PM demands continued restructuring of credit organisations
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.
Prime Minister Nguyen Xuan Phuc chairs the meeting of the steering committee for the restructuring of credit organisations on July 27 (Photo: VNA)
Hanoi (VNA) – The steering committee for therestructuring of credit organisations held a meeting in Hanoi on July 27 underthe chair of Prime Minister Nguyen Xuan Phuc.
At the event, participants reviewed theimplementation of the National Assembly’s Resolution 42 and Project 1058 onrestructuring the credit institution system in association with bad debtsettlement for 2016-2020.
The Government leader shared participants’ viewthat over the last three years, the whole system of credit organisations hasimproved considerably.
In particular, total asset value and equity hasincreased by 5 percent while the rate of non-performing loans (NPLs) has beenbrought down to 1.63 percent, or 4.43 percent if the NPLs sold to the VietnamAsset Management Company and possible NPLs are included.
The divestment of their capital from non-corebusinesses and the settlement of cross-ownership and -investment have beencarried out actively. As a result, 2.2 trillion VND (95.2 million USD) has beendivested, and manipulation by big shareholders has been basically solved.
Almost the entire system have been rectified andconsolidated. Notably, State commercial banks have continued to play an importantrole as their total assets account for 42.8 percent and their loans 47.9percent of the whole system’s.
Besides, non-bank credit institutions, people’scredit funds and micro finance organisations have been restructured andoperated more healthily, helping to curb loan sharking.
About 557 trillion VND of NPLs has been dealtwith, 76 percent of which has been handled by credit organisations themselves.
At the meeting, PM Phuc requested thecontinuation of synchronous solutions to step up the restructuring of thecredit organisation system, settle NPLs, ensure the system’s efficiency andsafety as well as monetary-credit security, and make use of the restructuringto support socio-economic recovery and development in the face of COVID-19impacts.
He asked the State Bank of Vietnam to keepdevising key tasks and solutions to achieve the set targets./.
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Prime Minister Nguyen Xuan Phuc chairs the meeting of the steering committee for the restructuring of credit organisations on July 27 (Photo: VNA) 
