The Vietnam Bank for Agriculture and Rural Development (Agribank) and the Vietnam Asset Management Company (VAMC) will work closely together to review bad debts and put forth proper measures to accelerate the settlement and recovery of bad debts.
Hanoi (VNA) – The Vietnam Bank forAgriculture and Rural Development (Agribank) and the Vietnam Asset ManagementCompany (VAMC) will work closely together to review bad debts and put forthproper measures to accelerate the settlement and recovery of bad debts.
To this effect, a cooperation agreement was signed between the two units latelast week.
Under the agreement, the two sides will cooperate in developing a roadmap forbad debt settlement for every single year in the 2017-22 period.
Chairman of the Board of Agribank Trinh NgocKhanh said his bank is determined to actively coordinate with VAMC in dealingwith bad debts in the coming time and accepts to reduce lending interest ratesto support customers to pay debts.
As of September 30, 2017, Agribank continued tolead commercial banks with total assets and capital reaching over one trillionVND (44 million USD) and outstanding debts of 813 trillion VND (35.77 billionUSD), 73.9 percent of which were agriculture and rural loans.
The StateBank of Vietnam has selected six credit institutions -- Sacombank, ACB, BIDV,Vietcombank, VietinBank and Agribank -- to pioneer the implementation ofResolution No. 42, aimed at speeding up bad debt settlement.
VAMC bought more than25.53 trillion VND (1.12 billion USD) of non-performingloans (NPLs) from 14 credit institutions in the first nine months of this year.
Since its establishment in 2013 until the end of September this year, the companyhad bought NPLs worth a total of more than 301 trillion VND from 42 creditinstitutions for 270.92 trillion VND.-VNA
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At the signing ceremony (Photo: VNA)
