National Assembly discusses draft Law on Property Auction

National Assembly deputies agreed that once ratified, the Law on Property Auction will standardize auction practices and speed up bad debt handling measures. After the law takes effect, about 4.45 billion USD in bad debt purchased by the Vietnam Asset Management Company from Vietnamese financial institutions/ will be handled faster. In addition, a new regulation/ allowing individuals to open private companies to conduct auction activities is also expected to play a part in handling bad debts more quickly.