NA debates regulations to tackle bad debts

October 25,u19 slovenia 2016 - 10:23

The National Assembly’s second session yesterday continued with a focus on discussing bad debt regulations in the drafted Property Auction Law (PAL).

The National Assembly’s second session yesterday continued with a focus on discussing bad debt regulations in the drafted Property Auction Law (PAL). — VNA/VNS Photo

HÀ NỘI — The National Assembly’s second session yesterday continued with a focus on discussing bad debt regulations in the drafted Property Auction Law (PAL).

While a majority of the deputies suggested supplementary regulations on bad debt and guaranteed property auctions, which had been implemented by the Viet Nam Asset Management Company (VAMC) and other asset management firms to the PAL in dealing with bad debt issues, others did not agree.

Some deputies even said to include regulations on bad debt and guaranteed property auctions in the PAL was not relevant and proved inflexible. They proposed the Government was involved in dealing with such issues by promulgating its own regulations.

Deputy Traàn Vaên Minh, from northern coastal Quaûng Ninh Province, and Vöông Ngoïc Ha,ø from northern mountain Haø Giang, said they agreed to include regulations on bad debt in the PAL but procedures and the process for solving such issues should be implemented following what has been cited in the drafted Property Auction Law, ensuring transparency and publicity, and coming under authority control.

The two deputies said if all regulations in the PAL were implemented in such a way, they would help create a legal route for the settlement of bad debts in the most effective and healthy way that would also help enforce the operation of the national credit system as well as the national economy.

However, Minh asked for clarification for auctioneers’ performing in companies or agencies that have 100 per cent state-owned registered investment capital or those established by the Government for solving the nation’s bad debts.

A new point raised at yesterday’s session came from Deputy Minister of Justice LeâThaønh Long, who explained various issues including those on bad debt auctions and the auction of guaranteed property.

Long said bad debts were temporary problems facing the national economy but should be solved immediately.

Clarifying the role of the VAMC, the deputy minister said the Government’s Decree 53 had assigned work to the company, including the purchasing and selling of bad debts.

According to the decree, the VAMC was allowed to hold auctions, or sign contracts with professional auction companies to sell such bad debts, said Long.

Long added that in his view, some regulations in the drafted PAL should clarify the role of the VAMC, namely that it should only be allowed to sell property which was included in bad debts or accounts that were guaranteed for bad debts.

The VAMC should not be regarded as an organisation that operates like an auction centre or company, Long said.

The deputy minister said up until now, the VAMC mostly signed contracts with other professional auction firms to sell the bad debts.

Draft law on belief and religion

Also yesterday, deputies discussed the draft law on belief and religion, focusing on the freedom of belief and religion for those who are temporarily detained or imprisoned.

A number of religious activities that previously required registration and licenses will be allowed to take place with notice.

Monk Thích Thanh Quyeát, a deputy from Quaûng Ninh Province said the issuance of the law was part of the instiutionalisation of the 2013 Constitution which aimed at ensuring the freedom of belief and religion in the country.

The law had one chapter on the freedom of belief and state responsibility for religious activities helping boost religious establishments in their international integration, according to Quyeát.

The draft law had also stipulated the right to freedom of belief and religion for foreigners living in Vieät Nam, he said.

Ñaëng Ngoïc Nghóa from central Thöøa Thieân Hueá Province said foreigners who wanted to practice their region in the country needed to ensure that their religious practices did not violate the law and Article 5 of the Law on belief and religion.

The place for foreigners to practice their belief and religion also needed to be legal.

The deputy also said some religions were not present in Vieät Nam thus the draft law should stipulate places where foreign tourists can practice their beliefs. — VNS