Vietnam Banks Ordered to Report on SOE Cash, Debt Situation
The State Bank of Vietnam, the country’s central bank, said Nov 27 that local credit institutions which are licensed to provide foreign exchange services must report on cash and debt situation of state-owned groups and corporations.
These banks are required to report about deposit balance and outstanding loans in foreign currencies of the SOEs, the central bank said in the Official Letter No. 9335/NHNN-QLNH.
Credit institutions must submit their reports to Foreign Exchange Management Department under the SBV no later than December 4. The reported statistics to the SBV must be summarized till Nov 30 or possible nearest time.
Last week, Prime Minister Nguyen Tan Dung requested PetroVietnam, Vinacomin and other state-owned corporations to sell part of their dollar receipts to the central bank. By doing so, the SBV will have sufficient dollar to stabilize domestic forex market.
Vietnam’s forex reserves are down to 12 weeks of imports, compared with 20 weeks by end-2008. (SBV)
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