage bad debts, including the collaterals of real estate projects," it said in the petition./. Source: Vietnam News Agency