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Tag Archive for ‘debt’

Need to urgently establish asset management company under SBV to tackle Vietnam’s bad debts

When bad debt threatens the safety of the banking system and the stability of the macro economy, the bad debt settlement needs to have the intervention of the government, even using the state budget or internal or external loans. Seeing that bad debt of banking industry is caused by various reasons and that it reflects […]

Vietnam Central Bank Unveils Five Sectors with Highest Bad Debts

The State Bank of Vietnam (SBV) has recently revealed five industries where nearly VND96 trillion or 80.49% of total non-performing loans of the economy pinned down, the local newswire VnEconomy.vn reported. In details, processing and manufacturing sector made up 4.33% of total lending and represented 22.5% of total bad debts. The corresponding figures were 7.83% and 19.25% for real estate and services; 4.16% and 18.52% for automobiles sales and repairing; 11.61% and 11% for transportation and logistics; 4.81% and 9.5% for construction. The central bank has been developing the scheme to set up a debt trading company to…

Vietinbank, Vietcombank lift sagging market

HA NOI (VNS)— Stocks gained value last week on both of the nation’s stock exchanges, boosted by a modest recovery in bank shares. However, the volume of trades decreased markedly as fears about the long-term health of the banking industry spooked investors away from the stock market. Information released by the State Bank of Viet Nam, including data on the performance and bad debt ratios of commercial banks during the first nine months of the year, has revealed a growing malignancy inside the nation’s banking system, cautioned PetroVietnam Securities Co analyst Dao Hong Duong…

PRESS DIGEST – Vietnam Newspapers – Nov 12, 2012

FINANCIAL NEWS: LAO DONG — The State Securities Commission, the stock market regulator, said it has fined Friendship Capital Management Fund 82.5 million dong ($3,960) for violating the administrative rules. — BIDV, Vietnam’s biggest partly private lender by assets, has secured the Czech Republic central bank’s licence to open a representative office in the country. ECONOMIC AND GENERAL NEWS: SAIGON GIAI PHONG — Management problems have enabled groups of interests to manipulate economic, financial…

Move to scrap grace period on import taxes draws fire in Vietnam

HA NOI (VNS)— Exporters have slammed the proposal to remove the 275-day grace period on tax payments for imported raw material for local production. They believe it will lead to more difficulties in their export and production plans. The Ministry of Finance, the drafter of the Law on Tax Management, proposed to remove the grace period to limit tax fraud and evasion. The ministry planned to amend Article No 42 so the law would require taxes to be paid before customs clearance. The amended regulation would apply to businesses that outsourced…

Vietnam’s Banking Problems Reflect Turbulence in the Economy

Scale of debt in banking sector and bloated state firms lays bare pernicious influences of cronyism in Asian tiger economy Vietnam’s stuttering economy, once a darling of the World Bank and a rising tiger of south-east Asia, received a further blow this week with the bailout of the crisis-struck state-owned Sacombank. The State Bank of […]

Six economic sectors in Vietnam make up nearly 100tr dong of bad debts

The bad debt situation with the structure according to credit institutions and economic sectors has been answered by the State Bank of Vietnam (SBV)’s governor, Nguyen Van Binh, at the National Assembly’s meeting recently. At the meeting, the governor said that as of June 30, 2012, the bad debts as reported by credit institutions were […]

Handling bad debts in Vietnam at national level

The story of setting up a State Debt Trading Company (AMC-Asset management Company) has been mentioned by many economists, especially after the social-economic situation 2012 and plan for 2013 being discussed by the Congress At the moment, every commercial bank owns a debt trading company to handle its own bad debt. At the national level, […]

Vietnam Stock Exchange Preview: Military Bank, Sacombank, Bac Giang

Economist and Hedge Fund Manager Shayne Heffernan of livetradingnews.com takes a look at Vietnam. Focus this week in Vietnam will be on what the Government has planned for the spiraling bad debts that are plaguing the banking sector. Non-performing loans in Vietnam’s banking system rose to an estimated 8.8 percent of total lending by June […]

Gold Ticks Up on US Fiscal Cliff Worry

Gold edged up on Monday after posting its biggest weekly gain since late August on safe-haven buying driven by worries the United States could return to recession if Congress fails to reach a deficit-reduction deal. Spot Gold added $3.03 an ounce to $1,733.94 by 0025 GMT, holding near a 3-week high around $1,738 struck on […]