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The increase in provision costs of banks in recent quarters was forecast previously as the sharp increase in bad debt of firms, especially in the real estate and export sectors.
The bad debt ratio in Vietnam soared from 2% at the beginning of the year to 3.56% in late July, equivalent to more than VND440 trillion ($18 billion), according to the State Bank of Vietnam (SBV).
Timo has just garnered an additional $10 million of funding from its current shareholder base, according to insider reports gathered by DealStreetAsia.