Thứ Năm, 8 tháng 6, 2017

SBV confident that bad debt can be dealt with

 State Bank of Vietnam Governor Le Minh Hung told the National Assembly on June 7 that there's no loophole in the draft resolution on bad debt for individuals and groups to exploit.

State Bank of Vietnam Governor Le Minh Hung speaks at the NA meeting on June 7.

According to Hung, the unstable international situation had badly affected Vietnam while the local economy was having many difficulties with rising public debts. In addition, the real estate in Vietnam has experienced a slump. 

Hung said Vietnamese firms were too dependent on bank loans and that was why they were so easily affected by various changes in Vietnam and in the world. "They both, directly and indirectly, causes bad debts," he said.

Data from the General Statistics Office show that from 2011 to 2015, over 63,000 firms went out of business annually. Moreover, the unstable macro-policies also affected the ability to repay debts. On the other hand, many firms were shirking responsibility to pay bank loans.

Hung also admitted that lax procedures, weak risk management capacity, and even unethical bank employees at some banks allow loopholes and high risks of bad debts. The inspection and monitoring from the State Bank of Vietnam haven't been up to the current development of the banking sector. Some inspectors also violated the regulations.

"Some bank employees abused their positions to violate the regulations. They are and have been dealt with," Hung said.

Hung assured that the new draft resolution on dealing with bad debts had been discussed carefully and there were no ways for people to exploit for personal gain. Violators would be strictly punished.

The State Bank of Vietnam has forwarded evidence for investigation.

Statistics from the Ministry of Public Security from 2011 to 2016 show that 95 cases and 200 bank employees were discovered and prosecuted. Many of them are former bank chairmen, directors or members of the director board and have been given 20 years of imprisonment, life sentence or the death penalty. 

During the restructuring process, about 122 employees in 65 cases at Agribank were prosecuted.

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