Head of the Party Central Committee’s Economic Commission Vuong Dinh Hue at the VDB (Source: vdb.gov.vn)

Hanoi (VNA) – The Vietnam Development Bank needs to accelerate restructuring for more effective operation and sustainable development, Head of the Party Central Committee’s Economic Commission Vuong Dinh Hue has said.

During his New Year visit to the bank on February 14, Hue urged the Bank to focus on mobilising resources and continuing to handle bad debts in accordance with the Prime Minister’s instructions.

Acting Chairman of the Bank Nguyen Quang Dung said the bank has to date mobilised over 47.44 trillion VND (2.12 billion USD) and 135 million USD.

It has provided funding for 1,321 projects, totaling nearly 208 trillion VND (9.23 billion USD), with 180.6 trillion VND disbursed so far.

The bank is also managing 460 foreign-funded projects with total committed capital of 13.24 billion USD, according to Dung.

He reported that the banks’ total outstanding debt as of December 31, 2015 stood at more than 314 trillion VND, up 4.3 percent from one year ago.-VNA