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

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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