Vietnam 

Foreign debts under Government’s control: Deputy PM – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Deputy Prime Minister Vương Đình Huệ speaks at the meeting. The country’s foreign debts reduced to 46 per cent of its gross domestic product (GDP) by the end of 2018 from 48.9 per cent a year earlier. VNA/VNS Photo HÀ NỘI – The Government’s foreign debts have been declining sharply and under the Government’s control, Deputy Prime Minister Vương Đình Huệ said while chairing a meeting with leaders of some ministries, sectors and the National Financial Supervisory Commission in Hà Nội last Friday. In 2018, the Government set a loan…

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Vietnam 

Bad debts on the rise in H1 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Banks boosted lending in retail segments in H1, causing a rise in bad debts. — Photo zing.vn  HÀ NỘI — Though many banks have posted positive profits in the first half of 2019, their bad debts have continually increased in the wake of high credit growth in risky business segments. Latest financial statements of 21 banks showed their total non-performing loans (NPLs) rose by nearly VNĐ7 trillion (US$300.4 million) against the beginning of this year to nearly VNĐ85.75 trillion by the end of June. …

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Vietnam 

VAMC to reclaim US$2.13 billion in bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Last year, VAMC reclaimed VNĐ30.9 trillion of NPLs from 13 credit institutions by special bonds, meeting with 93.2 per cent of its set targets. — Photo vneconomy.vn   HÀ NỘI — The Việt Nam Asset Management Company (VAMC) is expected to reclaim a bad debt figure of VNĐ50 trillion (US$2.13 billion) in 2019, higher than the volume of 2018 which stood at VNĐ30.9 trillion ($1.32 billion). In addition, VAMC also plans to issue VNĐ20 trillion of special bonds to buy non-performing loans (NPLs) and will use cash to buy another VNĐ4.5 trillion…

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Vietnam 

Credit institutions recover nearly $8.8b of bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Credit institutions in Việt Nam settled more than VNĐ204.4 trillion (US$8.77 billion) of non-performing loans (NPLs) by the end of Q1 2019. VNA/VNS Photo HÀ NỘI — Credit institutions in Việt Nam settled more than VNĐ204.4 trillion (US$8.77 billion) of non-performing loans (NPLs) by the end of the first quarter this year, said Nguyễn Thị Hồng, deputy governor of the State Bank of Việt Nam (SBV). The bad debts accounted for 40.1 per cent of the total, Hồng said. SBV reports also showed banks handled VNĐ149.22 trillion (US$6.37 billion) of…

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China 

China’s bad debts may worsen if growth falters below 6 per cent, warns US rating agency

China’s bad debts may become worse if its growth falls below 6 per cent, according to US rating agency Moody’s.The respected ratings agency said that the trade policy of the United States will be a significant risk to business growth and trade and supply chains, not just in China, but globally.Facing a trade war with the US, along with economic growth at the slowest in decades, China has launched a series of measures aimed at providing better support to private enterprises, which have struggled… Source link

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Vietnam 

Banks hold auctions to cut bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Agribank headquarters in Hà Nội. Agribank AMC will hold an auction on February 27 to sell assets from Đại Việt Company. – VNA/VNS Photo Viet Nam News HÀ NỘI – Some banks are putting assets secured with non-performing loans worth hundreds of billions of Vietnamese đồng up for auction in the first days of the Lunar New Year to speed up the resolution of bad debts. Most non-performing loans (NPLs) are attached to assets borrowers bought or created thanks to these loans, including real estate, factories, enterprises, industrial clusters and…

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Vietnam 

Agribank must go IPO by 2020, clear all bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Deputy Minister Huệ addresses a working visit to state-run Agribank on Monday. He demanded Agribank launch an Initial Public Offerings (IPO) by 2020. — Photo anninhthudo.vn Viet Nam News HÀ NỘI — The Vietnam Bank for Agriculture and Rural Development (Agribank) must resolve all non-performing loans kept at the Việt Nam Asset Management Company (VAMC) soon, said deputy PM Vương Đình Huệ. Huệ made the statement during his working visit to the state-run bank on Monday. He also demanded Agribank to launch an Initial Public Offering (IPO)…

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Vietnam 

Vietnam and partners discuss bad debts handling – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Bad debts in Việt Nam are being tackled thoroughly but there are still many insufficiencies in the handling work. Phạm Mạnh Thường, Deputy Director of Việt Nam’s Debt and Asset Trading Corporation (DATC), made the statement at a forum held in Hà Nội on Thursday. The forum, themed “A Road To Strengthening Asia’s Financial Safety Net And Resolution Mechanism”, gathered policy-makers, international experts and representatives of asset management companies from five Asian countries, discussing financial security and the handling of bad…

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Vietnam 

Credit institutions urged to resolve bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Governor of the State Bank of Việt Nam Lê Minh Hưng has urged credit institutions and foreign banks’ branches to further speed up the settlement of non-performing loans (NPLs). Under Document No 8425/NHNN-TTGSNH issued last week, the Governor instructed the institutions to better implement Directive No 05/CT-NHNN, which was issued in September to regulate the structure of credit institutions associated with dealing with bad debts in the 2016-20 period. Accordingly, credit institutions must review and provide detailed roadmaps and solutions for…

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China 

China has US$6 trillion in hidden debts with ‘titanic’ credit risks, S&P says

China’s local governments may have accumulated 40 trillion yuan (US$6 trillion) worth of “hidden debts” that are not reflected in official figures, which is “a debt iceberg with titanic credit risks” to the world’s second biggest economy, S&P Global Ratings said in a report. If all that off-the-books debt – mostly borrowed by local government financing vehicles, known as LGFVs – were included in China’s debt figures, the ratio of all government debt to GDP could have reached “an alarming level” of 60 per cent in 2017, the ratings agency…

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