BIDV clears bad debts at VAMC

Monday, Mar 09, 2020 17:35

View of BIDV’s shareholders' meeting. — Photo BIDV

The Bank for Investment and Development of Vietnam (BIDV) has cleared all non-performing loans it had previously sold to the Viet Nam Asset Management Company (VAMC), the bank’s chairman Phan Duc Tu said.

At BIDV’s shareholders' meeting late last week, Tu also announced the bank targeted to keep the bad debt ratio at below 1.7 per cent this year.

The bank also set a pre-tax profit target of VND12.5 trillion in 2020, as well as a credit growth target of 9 per cent and mobilised capital of 9 per cent. Its dividend payment was expected at 7 per cent.

However, the plans were the most positive scenario without considering the impacts of the Covid-19 epidemic, Tu noted, adding the bank would try its best to complete the plans assigned by BIDV’s general meeting of shareholders, but adjustments could be made in case of necessity and would be reported to shareholders.

He explained in 2020, Viet Nam's economy in general and the banking industry, including BIDV, in particular, were forecast to face many difficulties and challenges, especially the severe impacts of the Covid-19 epidemic.

According to the VAMC, 12 banks have so far cleared all their bad debts kept at the VAMC. They include Vietcombank, Techcombank, MB, VIB, OCB, Nam A Bank, TPBank Agribank, VPBank, SeABank, Kien Long Bank and BIDV. — VNS

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