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Vietnamese central bank urges efforts to keep bad debt ratio below 3 pct

Xinhua, June 29, 2016 Adjust font size:

Vietnamese central bank on Wednesday requested relevant agencies to continue implementing drastic measures to deal with bad debts so as to keep the bad debt ratio at less than 3 percent in 2016.

Governor of the State Bank of Vietnam (SBC) Le Minh Hung inked an action plan of the banking sector to improve business climate, enhance national competitiveness and support business development during 2016-2017 with vision to 2020, according to the official online newspaper of the SBV.

Specifically, the SBV governor urged improvement of credit information transparency, reviewing and finalizing legal framework on lending of credit institutions.

The plan also emphasizes the urgency of developing a project on restructuring the credit institution system in combination with handling bad debts in 2016-2020.

Vietnam's bad debt ratio stood at 2.9 percent in 2015, according to the country's National Financial Supervisory Commission. Endit