Deputy Prime Minister Vuong Dinh Hue and the Vietnam Asset Management Company (VAMC) discussed the settlement of bad debts during a working session in Hanoi on April 27.
Deputy Prime Minister Vuong Dinh Hue (Source: VNA)
Hanoi (VNA) – Deputy Prime Minist🌺er Vuong👍 Dinh Hue and the Vietnam Asset Management Company (VAMC) discussed the settlement of bad debts during a working session in Hanoi on April 27.
Chairman of the VAMC board of directors Nguyen Quoc Hung said the VAMC has purchased more than 24,500 debts worth over 244 trillion VND (11 billion USD).
The VAMC has worked closely with the State Bank of Vietnam (SBV) to build a legal corridor for debt trading, he said, adding that it has also classified purchased bad debts, to adopt appropriate solutions.
Hue admitted that VAMC still meets difficulties involving mechanisms, legal regulations and management.
The Deputy PM said he requested the SBV review the three-year implementation of the Prime Minister’s decision on bad debt settlement among credit organisations, thereby devising a similar scheme for 2016-2020 in which those regarding legal regulations, market development and VAMC’s improved efficiency must be specified.
Relevant ministries must closely liaise with the banking sector during the process, he stated.-VNA
The Vietnam Assets Management Company (VAMC) has issued special bonds to purchase over 92 trillion VND (4.18 billion USD) worth of bad debts from the beginning of this year to October 20.
The Vietnam Asset Management Company (VAMC) has cut the applicable interest rates by 0.3 percent of the Vietnamese dong and the euro for non-performing loans (NPLs) purchased from credit institutions.
The Vietnam Asset Management Company (VAMC) issued over 234 trillion VND (10.4 billion USD) worth of special bonds as of 2015, according to VAMC General Director Nguyen Huu Thuy.
Terms for bonds issued by the Vietnam Asset Management Company to buy bad debts from credit institutions, will be extended from five years to 10 years in some cases.
Commercial banks offloaded a large volume of non-performing loans (NPLs) to the Vietnam Asset Management Company (VAMC) in 2015 to reduce the bad debt rate to below 3 percent.
The State Bank of Vietnam (SBV) has requested that credit institutions and foreign bank branches intensify their credit quality and bad debt management and submit their bad debt handling plans.
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Deputy Prime Minister Vuong Dinh Hue (Source: VNA)
