Business

Banks hold auctions to cut bad debts

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.
Banks hold auctions to cut bad debts ảnh 1Agribank headquarters in Hanoi. Agribank AMC will hold an auction on February 27 to sell assets from Dai Viet Company (Photo: VNA)

Hanoi (VNS/VNA) – Some banks are putting assets secured withnon-performing loans worth hundreds of billions of Vietnamese dong up forauction in the first days of the Lunar New Year to speed up the resolutionof bad debts.

Most non-performing loans (NPLs) are attached to assets borrowers bought orcreated thanks to these loans, including real estate, factories, enterprises,industrial clusters and projects.

Agribank Management Company (Agribank AMC) announced it would hold threeauctions on February 15 to sell assets at a total starting price of 118 billionVND (5 million USD). The auction will include three land lots and houses in HCMCity and the southern province of Long An.

Agribank AMC will hold another auction on February 27 to sell assets from DaiViet Company in the Central Highlands province of Dak Nong at a starting price of more than 315 billion VND. Theauction will include all machines, equipment, working houses and otherconstruction works of the company’s industrialalcohol production project at the Tam Thang Industrial Zone.

BIDV, in conjunction with the Vietnam Asset Management Company (VAMC), alsoannounced it would sell assets of the Thuan Thao Nam Sai GonCompany and 95 individual borrowers on February 18 torecoup total debts of more than 2.37 trillion VND. The sales will have a totalstarting price of 761 billion VND.

According to Nguyen Van Du, deputy chief inspector of the State Bank of Vietnam(SBV), enhanced legal frameworks in the National Assembly’s Resolution42/2017/QH issued last year have helped banks and the VAMC better manage baddebts by allowing them to rapidly repossess collateral or assets secured withthe loan money if borrowers default.

The SBV’s reports showed banks handled 149.22 trillion VND (6.37 billion USD)of NPLs last year, helping reduce the NPL ratio of the entire banking system to1.89 percent by the end of 2018 from 1.99 percent by the end of 2017.-VNS/VNA
VNA
#non-performing loans #bad debts #Agribank Management Company #Agribank AMC #BIDV #Vietnam Asset Management Company #NPL ratio of the banking system #auctions to cut bad debts #updated Vietnam news #Vietnamplus #Vietnam News Agency
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