Bad debt ratio slashed to 3.21 percent
From 2012 to August 2015, credit organisations handled 424.14 trillion VND worth of bad debt, bringing the ratio of bad debt to 3.21 percent this August from 4.93 percent in September 2012.
At the conference reviewing three years of restructuring and handling bank bad debts (Source: VNA)The bad debt ratio is expected to reduce to below 3 percent by the year’s end, said Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh at a conference in Hanoi on October 5.
The Vietnam Asset Management Company (VAMC) handled 41.3 percent of the total bad debt with the remaining by credit organisations, she said.
She added that new standards on classifying bad debts were devised as scheduled to increase transparency.
Settling bad debt is crucial in financial restructuring and credit expansion for safe and stable economic development, she said.
Chairman of the VAMC Nguyen Quoc Hung said that by September 30, the VAMC had purchased 82.1 trillion VND (3.61 billion USD) worth of bad debt from credit organisations, surpassing its yearly target of 80 trillion VND (3.52 billion USD).
Along with the economic recovery and the warming real estate market, the VAMC has reclaimed 14.8 trillion VND (651.2 million USD) in bad debt since 2013.-VNA
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