Lawmakers agreed to promulgate a strategy for the development of State Audit from 2021 to 2030 at the 47th session of the National Assembly (NA) Standing Committee, which wrapped up in Hanoi on August 12.
There has been a major reshuffle in profit rankings at the top of the banking industry due to the effects of the pandemic and provisioning for bad debts.
Many banks in Ho Chi Minh City are selling their mortgaged assets, mainly properties worth trillions of Vietnamese dong, to speed up the resolution of bad debts.
Though many banks have posted positive profits in the first half of 2019, their bad debts have continually increased in the wake of high credit growth in risky business segments.
The Vietnam Asset Management Company (VAMC) is planning to develop a new strategy for buying and selling bad debts in Vietnam this year, in which it will play a central role to promote the development of the debt trading market.
VOV.VN - The total means of payment rose by 5.17 per cent during the first half of 2019 compared with the end of 2018 whilst the liquidity of the credit institution system remained secure.
As of May 15, the total tax debt at the HCM City Customs Department reached VND2.4trn (USD102.2m), of which over VND1.4trn were bad debts.
The Vietnam Asset Management Company (VAMC) plans to handle some 50 trillion VND (2.14 billion USD) worth of bad debts in 2019, and issue special bonds to purchase 20 trillion VND (856 million USD) of non-performing loans.
Many banks had to sell a large amount of NPLs to the Viet Nam Asset Management Company (VAMC) in the past few years to meet the central bank’s requirement of keeping their NPL ratio below 3 per cent of all outstanding loans.
VOV.VN - They have raised their disquiet about the big risks of consumer lending emerging from high interest rates and bad debts.
VOV.VN - The entire system of credit institutions handled VND204.4 trillion of bad debts (US$8.8 billion) by January 31, equivalent to 40.1 per cent of the total bad debts as defined in the National Assembly’s Resolution No. 42/2017/QH.
US lawyers believe Vietnamese textile company Thanh Cong can only recover part of the $4 million bankrupt US retailer Sears Holdings owes it.
In 2018, bad debts of Vietnam's banking system dropped sharply while interest rate, exchange rate and foreign current market remained stable.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung was questioned on the pace of handling bad debt and banks with bad performances during the question-and-answer session on November 1 at the 14th National Assembly’s ongoing sixth session.
The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has pledged to finish settling all of the VND100 trillion (US$4.38 billion) of its bad debts in five years, instead of 10 years as stated in the restructuring plan approved by the State Bank of Vietnam.
The State Bank of Vietnam (SBV) has asked credit institutions to limit their lending to the real estate and construction sectors to better control bad debts.
The State Bank of Vietnam (SBV) has issued a document asking credit institutions and branches of foreign banks to push the resolving of non-performing loans in 2018.
Some weak banks that are undergoing restructuring might get out of the worse thanks to unprecedented support measures under a new law, experts have said.
Speeding up restructuring and settling bad debts to improve the bank’s health are two major goals of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) in 2018, said Chairman Duong Cong Minh.
Bank for Foreign Trade of Vietnam (Vietcombank) was found in numerous counts of violations in its credit activity, selling bad debts, financial investments, and property sales and purchases, according to the conclusion of the Government Inspectorate