Vietnamplus

Malaysia's King, Sultan Muhammad V, has offered to reduce his allowance and emoluments by 10 percent until the end of his reign in 2021, the royal palace said on June 11.

Malaysian Prime Minister Mahathir Mohamad has announced to cancel a project on building a high-speed rail link connecting Kuala Lumpur with Singapore.

The banking industry has been radically restructuring credit institutions in combination with handling bad debts to ensure their safe, healthy and sustainable growth, said a central bank senior official.

Prime Minister Nguyen Xuan Phuc has signed a decision on the Government’s plans to borrow and pay loans as well as limits of loans in 2018.

The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has pledged to finish settling all of the 100 trillion VND (4.38 billion USD) of its bad debts in five years, instead of 10 years as stated in the restructuring plan approved by the State Bank of Vietnam.

The Ministry of Finance (MoF) is working on a draft resolution on handling tax arrears and irrecoverable fines to submit to the National Assembly.

The State Bank of Vietnam (SBV) has asked credit institutions to limit their lending to the real estate and construction sectors to better control bad debts.

National Assembly Chairwoman Nguyen Thi Kim Ngan urged the Ministry of Finance (MoF) to perform its tasks right from the beginning of the year as 2018 is very important for the fulfillment of targets and plans for 2016-2020.

The largest local commercial bank, Vietcombank (VCB), has set to increase their profit to between 12.5 trillion VND (548.7 million USD) and 13 trillion VND (570.7 million USD) in 2018, up about 15 percent against 2017, said VCB Chairman Nghiem Xuan Thanh.

The State Bank of Vietnam (SBV) has issued a document asking credit institutions and branches of foreign banks to push the resolving of non-performing loans in 2018.

Speeding up restructuring and settling bad debts to improve the bank’s health are two major goals of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) in 2018, said Chairman Duong Cong Minh.

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.

All administrative units of Ho Chi Minh City need to build applications (apps) so that local people could access information via their smart devices, said Tran Vinh Tuyen, Vice Chairman of the municipal People’s Committee.

Though deposits slowed down, banks' liquidity was strong last year. Economists forecast that interest rates will remain stable and even decrease slightly in 2018.

Hanoi’s authorities have ordered the city’s inspectors to inspect enterprises with long overdue social insurance premiums.

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.

Three years after an initial public offering (IPO), the Vietnam Waterway Construction Joint Stock Corporation (Vinawaco) has not transferred the State’s capital from the transport ministry to the State Capital Investment Corporation (SCIC).

The Government should set out a roadmap in order to ensure economic growth is stable, legislators said on the sidelines of the ongoing fourth sitting of the 14th National Assembly in Hanoi on October 31.

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.

A Vietnamese delegation led by Acting Chairman of the National Financial Supervisory Commission (NFSC) Truong Van Phuoc has paid a working visit to Italy, aiming to strengthen bilateral cooperation in financial supervision.