Irrecoverable debts kept increasing in 2019’s first three months and currently account for more than 50 per cent of the 22 banks’ bad debts. As of the end of the first quarter, irrecoverable debts stood at VND46.4 trillion ($2 billion) As of the end of this year’s first quarter, the banks held more than VND84.2 trillion ($3.66 billion) in bad debts, up 5.6 per cent against early 2019. The amount included VND46.4 trillion ($2 billion) of irrecoverable debts, up 4 per cent against the beginning of the year. VietinBank has the most serious case of irrecoverable bad debts, with more than VND10.488 trillion ($456 million), up nearly 11 per cent against early this year. Previously, the bank’s irrecoverable debts sharply expanded by 45 per cent last year, from VND5.217 trillion ($226.8 million) in 2017 to VND9.47 trillion ($441.7 million). Following VietinBank is BIDV with the irrecoverable debts of more than VND7.231 trillion ($314.4 million), although unlike the former, this is only a 1 per cent increase against early 2019. However, the rate is 22 per cent than in the same period last year. Sacombank’s irrecoverable debts were VND5 trillion ($217.4 million), down 37 per cent on-year. Vietcombank and SHB also… Read full this story
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