Vietcombank explains uncollected Q3 debts

Vietcombank's bad debts were estimated at 3.9 per cent as of the end of September, the highest rate amongst those of domestic joint stock commercial banks, according to the bank's Q3 financial statement.

Explaining the issue, the bank said that Vietcombank had been applying international rules for computing its bad debts, aiming at helping provide transparency and accountability to its shareholders and customers.

Another reason was that in the past years, the bank had poured about VND8 trillion (US$382.77 million) into doubtful debt provision.

The bank also said that the rate of bad debts would be calculated more precisely at the end of its 2011 fiscal year, adding that Vietcombank may use part of the doubtful debt provision to reduce its bad debts.

(source: VNS)

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