More actions are needed to fill up legal gaps in Vietnam to ramp up trade finance that is vital to expanding international trade for importers as well as exporters, a panel has said.
The settlement of bad debts will face many difficulties this year as there are no legal regulations related to repossessing collateral assets, industry insiders said.
Under the amended Law on Credit Institutions recently passed by the National Assembly, credit institutions do not have the right to repossess collateral.
High demand during the Tet shopping season has prompted commercial banks to introduce credit offers worth hundreds of billions VND for consumers, said industry experts and insiders.
In the last month, major banks including Vietcombank, ACB, TPBank, SHB and BIDV, as well as other consumer finance companies have been rolling out offers with incentives to individual customers.