Vietnam Seeks Rule Changes to Accelerate Bad Debt Sales

Vietnam may change rules to quicken bad-debt sales that have been stalled by a reluctance to accept losses, hampering an economy that risks missing its growth target this year.

“Right now, everyone seems to be afraid of taking responsibility for creating losses to the state, so no one dares to make decisions to sell any debt at very low prices,” Nguyen Duc Kien, deputy head of the National Assembly’s Economic Committee, said in an interview in Danang yesterday. “That’s why the government is discussing changes in existing regulations related to the issue to have bad debt sold faster.”