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Vietnam - Bad Debts Rise to VD40Tln as of November, 2011: SBV Governor

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Vietnam - Bad Debts Rise to VD40Tln as of November, 2011: SBV Governor

Post  lexie on Thu Dec 01, 2011 2:05 pm

December 1, 2011

Bad Debts Rise to VD40Tln as of November, 2011: SBV Governor

Bad debts in Vietnam's banking sector climbed to VND40 trillion as of November, 2011, the local online newspaper VnExpress.net quoted Nguyen Van Binh, Governor of the State Bank of Vietnam, as saying on Nov 30.

This figure should not spur worries, he said, assuring that local banks have set aside proper loan loss provisions for these bad debts.

However, commercial banks should be concerned as higher bad debts would require greater loan loss provisions, which would ultimately cause banks’ profits to shrink, he warned.

Many banks previously raced to achieve their credit growth targets and thus increased bad debts, the governor admitted, saying that the problem would not recur this year as credit growth would not exceed 15% at year end.

In the coming time, the central bank will continue issuing bold regulations to re-organize the banking sector, Binh added.


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