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You are here: Home / Archives for Provisions for bad debts journal entry

Provisions for bad debts journal entry

Agribank must go IPO by 2020, clear all bad debts

February 12, 2019 vietnamnews Leave a Comment

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.vnViet 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) by 2020. “One of the main tasks for Agribank in 2019 is to speed up preparation for the transformation from a State-owned bank into a joint-stock commercial bank, attracting strategic investors,” Huệ said. The deputy PM said 2018 was a positive year for Agribank as it achieved higher profit and lower bad debts compared to 2017. The largest Vietnamese bank by assets … [Read more...] about Agribank must go IPO by 2020, clear all bad debts

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Credit institutions urged to resolve bad debts

November 7, 2018 vietnamnews Leave a Comment

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 settling their bad debts every year until 2022. Credit institutions are also required to actively look for buyers for the debts they sold to the Việt Nam Asset Management Company (VAMC). Previously, banks had to sell their debts to the VAMC to keep their NPL ratios below 3 per cent as regulated by the central bank, but they still had to make provision for the debts. … [Read more...] about Credit institutions urged to resolve bad debts

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Vietnam needs a public transaction floor for bad debts

August 20, 2018 vietnamnet Leave a Comment

Nguyen Tri Hieu, a banking expert, tells Hai Quan (Customs) newspaper that the Government should appoint an agency to develop an official transaction floor for buying and selling debt. What’s your assessment of bad debt settlement in our banking system now? According to the latest report, bad debt in our banking system has reduced to 2.18 per cent. This percentage indicates that banks have reduced their bad debt risks. This is a positive sign. However, over the last five years, just 1.4 per cent of the bad debt ratio was reduced. In my opinion, this result is not really optimistic. The problem here is that many banks still accept risks by lending money to real estate developers, to consumers or investors in stock exchange and others. These are the key reasons making the bad debt in the banking system to more than 2 per cent. It is a common sense that if the banking sector has a low risk level it should have a bad debt ratio less than 1 per cent. In my opinion the 2.18 per cent … [Read more...] about Vietnam needs a public transaction floor for bad debts

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Việt Nam needs a public transaction floor for bad debts

August 19, 2018 vietnamnews Leave a Comment

Nguyễn Trí Hiếu. — Photo baohaiquan.vn Nguyễn Trí Hiếu, a banking expert, tells Hải Quan (Customs) newspaper that the Government should appoint an agency to develop an official transaction floor for buying and selling debt. What’s your assessment of bad debt settlement in our banking system now? According to the latest report, bad debt in our banking system has reduced to 2.18 per cent. This percentage indicates that banks have reduced their bad debt risks. This is a positive sign. However, over the last five years, just 1.4 per cent of the bad debt ratio was reduced. In my opinion, this result is not really optimistic. The problem here is that many banks still accept risks by lending money to real estate developers, to consumers or investors in stock exchange and others. These are the key reasons making the bad debt in the banking system to more than 2 per cent. It is a common sense that if the banking sector has a low risk … [Read more...] about Việt Nam needs a public transaction floor for bad debts

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Bad debt ratio drops to 2.18% in five years

July 26, 2018 vietnamnews Leave a Comment

Viet Nam News HÀ NỘI - The non-performing loan (NPL) ratio at Việt Nam’s credit institutions has dropped from 3.61 per cent in 2013 to 2.18 per cent currently, according to the Việt Nam Asset Management Company (VAMC). Deputy governor of the State Bank of Việt Nam (SBV) Nguyễn Kim Anh hailed the operation of VAMC over the past five years, saying that the company contributed significantly to lowering the NPL ratio of the entire banking system to below 3 per cent, while supporting enterprises during the debt-restructuring process. According to VAMC chairman Nguyễn Tiến Đông, until June 30 this year, nearly VNĐ310.52 trillion (US$13.5 billion) of NPLs were resolved through VAMC, accounting for 40 per cent of the entire banking system’s total NPLs. Of the total, VAMC coordinated with credit institutions to recoup nearly VNĐ100 trillion. Thanks to the National Assembly’s new resolution on NPL effective … [Read more...] about Bad debt ratio drops to 2.18% in five years

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