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Update news bad debts
A number of banks have announced plans to auction off their collateral assets in an attempt to speed up bad debt recovery.
At Sacombank’s annual general meeting held on June 5 its permanent vice chairman Pham Van Phong said that in 2019 the bank’s pre-tax profit increased by 43.2 per cent to VND3.2 trillion (US$137.5 million), which was 21.4 per cent above the target.
The Vietnam Asset Management Company (VAMC) targeted to settle bad debts worth totally VND50 trillion (US$2.15 billion) this year.
Commercial banks all can anticipate a sharp fall in profits this year because of Covid-19, though they faced difficulties later than other businesses.
Forty-nine BOT (build-operate-transfer) transport projects have been reported as having revenue below expectations.
Overdue debts, which are increasing rapidly during Covid-19, will adversely affect business results and capital growth capability of many commercial banks in Vietnam.
Many banks in Ho Chi Minh City are selling their mortgaged assets, mainly properties worth trillions of Vietnamese dong, to speed up the resolution of bad debts.
Twelve out of 40 commercial banks have so far cleared all their non-performing loans (NPLs) kept at the Vietnam Asset Management Company (VAMC).
Kien Long Bank has become the eighth bank to clear all bad debts they had previously sold to the Viet Nam Asset Management Company (VAMC) before the maturity date, VAMC announced on Tuesday.
Commercial banks are attempting to sell off a host of mortgaged assets, including real estate and cars, to speed up the settlement of huge bad debt.
Growing bad debts reaching hundreds of millions of US dollars keep pressuring BIDV, Vietcombank, and VietinBank.
Local cement company Cong Thanh Group’s trillion-VND debts at Vietinbank will be shifted to Vietnam Asset Management Company (VAMC).
VietNamNet Bridge – In 2019 the State Bank of Viet Nam has set a credit growth target for the banking sector of 14 per cent, lower than the rates of 18 per cent in 2017 and 17 per cent in 2018.
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.
Since Vietnam Asset Management Company seized Sai Gon One Tower using the authority conferred on it by Resolution 42 on settling bad debts, several banks have followed suit and offered mortgaged assets for sale
VietNamNet Bridge – Farmers need to be rescued again as prices of yet another item collapse
According to statistics from the General Customs Department, as of December 15 Viet Nam had imported a total 13 million tonnes of coal worth US$860 million during the year, more than four times the targeted 3 million tonnes.
VietNamNet Bridge – Experts are concerned about new non-performing loans rising significantly while the Viet Nam Asset Management Company (VAMC) still has to devise radical measures to resolve bad debts acquired from banks.
On January 18 Viet Nam Posts and Telecommunications Group began commercial testing of its 4G, or fourth generation mobile telecom technology, services in HCM City and the Phu Quoc Island, with speeds reaching as high as 100 Mbps.
VietNamNet Bridge – The Vietnam Assets Management Company (VAMC) has issued special bonds to purchase over 92 trillion VND (4.18 billion USD) worth of bad debts from the beginning of this year to October 20,