New Text Notification

Roadmap to implementation of the scheme for restructuring system of credit institutions associated with settlement of bad debts in Vietnam

08:41, 25/07/2017

On July 19, 2017, the Prime Minister of Vietnam issuedDecision No. 1058/QĐ-TTg on approving scheme for “Restructuring system of credit institutions associated with settlement of bad debts in the period of 2016-2020”.

Roadmap to implementation is as follows:

2017 - 2018:

- Deploying Basel II applying standardized approach to 10 commercial banks;

- Deploying solutions to improve financial capacity, transform business models, governance and operations at credit institutions;

- Economic groups, state corporations, state enterprises which own shares or contributed capital at credit institutions shall complete the divestment at credit institutions;

- Improve the organizational structure and operation of VAMC; increase charter capital for VAMC to reach VND 5,000 billion.

2019 - 2020:

- At least 12 to 15 commercial banks implementing Basel II;

- Basically settle the bad debts which need to be dealt with;

- Increase charter capital of VAMC to reach VND 10,000 trillion;

- Form commercial banks capable of competing in the region and the world.

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