Monetary policies have produced good results so far, but there is stillroom for improvement, constituents concluded after the Governor of theState Bank of Vietnam (SBV) Nguyen Van Binh responded to questionsduring the 31st session of the National Assembly Standing Committee inHanoi on September 29.
Quang Tung, Director of the ACBBank branch in the northern province of Quang Ninh, acknowledged thatexchange rates for the US Dollar and Vietnamese Dong were stable, whileinterest rates had declined, particularly lending rates on foreigncurrencies.
Nguyen Thanh Nam, Deputy Director of the StateTreasury in Quang Ninh, spoke highly of the restructuring scheme for thebanking sector in 2011-2015. He praised the settlement ofnon-performing loans (NPLs) by the Vietnam Asset Management Company(VAMC), a government-backed entity established last year to restructurebad debts and bank collaterals.
Commercial banks are undersound management, which means they are less exposed to credit risks,especially real estate credit, he said.
Other expertsstressed the importance of investing capital carefully since the rate oferadicating NPLs, which hinder economic development, remained slow.
VAMC bought up around 60 trillion VND (2.8 billion USD) of baddebt, but the situation has yet to improve drastically, Nguyen VanThuan, Dean of the Finance and Banking Faculty at the Ho Chi Minh CityOpen University, warned.
However, he hailed the recentstimulus package to provide State officials access to housing loans of 2billion VND (95,000 USD) each, saying it would fuel the propertymarket, and at the same time, address NPLs, since the majority of NPLsare in real estate.
Tran Thuc Hien, Director General of theThai Anh Trade and Production Co.Ltd, agreed that the monetary policiesintroduced are proper. She, however, raised the issue of implementingthese policies efficiently, benefiting businesses which are strugglingto gain access to capital for production.-VNA
Quang Tung, Director of the ACBBank branch in the northern province of Quang Ninh, acknowledged thatexchange rates for the US Dollar and Vietnamese Dong were stable, whileinterest rates had declined, particularly lending rates on foreigncurrencies.
Nguyen Thanh Nam, Deputy Director of the StateTreasury in Quang Ninh, spoke highly of the restructuring scheme for thebanking sector in 2011-2015. He praised the settlement ofnon-performing loans (NPLs) by the Vietnam Asset Management Company(VAMC), a government-backed entity established last year to restructurebad debts and bank collaterals.
Commercial banks are undersound management, which means they are less exposed to credit risks,especially real estate credit, he said.
Other expertsstressed the importance of investing capital carefully since the rate oferadicating NPLs, which hinder economic development, remained slow.
VAMC bought up around 60 trillion VND (2.8 billion USD) of baddebt, but the situation has yet to improve drastically, Nguyen VanThuan, Dean of the Finance and Banking Faculty at the Ho Chi Minh CityOpen University, warned.
However, he hailed the recentstimulus package to provide State officials access to housing loans of 2billion VND (95,000 USD) each, saying it would fuel the propertymarket, and at the same time, address NPLs, since the majority of NPLsare in real estate.
Tran Thuc Hien, Director General of theThai Anh Trade and Production Co.Ltd, agreed that the monetary policiesintroduced are proper. She, however, raised the issue of implementingthese policies efficiently, benefiting businesses which are strugglingto gain access to capital for production.-VNA
