The handling of bad debt among credit institutions would be audited this year in order to formulate recommendations for effectively implementing a National Assembly resolution, according to the State Audit Office of Vietnam (SAV).
Hanoi (VNS/VNA) - The handling of bad debt among credit institutionswould be audited this year in order to formulate recommendations foreffectively implementing a National Assembly resolution, according to the StateAudit Office of Vietnam (SAV).
Under the SAV’s plan, the process would be carried out at the State Bank of Vietnam,the Vietnam Bank for Industry and Trade (Vietinbank), the Bank for Investmentand Development of Vietnam (BIDV), the Vietnam Asset Management Corporation and18 other credit institutions. They include ABBank, ACB, BacABank, CBBank,Eximbank, GPBank, HDBank, NamABank, OCB, Sacombank, SeABank, SHB, Techcombank,VietCapitalBank, VIB, VietABank, VietBank and VPBank.
The auditing would focus on evaluating the results of resolving bad debts andidentifying difficulties as well as violations to recommend measures forimprovements, the SAV said.
State Bank of Vietnam’s statistics showed that from August 15, 2017 to June 30,2016, credit institutions handled a total of 138.29 trillion VND (45.8 billionUSD) in bad debt identified under Resolution 42/2017/QH14.
Bad debts at Agribank, BIDV, Vietinbank, ACB, Techcombank and Sacombankaccouted for 52.78 percent of the system’s total bad debts. These six creditinstitutions handled a total sum of 77.6 trillion VND in the period.
A report by the central bank also revealed that as of the end of December, atotal of 183 trillion was handled, more than 32 percent of the bad debtidentified under the Resolution.
According to the SAV, the implementation of the Resolution still faced a numberof difficulties, such as handling mortgaged assets, tax payments from assettransfers, and refunds of mortgaged assets used as evidence in criminal cases.The classification of bad debts also had problems.
Resolution 42/2017/QH14 was passed on June 21, 2017 at the third meeting of the14th National Assembly. It came into force on August 15, 2017 and will be inplace for five years. – VNS/VNA
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