Nearly 9.6 trillion VND (417.3 million USD) worth of bad debts were handled each month from August 15, 2017 to August 31, 2019, or 4.7 trillion VND higher than that during the 2012 – 2017 period.
Commercial banks are expected to lower lending interest rates after getting more support to cut input costs from the State Bank of Vietnam (SBV)’s agencies this week.
Addressing the Government’s meeting on October 2, Prime Minister Nguyen Xuan Phuc requested ministries, sectors and localities to push ahead with stronger reforms to promote production and business activities amid several challenges to and problems of the economy.
Reporting 50.6 trillion VND (2.17 billion USD) in before-tax profit in 2018, the Vietnam Oil and Gas Group (PetroVietnam) has become the most profitable corporation in the country.
Ho Chi Minh City has achieved positive results in the implementation of its collective economic model, with an increase in the number of cooperatives and their quality, according to the municipal People’s Committee.
Ho Chi Minh City’s retail sales and services grew by 12.2 percent year-on-year in the first half to nearly 600 trillion VND (25.8 billion USD), according to its Department of Industry and Trade.
Tens of trillions of VND is expected to be poured into Vietnamese banks by foreign investors in 2019 and 2020 as negotiations on many deals are running smoothly.
Some experts have said when a bank is unable to have a minimum capital adequacy ratio (CAR) of 8 percent for a long time, it could be put under special control by the central bank.
More than 773,000 out of over 1 million firms in the country, or 73.4 percent, are unable to access credit, it was reported at a conference on promoting access to credit held by the National Credit Information Centre (CIC) in Ho Chi Minh City on June 18.
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has stated that the SBV will continue stepping up administrative reform in the near future, with a focus on improving the business environment in monetary and banking fields, and corporate support.
The recovery of stolen assets in corruption and economic crimes has not met expectations with only 17.26 percent of lost money in Vietnam dong and 59.48 percent of lost money in foreign currencies reclaimed during the period from 2013 to September 2018.
A meeting held in Hanoi on May 10 discussed financial solutions for businesses amid the current context in which roughly 20 percent of firms in need of funding still have problems gaining access to credit.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has affirmed that the SBV will direct monetary policy in a proactive, flexible, and cautious manner, and in harmony with fiscal and other macro-economic policies to curb inflation, maintain macro-economic stability, and fuel economic growth.
Authorities are planning to continue tightening credit for real estate in the time ahead, which is hoped to have positive impacts on the market, heard a forum in Hanoi on May 4.
Foreign financial institutions were eyeing up poorly-performing Vietnamese banks after being given the green light to acquire stakes in local institutions in a move to speed up the restructuring of the country’s banking industry, according to banking expert Nguyen Tri Hieu.
As of March 25, the M2 money supply had risen 2.67 percent, while credit to the economy had grown by some 2.28 percent compared to the end of 2018, according to the State Bank of Vietnam (SBV).
Deputy Prime Minister Vuong Dinh Hue welcomed Japanese-based J Trust Corp’s aspiration to involve in the restructuring of Vietnam Construction Bank (CBBank) during a reception in Hanoi on March 29 for its Senior Managing Director Nobiru Adachi.
Prime Minister Nguyen Xuan Phuc has approved a national programme on efficient and economical use of power in 2019-2030, aiming to save 5-7 percent of power consumption nationwide from 2019-2025.
Overdue debts and deferred debts accounted for only 0.78 percent of total outstanding debts of the Bank for Social Policies, which demonstrated the quality of credit and the trust-worthy process.
Business
