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Fund helps to rein in bad debts

The bank reported that the fund to resolve bad debts had reached VND78.6 trillion (US$3.75 billion) by December, equal to 58.31 per cent of the total bad debts and an increase of 33 per cent over the total of 2011.

Many credit institutions implemented cost-saving measures and even accepted lower profits to spare money for the fund.

The bank estimated that credit institutions had handled VND45 trillion ($2.15 billion) worth of bad debts.

In addition, the restructuring of nine weak commercial banks was put under close control, and the liquidity of the credit institution system also saw improvements, according to the State Bank.

At a conference held on Wednesday, Prime Minister Nguyen Tan Dung said that banks would focus on resolving bad debts and restructuring the financial system this year, adding that the Government would provide them with financial and legal backing.

Plans for tackling bad debts and setting up an asset management company have been submitted to the Government for comments. — VNS

Source VNS
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