PM demands continued restructuring of credit organisations

Update: 14:53 | 28/07/2020

The steering committee for the restructuring of credit organisations held a meeting in Hanoi on July 27 under the chair of Prime Minister Nguyen Xuan Phuc.

At the event, participants reviewed the implementation of the National Assembly’s Resolution 42 and Project 1058 on restructuring the credit institution system in association with bad debt settlement for 2016-2020.

PM, restructuring, of credit organisations, credit institution system, bad debt settlement,  entire system, non-bank credit institutions, Covid-19 impacts

PM Nguyen Xuan Phuc speaking chairs the meeting of the steering committee for the restructuring of credit organisations on July 27.

The Government leader shared participants’ view that over the last three years, the whole system of credit organisations has improved considerably.

In particular, total asset value and equity has increased by 5% while the rate of non-performing loans (NPLs) has been brought down to 1.63%, or 4.43% if the NPLs sold to the Vietnam Asset Management Company and possible NPLs are included.

The divestment of their capital from non-core businesses and the settlement of cross-ownership and -investment have been carried out actively. As a result, VND2.2 trillion (US$95.2 million) has been divested, and manipulation by big shareholders has been basically solved.

Almost the entire system have been rectified and consolidated. Notably, State commercial banks have continued to play an important role as their total assets account for 42.8% and their loans 47.9% of the whole system’s.

Besides, non-bank credit institutions, people’s credit funds and micro finance organisations have been restructured and operated more healthily, helping to curb loan sharking.

About VND557 trillion of NPLs has been dealt with, 76% of which has been handled by credit organisations themselves.

At the meeting, PM Phuc requested the continuation of synchronous solutions to step up the restructuring of the credit organisation system, settle NPLs, ensure the system’s efficiency and safety as well as monetary-credit security, and make use of the restructuring to support socio-economic recovery and development in the face of Covid-19 impacts.

He asked the State Bank of Vietnam to keep devising key tasks and solutions to achieve the set targets.

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Source: NDO/VNA

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