Photo: baodautu.vn

Fourteen banks in Ho Chi Minh City have restructuring plans for the 2013-2015 period; of these, eleven have already had their schemes approved by the State Bank of Vietnam (SBV).

This statement was reported at a working session of the local National Assembly member delegation with the SBV branch and credit institutions in the city on May 12.

The eleven banks include Saigon Commercial Bank, Nam Viet Bank, Eximbank, An Binh Bank, Saigon Bank for Industry and Trade, Nam A Bank, Viet Capital Bank, Orient Commercial Bank, Asia Commercial Bank, Dong A Bank and Viet A Bank.

The three banks whose restructuring plans have not been approved yet include Sacombank, Southern Bank and HDBank.

Southern Bank was approved by the SBV in principle to merge with Sacombank, while HDBank acquired the Societe Generale Viet Finance Co and merged with Dai A Bank.

On March 31, the total bad debts in the city had reached around 46.4 trillion VND, or 2.21 billion USD, representing 4.85 percent of all local loans. Mortgages for the non-performing loans amounted to nearly 77 trillion VND, or 3.67 billion USD, in value.

In the first quarter of the year, local lenders solved 3.53 trillion VND, or 168.10 million USD, worth of bad debts. Of the figure, 487 billion VND, or 23.19 million USD, was sold to the Vietnam Asset Management Company.

Source: VNA