Monday, November 18, 2019 2:34:14 AM - Markets open
VN-INDEX 1,010.03 -2.27/-0.22%
HNX-INDEX 106.03 -0.21/-0.20%
UPCOM-INDEX 57.00 +0.29/+0.52%
Bad debt handling to be audited
https://vietnamnews.vn - 4/16/2019 8:29:33 AM
 (0 ratings. You must sign in to rate.)
HÀ NỘI The handling of bad debt among credit institutions would be audited this year in order to formulate recommendations for effectively implementing a National Assembly resolution, according to the State Audit Office of Việt Nam (SAV).
 
Under the SAV’s plan, the process would be carried out at the State Bank of Việt Nam, the Việt Nam Bank for Industry and Trade (Vietinbank), the Bank for Investment and Development of Việt Nam (BIDV), the Việt Nam Asset Management Corporation and 18 other credit institutions. They include ABBank, ACB, BacABank, CBBank, Eximbank, GPBank, HDBank, NamABank, OCB, Sacombank, SeABank, SHB, Techcombank, VietCapitalBank, VIB, VietABank, VietBank and VPBank.
 
The auditing would focus on evaluating the results of resolving bad debts and identifying difficulties as well as violations to recommend measures for improvements, the SAV said.
 
State Bank of Việt Nam’s statistics showed that from August 15, 2017 to June 30, 2016, credit institutions handled a total of VNĐ138.29 trillion (US45.8 billion) in bad debt identified under Resolution 42/2017/QH14.
 
Bad debts at Agribank, BIDV, Vietinbank, ACB, Techcombank and Sacombank accouted for 52.78 per cent of the system’s total bad debts. These six credit institutions handled a total sum of VNĐ77.6 trillion in the period.
 
A report by the central bank also revealed that as of the end of December, a total of VNĐ183 trillion was handled, more than 32 per cent of the bad debt identified under the Resolution.
 
According to the SAV, the implementation of the Resolution still faced a number of difficulties, such as handling mortgaged assets, tax payments from asset transfers, and refunds of mortgaged assets used as evidence in criminal cases. The classification of bad debts also had problems.
 
Resolution 42/2017/QH14 was passed on June 21, 2017 at the third meeting of the 14th National Assembly. It came into force on August 15, 2017 and will be in place for five years. VNS
 
Read more at here
Newer News
14/09 VN central bank makes first key rate cut since 2017
08/06 Banks face big capital burden despite dividend plan
18/05 VAMC to reclaim US$2.13 billion in bad debts
Older News
11/02 Banks expected to maintain good performance in 2019
 
Newsletter Signup
Top Stories
Reference exchange rate unchanged on November 13
VN-Index slides for second day
Reference exchange rate reverses downward trend on October 23
Prices of Grade A office space rise due to low supply
VN stocks to beat 1,000 points in Q4
Market Update
Last updated at 3:10:01 PM
VN-INDEX 1,010.03 -2.27/-0.22%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.