The Vietnam Asset Management Company (VAMC) has disclosed its plan to auction off bad debts from two clients, namely Phuc An Khang International Hospital Corporation and Binh Duong Construction Stone Co., Ltd.
The State Bank of Vietnam (SBV) has issued Circular 03/2024/TT-NHNN on bad debt trading and settlement of the Vietnam Asset Management Company (VAMC) to make the work more effective.
Though the asset quality of banks in Vietnam will be temporarily under control until the end of 2023, experts said more attention should be paid to the issue in 2024 as bad debts are rising.
Though banks gained profits of trillions of Vietnamese dong in Q3 2022, credit quality has remained a concern of the banking industry, especially when Circular No. 14/2021/TT-NHNN on loan rescheduling for COVID-19 affected borrowers expired at the end of June this year.
The Government has asked for an extension to a pilot programme designed to handle bad debt from domestic financial institutions during a meeting of the National Assembly on May 24.
The State Bank of Vietnam (SBV) has proposed expanding the Vietnam Asset Management Company's (VAMC) operations, saying the agency should purchase and sell bad debts and assets of all sectors in the economy.
The Government has directed the State Bank of Vietnam (SBV) to add non-performing loan (NPL) settlement regulations under Resolution No.42/2017/QH14 into the revised Law on Credit Institutions, SBV Deputy Governor Nguyen Kim Anh has said.
The COVID-19 pandemic is weighing on the banking system’s non-performing loans (NPLs), requiring significant efforts to keep NPLs ratio below 3percent by the end of this year as targeted by the Government.
The steering committee for the restructuring of credit organisations held a meeting in Hanoi on July 27 under the chair of Prime Minister Nguyen Xuan Phuc.
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) planned to increase its chartered capital from its accumulated profits or paying dividend by stocks. The plan is being completed by the competent State agencies to complete the legal procedures for implementation.
Credit institutions in Vietnam settled more than 26.94 trillion VND (1.17 billion USD) of non-performing loans (NPLs) in the first quarter of this year.
The Bank for Investment and Development of Vietnam (BIDV) has cleared all non-performing loans it had previously sold to the Vietnam Asset Management Company (VAMC), the bank’s Chairman Phan Duc Tu said.
The Southeast Asia Joint Stock Commercial Bank (SeABank) on January 8 announced a before-tax profit of more than 1.39 trillion VND (59.8 million USD) in 2019, jumping 123.4 percent from the previous year.
The Southeast Asia Joint Stock Commercial Bank (SeABank) has completed the early redemption of all special bonds at the Vietnam Asset Management Company (VAMC), thereby helping the bank proactively monitor and handle bad debts.
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.
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.
Credit institutions in Vietnam settled more than 204.4 trillion VND (8.77 billion USD) of non-performing loans (NPLs) by the end of the first quarter this year, said Nguyen Thi Hong, Deputy Governor of the State Bank of Vietnam (SBV).
Some banks are putting assets secured with non-performing loans worth hundreds of billions of Vietnamese dong up for auction in the first days of the Lunar New Year to speed up the resolution of bad debts.
