A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi, Vietnam Nov 15, 2017. (Reuters photo)
HANOI: Vietnams national assembly on Monday gave authorities the ability to declare troubled banks bankrupt, through an amendment to a law on the operation of credit organisations, the government website said.
Approval of a bill establishing the right to declare bankruptcies came about five years after the start of a banking crisis that Vietnamese authorities still have not fully resolved.
State Bank of Vietnam Governor Le Minh Hung said recently that bad debts and potential bad debts amounted to 8.61% of total credit at the end of Septembe…
Read the full article at: http://jacksonobserver.com/vietnam-approves-bill-letting-banks-be-declared-bankrupt/