NA question-and-answer session concludes
The question-and-answer session at the 14th National Assembly’s sixth plenum concluded on November 1 with 135 questions raised for 19 cabinet members.
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The question-and-answer session at the 14th National Assembly’s sixth plenum concluded on November 1 with 135 questions raised for 19 cabinet members.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung was questioned on the pace of handling bad debt and banks with bad performances during the question-and-answer session on November 1 at the 14th National Assembly’s ongoing sixth session.
The Bank for Investment and Development of Vietnam (BIDV)’s pre-tax profit increased by 30.6 percent year-on-year to 7.2 trillion VND (305.45 million USD) in the first three quarters of 2018.
Many banks have reported good business performance in the first nine months of the year thanks to decreasing provision costs and rising income from services.
Consumer finance companies have been cutting credit growth to focus more on tightening internal governance and selecting solvent customers to target a safer and healthier development.
The State Bank of Vietnam (SBV) will likely continue its tightened monetary policy in the remaining months of the year after its decision to strictly control lending to high risk sectors in the third quarter didn’t adversely affect the country’s economic growth, according to experts.
Deputy Prime Minister Vuong Dinh Hue on September 13 received representatives from Mitsubishi, Deloitte, Hanwha Energy, McKinsey, and HSBC in the framework of the World Economic Forum on ASEAN in Hanoi.
The Vietnam Asset Management Company (VAMC) plans to resolve at least 140 trillion VND (5.95 billion USD) of non-performing loans (NPLs) from now until 2020, of which 34.5 trillion VND will be settled this year.
About 90 percent of social insurance funds are currently invested in government bonds (G-bonds), Dao Viet Anh, Deputy General Director of the Vietnam Social Security (VSS), said at a seminar last week.
Prime Minister Nguyen Xuan Phuc said on August 30 that ministries, sectors and localities must not underestimate their tasks in the four remaining months of 2018 but carry out drastic solutions as many difficulties still arise from the domestic and global situation.
The State Bank of Vietnam (SBV) needed to speed up the settlement of non-performing loans (NPLs) to bring down the bad debt ratio of the entire banking system, including both NPLs owned by credit institutions and the Vietnam Asset Management Company (VAMC), to below 3 percent by 2020.
Settling non-performing loans (NPLs) has been easier since the application of Nation Assembly’s Resolution 42 a year ago, but detailed guidance is still needed to make the use of the regulation smoother, industry insiders said.
The Vietnamese Government plans to reduce the cash payment proportion to less than 10 percent by 2020 and 8 percent by 2025, which can be done by expanding the network of automatic teller machines (ATMs) and points of sale (POS) nationwide.
The ratio of the non-performing loans (NPLs) at commercial banks fell from 3.61 percent at the end of 2013 to 2.18 percent at present, according to Chairman of the Vietnam Asset Management Company (VAMC) Nguyen Tien Dong.
Many banks have reported impressive profit growth in the first half of 2018, compared to the same period last year, thanks to the high credit growth and the improvement from the retail banking segment.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been awarded the “Mobile Banking Initiative of the Year” title by the Asian Banking & Finance (ABF) magazine.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named the best bank of Vietnam in 2018 by FinanceAsia.
Most credit institutions reported good results in the second quarter of this year, and expected their business performance throughout 2018 to be better than the previous year.
