According to the Ministry of Finance, in 2021, the National Assembly promulgates Investment Law No. 61/2020/QH14, which stipulates that debt trading is no longer a conditional business. At the same time, Decree No. 69/2016/ND-CP on business conditions for debt trading services has been abolished.
In 2021, the National Assembly promulgates Investment Law No. 61/2020/QH14, which stipulates that debt trading is no longer a conditional business. Accordingly, the Government issued Decree No. 31/2021/ND-CP dated March 26, 2021, detailing and guiding the implementation of a number of articles of the Investment Law, including the annulment of Decree No. No. 69/2016/ND-CP.
Thus, Decree No. 69/2016/ND-CP has expired. Pursuant to the above provisions, the debt trading service business is no longer a conditional business line. Debt trading business is carried out as a normal service business according to current regulations (there are no restrictions on this business). This regulation has removed legal barriers to make debt trading activities more transparent.
Regarding debt sale activities, the Ministry of Finance said that currently there are many businesses doing it, and each group of businesses has a different legal framework for operation. In which, the Debt Management and Asset Exploitation Company affiliated to commercial banks (AMCs) to buy and sell debts of credit institutions, was established under Decision No. 150/2001/QD-TTg dated 05/05/2017 October 2001 of the Prime Minister.
Vietnam Debt Trading Company Limited (DATC), established, organized and operating Decree No. 129/2020/ND-CP of the Government on October 27, 2020, conducts debt trading of businesses government. Vietnam Asset Management Company (VAMC), established and operating under Decree No. 53/2013/ND-CP dated May 18, 2013 of the Government and amendments , supplementing regulations on buying and selling bad debts of credit institutions.
For other organizations and individuals, according to the amended Investment Law, debt trading is no longer a conditional business; Therefore, the business of buying and selling debt will be generally adjusted in accordance with the provisions of the civil law and the law on enterprises (for debt trading companies).
According to the Ministry of Finance, in 2020, the Ministry of Finance has also reported to the Prime Minister to review the legal framework for debt buying and selling activities and has proposed to relevant ministries and sectors to pay attention to the regulations. the above regime.
