Vietnamplus

The Vietnam Asset Management Company (VAMC) plans to handle some 50 trillion VND (2.14 billion USD) worth of bad debts in 2019, and issue special bonds to purchase 20 trillion VND (856 million USD) of non-performing loans.

Nearly 518 trillion VND (22.23 billion USD) was collected towards the state budget in this year’s first four months, completing 36.7 percent of the yearly target and representing a year-on-year rise of 13.9 percent, reported the Ministry of Finance.

The Vietnam Social Security (VSS) targets 32.3 percent of the workforce nationwide joining social insurance in 2019, 33.9 percent in 2020, and 35.6 percent in 2021.

Credit institutions in Vietnam settled more than 204.4 trillion VND (8.77 billion USD) of non-performing loans (NPLs) by the end of the first quarter this year, said Nguyen Thi Hong, Deputy Governor of the State Bank of Vietnam (SBV).

The State Bank of Vietnam (SBV) is drafting a new circular regulating credit institutions’ trading and handling of non-performing loans (NPL) with the aim of forcing the institutions to focus more on bad debt settlement.

Ho Chi Minh City will create favourable conditions for Thai-based Kasikorn Bank (KB Bank) to open its branch in the city, the first of its kind in Vietnam, helping diversify local credit and banking activities, Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen has said.

The revival of the Vietnam National Shipping Lines (Vinalines) along with infrastructure will be a basis to help the country’s maritime giant to continue its ‘sailing’.

Experts said erasing uncollectible tax arrears was necessary but transparency must be ensured throughout the process to prevent losses to the State budget.

Various regulations and sanctions have been issued to prevent enterprises from owing social insurance payments.

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.

Indonesia`s foreign debts rose 7 percent year-on-year to 372.9 billion USD in early December, according to Bank Indonesia (BI).

In 2018, bad debts of Vietnam’s banking system dropped sharply and interest rate,exchange rate and foreign currency market remained stable.

The central bank of Indonesia (BI) has assessed the country’s foreign debt structure will remain healthy as the foreign debt to national gross domestic product (GDP) ratio remained stable at 34 percent as of late September 2018.

The State Audit Office of Vietnam (SAV) announced on November 29 that it will carry out 190 audits next year, many of which are on major investment projects of public concern.

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.

Malaysia continued its efforts to rein in spending by reducing cost of a multi-billion-dollar mass rapid transit (MRT) project.

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.

Vietnam, as one of the founding members of the Asian Infrastructure Investment Bank (AIIB), pledges to be a reliable and prestigious member that contributes to the bank’s effective operation.

With a debt mountain of 12.17 trillion THB (372 billion USD), or 77.6 percent of the national GDP at the end of March, Thai households are among the biggest borrowers in Asia, and they find it difficult to keep up with payments.

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.