Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

* DATC Move a Tiny Positive; and * Net New NPL Growrh is Disturbing to Say the Least;  and * USD 27 bn (9.5% of total loans) in NPLs is due to double by 2020. <h2>Investment Summary</h2>Vietnam has two state-owned and managed debt acquisition companies, the Debt and Asset Trading Corporation (DATC) and the Vietnam Asset Management Company (VAMC). While VAMC is responsible for handling bad debts of commercial banks and financial institutions, the DATC has focused on settlements of bad debt owned by…

* DATC Move a Tiny Positive; and * Net New NPL Growrh is Disturbing to Say the Least;  and * USD 27 bn (9.5% of total loans) in NPLs is due to double by 2020. Investment SummaryVietnam has two state-owned and managed debt acquisition companies, the Debt and Asset Trading Corporation (DATC) and the Vietnam Asset Management Company (VAMC). While VAMC is responsible for handling bad debts of commercial banks and financial institutions, the DATC has focused on settlements of bad debt owned by…

Vietnam Banks - DATC Move A Mere Drop In the Bucket

*  Moody's Weak Credit Rating Assigned; * State Bank of Vietnam Circular Prevents Cross-Ownership; and* Growth constrained due to bank regulatory requirements, and debt/GDP cap - accelerating NPLs to follow.  Investment SummaryThe Vietnamese banking sector is falling off of a cliff, with valuations declining 5.8% over the last 30 days. Only consumer-focused VP Bank (VPB VN) has posted a positive  return (up 11.5%) over the period. In our view, there is certainly more to go with valuations at…

*  Moody's Weak Credit Rating Assigned; * State Bank of Vietnam Circular Prevents Cross-Ownership; and* Growth constrained due to bank regulatory requirements, and debt/GDP cap - accelerating NPLs to follow.  Investment SummaryThe Vietnamese banking sector is falling off of a cliff, with valuations declining 5.8% over the last 30 days. Only consumer-focused VP Bank (VPB VN) has posted a positive  return (up 11.5%) over the period. In our view, there is certainly more to go with valuations at…

Vietnam

The Vietnam Stock Index or VN-Index is a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange. The index was created with a base index value of 100 as of July 28, 2000. Prior to March 1, 2002, the market only traded on alternate days.

Vietnam VNIndex (VNINDEX INDEX)

Vietnam Banks - DATC Move A Mere Drop In the Bucket

* DATC Move a Tiny Positive; and * Net New NPL Growrh is Disturbing to Say the Least; and * USD 27 bn (9.5% of total loans) in NPLs is due to...

Thomas J. Monaco

Vietnam Banking Sector - Stop, It Hurts

* Moody's Weak Credit Rating Assigned; * State Bank of Vietnam Circular Prevents Cross-Ownership; and* Growth constrained due to bank regulatory...

Thomas J. Monaco