The State Bank of Vietnam–the SBV–has extended the duration of Circular 02/2023/TT-NHNN which gives banks the ability to restructure a customer’s debts without reclassifying the risk level of said debt, The Saigon Times is reporting. This circular was first introduced last year to battle blowouts of debt that came about as a result of the bond market crisis. This was to give borrowers some temporary relief however with market conditions little improved, particularly in the real estate sector (See: Vietnam’s Real Estate Market Recovery 2024: Unpacked) further support is sorely needed. Ergo, the extension of the aforementioned circular.
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