Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh said - TopicsExpress



          

Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh said that from now to the year’s end, the SBV will begin restructuring big commercial joint stock banks, as was done with small banks. SBV Governor Nguyen Van Binh Speaking at a meeting to review the banking sector during in the first six months of this year, Governor Binh said that bad debt in the banking system has gradually improved. Never before have credit organisations in Vietnam set up anything like a hedge fund presence, Binh said, adding that this is a foundation of security for the banking industry, contributing to the system’s ability to deal with crises. According to the governor, the SBV has been in the process of completing legal documents to speed up the settlement of bad debt. To date, Vietnam Asset Management Company (VAMC) has bought around VND50 trillion (USD2.4 billion) of bad debt and plans to acquire between VND70 and VND100 trillion by the end of the year. Binh disclosed that during the first half of this year, the banking sector’s credit growth was estimated at 3.52%, and is expected to grow to about 7% in the second half. The target set for the sector was to reach a credit growth rate of between 12% and 14% for the entire fiscal year.
Posted on: Sat, 12 Jul 2014 05:25:01 +0000

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