The State-run Vietnam Asset Management Company (VAMC) is in the process of founding a debt trading floor for managing and updating information on debts, according to its latest report.
Hanoi(VNA) – The State-run Vietnam Asset Management Company (VAMC) is in the processof founding a debt trading floor for managing and updating information on debts, according to its latest report.
The company also plans to seek permission from the State Bank of Vietnam and competent authorities to raise its chartercapital to 10 trillion VND (430.73 million USD), in a bid to further enhance its financialcapacity, thus becoming ableto purchase non-performing loans (NPLs) at prevailing market prices.
At the sametime, it is developing adatabase about NPLs and their collaterals for interested investors’ access. Itis expected to pave the way for the establishment of a NPL data centre to boosttransactions in NPL markets, of which the VAMC is the centre.
It will focuson buying NPLs from weak financial institutions and those whose NPLs accountfor over 3 percent of the total loans via special bonds to ward off risks tothe domestic banking system.
This year, theVAMC aims to settle 50 trillion VND worth of NPLs, purchase 5 trillion VNDworth of bad debts at market prices, and issue 15 trillion VND worth of special bonds.
The firmreported that it purchased bad debts with special bonds of 381 debts worth 20.54trillion VND last year./.
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