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City’s bad debt ratio contracts
The Saigon Times Daily
Monday,  Dec 9, 2019,18:43 (GMT+7)

City’s bad debt ratio contracts

The Saigon Times Daily

A person counts Vietnamese banknotes. Banks in HCMC have reduced their bad debt ratio to 2.2% - PHOTO: THANH HOA

HCMC – Banks in HCMC have handled over VND72 trillion worth of nonperforming loans since the start of this year, cutting the bad debt ratio to 2.2%, equivalent to some VND49 trillion, according to a Sai Gon Giai Phong news report.

If bad debts at GP Bank, Ocean Bank and CB, which were purchased by the central bank at VND0 each because of their ailing operations, are not taken into account, the city’s bad debt ratio is around 1.5%, according to the State Bank of Vietnam’s HCMC branch.

Nguyen Hoang Minh, deputy director of the branch, noted that the process for reducing bad debts has been going smoothly this year. Local lenders have continued selling mortgaged assets and have recovered debts in cash.

Besides this, the city has seen fewer new bad debts emerging this year as borrowers have followed the payment regulations under the National Assembly’s Resolution 42. Of the 460 bank branches in the city, up to 100 have reported profitable assets and zero bad debts.

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