Bad debt stands at 2.51 percent in late July

The banking sector’s total bad debts stood at 2.51 percent as of the end of July 2017, falling from 2.55 percent at the end of 2015, according to a report by the State Bank of Vietnam (SBV) to the National Assembly (Photo: VNA)

HCM City (VNA) – The bankingsector’s total bad debts stood at 2.51 percent as of the end of July 2017, fallingfrom 2.55 percent at the end of 2015, according to a report by the State Bankof Vietnam (SBV) to the National Assembly.

Saigon Giai Phong daily cited the report assaying that total settled bad debts in 2016 was 118.5 trillion VND (5.2 billionUSD), according to the bank, adding that the figure in the first half of thisyear was 46 trillion VND.

As part of efforts to realise a NationalAssembly resolution and a Prime Ministerial decision on tackling bad debts, theSBV has issued a number of guiding documents and directed the implementation ofthe policies.

Credit institutions are also building plans forthe work with measures matching their reform plans.

The SBV has also worked with six banks and theVietnam Asset Management Company (VAMC) to implement bad debt settlement measuresmentioned in NA Resolution 42/2017 QH14.

The VAMC has also finalised the project to restructureand enhance its capacity in 2017-2020.-VNA

VNA