Monday, October 24 2016


NA deputies mull property auctions law

Update: November, 20/2015 - 08:50
Yesterday, the National Assembly heard a report on the revised Pharmaceutical Law presented by Minister of Health Nguyen Thi Kim Tien. — VNA/VNS Photo Phuong Hoa

HA NOI (VNS) — Top lawmakers yesterday agreed that it was necessary to approve the draft Law on Property Auction soon but urged for more detailed regulations on the auction process and qualifications of auctioneers.

Discussing at the on-going 13th National Assembly (NA) meeting, the deputies said that the approval of the draft law would help professionalise the country's auction procedures and speed up bad debt settlement.

Taking the example of the Viet Nam Asset Management Company (VAMC), the deputies said that current bad debts would be solved faster with regulations of the future law.

However, the deputies expressed their concern about the regulation of assigning the Government and auctioning the bad debts and mortgages from bad debts that VAMC had purchased.

Deputy Tran Van Minh from the northern province of Quang Ninh said that from the Government's report, VAMC had purchased more than VND191 trillion (US$8.5 billion) from 2013 until the end of September this year. However, it has just resettled nearly VND15 trillion ($667 million) so far, only 7.7 per cent of total bad debts.

"It shows that the achieved results were so tiny, wasting huge resources of the country," he said, adding that bad debts were a big obstacle, affecting the capital flow of banks to the market.

Minh suggested having a separate chapter of regulations in the law about the VAMC's auction activities, which would help speed up bad debts purchased by VAMC as well as held by other credit organisations.

"This is an important premise to form a debt market," he said.

Meanwhile, other deputies urged for more detailed regulations on the qualifications of auctioneers to effectively address connivance and ensure transparency in auctions.

Also yesterday, the National Assembly heard a report on the revised Pharmaceutical Law presented by Minister of Health Nguyen Thi Kim Tien.

The revised law was supplemented with four chapters about State policy on pharmacy and pharmaceutical industry development, operation, clinical pharmacy and medicine price management.

At yesterday's session, the deputies also approved the draft Law on Internet Information Security with a high vote of 85.83 per cent agreed.

The law, with eight chapters, 54 articles, is expected to improve the legal basis for ensuring information security and specify national defence and security requirements.

The law will address information security on three levels of cyber information violations, cyber information conflicts and cyber warfare.

It will take effect from July 1 next year. — VNS

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