The Vietnam Asset Management Company will take drastic measures to recover around 33 trillion VND of non-performing loans this year, VAMC Chairman Nguyen Tien Dong said.
Hanoi (VNA) - The Vietnam Asset Management Company (VAMC) will takedrastic measures to recover around 33 trillion VND (2.6 billion USD) ofnon-performing loans (NPLs) this year, VAMC Chairman Nguyen Tien Dong said.
Dongsaid that to meet the target VAMC would focus on restructuring and classifyingits bad debts, so that it can sell its secured assets and recoup the debts.
“Ananalyst group specialised in restructuring enterprises with bad debts will alsobe set up to boost the debt settlement,” he said.
VAMCwill coordinate with relevant bodies under the central bank to submit to theGovernment and the National Assembly a project on restructuring and handlingbad debts to ease VAMC’s operations, Dong said.
Thisproject will also be expected to strengthen capital, technology and humanresources of VAMC to ensure that it is strong enough to settle bad debts.
Tradingof bad debts under market mechanism will be also undertaken this year to meetthe target, he said.
Besidesthe recovery of bad debts, VAMC will also buy 25 trillion VND of NPLs fromcredit institutions this year.
Accordingto VAMC, the company purchased 30 trillion VND of bad debts from creditinstitutions last year.
Ithad also collaborated with creditors to recover loans and sell mortgaged assetswith a total value of more than 20.6 trillion VND. Specifically, 469 billion VNDin bad debt was sold, nearly 5.5 trillion VND recovered from the sale of assetsused as collateral, and some 14.7 trillion VND retrieved via authorisation forcredit institutions.
Settlementof bad debts at credit institutions is also expected to be positive this yearafter some institutions announced they would buy back all the NPLs they hadsold to VAMC.
VietinbankChairman Nguyen Van Thang said that in 2017 his bank would focus on settlingbad debts and buy back all the bad debts it sold to VAMC, three years earlierthan planned.
From2007 to 2010, Vietinbank recouped nearly 10 trillion VND of bad debts through aprovision of risk loans and sales of bad debts. The bank’s bad debt ratio waskept under 1 percent by the end of 2016.-VNA
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Illustrative photo (Photo: Vietnambiz.vn) 
