The Vietnam Bank for Industry and Trade (VietinBank) reported its pre-tax profit of 405.7million USD in 2017, equivalent to 105 percent of its yearly plan, heard a conference in Hanoi on January 16.
Non-performing loans (NPLs) of credit institutions were controlled effectively in 2017, helping the NPL ratio of the entire banking system reduce to 2.3 percent from 2.46 percent in late 2016.
The Vietnam News Agency (VNA) has selected 10 outstanding economic events of Vietnam in 2017 as follows:
The banking sector’s profits were anticipated to rise significantly in 2017, driven by the handling of bad debts and the recovery of the property sector.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has successfully reduced its non-performing loans (NPLs) ratio to 4.4 percent after operating for a year under a Government-approved restructuring scheme.
The current development and future strategies of many local commercial banks are creating confidence about a sustainable growth of the banking sector.
Maximum credit growth this year is forecast to be just 18-19 percent, meaning that the banking system will not use up the increased room of 21 percent.
Experts are sanguine about the health of the stock market in 2018 even as they acknowledge likely risks and imbalances.
Total lending of the banking sector for securities trading has reached 10 trillion VND (444.4 million USD), according to Governor of the State Bank of Vietnam Le Minh Hung.
Strong economic growth since 2015 has created a thriving domestic property market that is likely to continue next year, said Construction Minister Pham Hong Ha.
Governor of the State Bank of Vietnam Le Minh Hung on November 17 continued taking part in lawmakers’ question-and-answer session, making clear issues relating to the baking system’s issues, including credit growth, debt rescheduling for storm victims, and credit institution restructuring.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung on November 16 fielded lawmakers’ questions about the banking system’s operations, underlining the need to focus on effectively implementing a resolution on piloting the settlement of bad debt at credit institutions.
The question and answer session of the 14th National Assembly’s fourth sitting on November 16 was heated up with issues regarding tax, public debt and monetary policy management.
Prime Minister Nguyen Xuan Phuc has underlined four major tasks that need to be implemented in the remaining months of 2017 so as to comprehensively achieve this year’s socio-economic development targets.
The Vietnam Bank for Agriculture and Rural Development (Agribank) and the Vietnam Asset Management Company (VAMC) will work closely together to review bad debts and put forth proper measures to accelerate the settlement and recovery of bad debts.
The functions and operations of the Vietnam Debt and Asset Trading Corporation (DATC) should be restructured to deal with the “next phase” of handling non-performing loans (NPLs), the Finance Ministry (MoF) said.
The finance, banking and insurance industry expanded 7.89 percent in the first nine months of this year, the highest level recorded in the past seven years.
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.
