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 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.

Saigon Giai Phong daily cited the report as saying that total settled bad debts in 2016 was 118.5 trillion VND (5.2 billion USD), according to the bank, adding that the figure in the first half of this year was 46 trillion VND.

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

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

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

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