New policy to speed up bad debt settlement Business

New policy to speed up bad debt settlement

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.

Maritime Bank and MDB set to merge

Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh has approved in principle the merger of the Maritime Bank and the Mekong Development Bank (MDB).

In-depth monetary market management

The word "belief" has cropped up often during the recent months when one talks about the monetary market and the management policies by the State Bank of Vietnam (SBV). The central bank has adopted a series of measures, as well as made explicit moves to stabilise the market, but a number of people still worry if the policies have been able to lay the foundation for market stability in the future. The Vietnam News Agency spoke to the Deputy Governor of the SBV, Nguyen Thi Hong, about this issue.

Drastic measures to boost credit growth

In the first half of 2014, lending rose by 3.52 percent compared with the same period last year. Although it fell short of expectations, there is still hope that the credit growth target for the whole year can be achieved, given the economy is showing signs of recovery.

Cash injection pushes shares on

The VN-Index on the HCM City Exchange failed to overtake the 600 mark yesterday despite hitting the barrier twice during trading, closing slightly up at 596.83 points.

Low credit growth target for 2014

Despite significant improvement, credit is unlikely to reach the 12 percent growth target this year. Economists are worried that the slow growth in 2013 would continue in 2014. For this reason, economic experts have offered proposals, regarding monetary policy for 2014. Report by Vietnam Economic News.

Analysts tip FDI to skyrocket

Foreign direct investment (FDI) inflows in Vietnam is expected to sharply increase in the 2014-15 period as the stable economy would create favourable conditions for the flow.

The National Financial Supervisory Committee (NFSC) last week released the latest forecasts for the economy in the 2014-15 period, showing that the FDI would see a high growth rate because of world economic improvement.

Asset management team appointed

Deputy Governor of the State Bank of Vietnam, Dang Thanh Binh, has become chairman of the board of the Vietnam Asset Management Company (VAMC).

Vietnam Asset Management Company set up

Governor of the State Bank of Vietnam Nguyen Van Binh has signed a decision to set up the Vietnam Asset Management Company (VAMC), effective from July 9 this year, in a move to resolve bad debts and boost credit growth.

New rule aims to reduce number of weak banks

Under-performing banks may have to file for bankruptcy if they cannot meet new conditions set out by the central bank under a recently issued circular that is effective on April 27.

Circular No07/2013/TT-NHNN requires that certain banks restructure through merger or acquisition with other credit institutions.

SBV claims bad debts are falling

Bad debt has decreased by 36 trillion VND (1.7 billion USD) thanks to the efforts of debt restructuring, debt payment delay and quittance, according to the State Bank of Vietnam (SBV).