BIDV clears bad debts at VAMC
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.
View of BIDV’s shareholders' meeting. (Photo: BIDV)Hanoi (VNA) - 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.
At the BIDV shareholders' meeting last week, Tu announced the bank’s goal of keeping the bad debt ratio at below 1.7 percent this year.
The bank also set a pre-tax profit target of 12.5 trillion VND in 2020, as well as a credit growth target of 9 percent and mobilised capital of 9 percent. Its dividend payment was expected at 7 percent.
However, the plans were the most positive scenario without considering the impacts of the COVID-19 epidemic, Tu noted, adding the bank would try its best to complete the plans assigned by BIDV’s general meeting of shareholders, but adjustments could be made in case of necessity and would be reported to shareholders.
He explained in 2020, Vietnam's economy in general and the banking industry, including BIDV, in particular, were forecast to face many difficulties and challenges, especially the severe impacts of the COVID-19 outbreak.
According to the VAMC, 12 banks have so far cleared all their bad debts kept at the VAMC. They include Vietcombank, Techcombank, MB, VIB, OCB, Nam A Bank, TPBank Agribank, VPBank, SeABank, Kien Long Bank and BIDV./.
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