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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