Want to be in the loop?
subscribe to
our notification
Business News
SBV SEEKS TO EXTEND DEBT RESTRUCTURING TO SUPPORT ECONOMIC RECOVERY
The State Bank of Vietnam (SBV) is proposing an extension of the debt restructuring policy until the end of 2024, in a bid to continue supporting the country’s sluggish economic recovery.
On May 15, the SBV announced it is seeking feedback on a draft amendment to Circular 02/2023/TT-NHNN, which is designed to help mitigate the rise in non-performing loans on banks’ balance sheets and to allow banks to continue assisting customers facing financial difficulties.
The current regulation facilitates banks and foreign bank branches in restructuring repayment terms and maintaining debt classifications to support struggling customers. The proposed six-month extension of this policy would shift the deadline from June 30, 2024, to December 31, 2024.
This move is based on an assessment of the policy’s effectiveness in bolstering the economy and stabilizing banks. Despite stable macroeconomic conditions observed in the early months of 2024, the recovery has been slow, with ongoing challenges anticipated through the end of the year.
Under Circular 02, banks are required to account for provisions for all customer debts as if the special debt classification rules were not applied, and they must fully establish these additional provisions by the new deadline of December 31, 2024.
Source: The Saigon Times
Related News
INFRASTRUCTURE / CONSTRUCTION / LOGISTIC / PORT
VIETNAM EXPANDS INLAND CONTAINER DEPOT NETWORK TO 19
The two newly added ICDs are Cai Mep in HCMC and Tan Cang-Moc Bai (phase one) in Tay Ninh Province. Cai Mep ICD, located in Cai Mep Industrial Park in Tan Phuoc Ward, HCMC and developed by Cai Mep International Logistics JSC, covers 9.15 hectares and has an annual handling capacity of about 133,000 TEUs, according to the Government news site (baochinhphu.vn).
BANKING / FINANCE / INSURANCE / TAX
HCMC CREDIT UP 1.5% IN Q1
Outstanding loans in the city reached an estimated VND5.28 quadrillion, up 0.77% from the previous month and 16.25% year-on-year, data from the State Bank of Vietnam’s Regional Branch 2 showed. Vietnam dong loans accounted for 96.1% of total credit and rose 1.46% from the end of 2025. Medium- and long-term lending made up 55% of total outstanding loans and increased 3.22%.
VIETNAM ECONOMY INVESTMENT
HCMC TO ESTABLISH CULTURAL INDUSTRY DEVELOPMENT FUND
The HCMC People’s Committee has tasked relevant departments with establishing a cultural industry development fund and developing a 150-hectare film studio complex. The move follows an instruction by HCMC Party Committee Secretary Tran Luu Quang. The city’s cultural industry development fund will be structured under a venture capital model.
HR / LABOUR/ EMPLOYMENT
EMPLOYEES’ AVERAGE INCOME INCREASES
Average monthly income of workers in the first quarter reached VND9 million, up 3.8% from the previous quarter and 8.5% from a year earlier, according to the National Statistics Office. Male workers earned an average of VND10.1 million per month, compared with VND7.7 million for female workers. In urban areas, average income reached VND10.7 million per month, while in rural areas it was VND7.9 million.
INFRASTRUCTURE / CONSTRUCTION / LOGISTIC / PORT
HCMC KICKS OFF OVER 10 PROJECTS DURING APRIL
Work will start on major projects in transportation, urban development and logistics sectors in HCMC this month, coinciding with Vietnam’s Reunification Day, April 30. They include the N3 ramp at the An Phu interchange with an investment of VND3.4 trillion and the 1.69-hectare Tan Chanh Hiep Park. In addition to these, seven other projects are slated to break ground within the month, including the Ho Tram – Long Thanh airport urban expressway, the Nha Rong – Khanh Hoi port area and the Ho Chi Minh Museum expansion.
HOSPITALITY / TOURISM / ENTERTAINMENT
VIETNAM’S Q1 FOREIGN TOURIST ARRIVALS HIT RECORD HIGH
Vietnam welcomed nearly 2.1 million international visitors in March, bringing first quarter foreign tourist arrivals to 6.76 million, up 12.4% year-on-year and marking a record high for the period, the national authority for tourism said. Air travel accounted for 82.3% of international arrivals, followed by land at 15.5% and sea at 2.2%, according to the Vietnam National Authority of Tourism.
Events Sponsors
