Vietnam's Agribank cuts bad debt to 4%: report

Dec 25 2012, 16:30 IST
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Vietnam's Agribank cuts bad debt to 4%: report. (Reuters) Vietnam's Agribank cuts bad debt to 4%: report. (Reuters)

State-owned Agribank, Vietnam's largest lender by assets, has reduced its bad debt ratio to around 4 percent of loans now from 6.1 percent at the start of the year, a senior executive was quoted by a state-run newspaper on Tuesday as saying.

The Hanoi-based unlisted bank hopes to cut the ratio further in 2013, Chairman Nguyen Ngoc Bao of Agribank's Board of Members told the Tien Phong (Vanguard) newspaper.

Vietnam will take firm measures aimed at cutting the banking system's non-performing loans to 3-4 percent of total lending by the end of 2015 from 8.82 percent in September, Prime Minister Nguyen Tan Dung said last month. The loan problem has worsened this year as a result of a slowing economy and weakening domestic consumption.

Economic growth in 2012 slowed to an annual rate of 5.03 percent, its weakest rate of expansion since 1999, the government said on Monday.

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