Photo: Tuoi tre & Xa hoi

Business Briefing

Gold rate

As of 9:30 am on June 20, DOJI Group listed the gold price at VND 67.8 million/tael (buying), and the selling price at VND 68.65 million/tael. Compared to the previous session, the gold price at DOJI did not change the buying transaction while increasing by VND 50,000 per tael in the selling transaction.

Meanwhile, Saigon SJC listed the buying gold price at VND 67.9 million per tael and the selling price at VND 68.7 million per tael. Compared to the previous session, the price in both transactions increased by VND 50,000 VND per tael.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,092/USD on June 20, up VND 3 from the last working day of the previous week (June 17). With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,784/USD and the floor rate VND 22,399/USD.

The opening-hour rates at some commercial banks dropped. At 8:30 am, BIDV listed the buying rate at 23,100 VND/USD and the selling rate at VND 23,380/USD, both down VND 10 from June 17. Meanwhile, Vietcombank kept both rates unchanged from June 17, listing the buying rate at VND 23,070/USD, and the selling rate at VND 23,380/USD.

Photo: Kinh te Nong thon

Finance news: NA approves extension of pilot bad debt settlement resolution

The National Assembly (NA) has agreed to extend a pilot resolution on bad debt settlement until the end of 2023 instead of this year. Under the new resolution, the NA assigned the Government to study regulations on handling bad debt and collateral, and review to amend the Law on Credit Institutions to submit them to the NA before its meeting in May 2023.

At the NA’s meeting last month, Governor of the State Bank of Vietnam Nguyen Thi Hong reported that after five years of implementing Resolution 42, the bad debt settlement of credit institutions has achieved positive results. The bad debt ratio of credit institutions was controlled at below 2 percent.

The Government proposed extending Resolution 42 while it studies to legislate the policies specified in the resolution into a new law to continually enable the banking industry to settle bad debts of credit institutions. The issuance of a new law on bad debt handling will help credit institutions maintain and accelerate the handling of bad debts to avoid potential risks for the economy, Hong said.

Experts have also suggested streamlining Resolution 42 to better deal with bad debts. According to banking expert Can Van Luc, one of the major problems when dealing with bad debts currently is the handling of collateral. The right to seize security assets of a credit institution is one of the key contents of Resolution 42, but it does not specify regulations when the borrowers do not cooperate. Therefore, Luc said it is necessary to have a law on bad debt settlement with a stronger legal framework.

Lawyer Truong Thanh Duc, Director of ANVI Law Firm, said Resolution 42 has a good effect in dealing with bad debts, however, the policy still needs to be further streamlined to improve the handling of bad debts in the banking industry.

Photo: VOV Live

Weather Forecast

June 21 - 23: Due to the strong development of the Western hot low-pressure zone, the North and the Central region (Thanh Hoa to Phu Yen) today continue to have intense heat.It is forecasted that the heat in the Northern region is likely to last until June 21. From June 22, the heat tends to decrease gradually. Rain will come back from the night of June 23, due to the influence of the high-altitude wind. In the Central region, the intense heat is likely to last until about June 23, then gradually ease.

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