13 hours ago
Vietnam Passes Law to Tackle Bank Crisis, Resolving Bad Debts
Vietnam's parliament passed a revised law on credit institutions, bolstering the central bank's authority to ensure the safety of the banking system while offering long-awaited legal clarity for commercial lenders to resolve non-performing loans.
Under the legislation, which was approved by the National Assembly Friday and takes effect from Oct. 15, the State Bank of Vietnam is authorized to provide special unsecured loans with zero lending rates to troubled banks - a power previously held by the Prime Minister.
