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 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, according to Nguyen Quoc Hung – Chairman of VAMC’s member board.
The figure exceeded the yearly target of buying 80 trillion VND (3.6 billion USD), Hung said.
Since 2013, the company has bought 218.9 trillion VND (9.9 billion USD) worth of bad debt for 191.3 trillion VND (8.68 billion USD).
It has also recouped a combined 15.69 trillion VND (713 million USD) from spoiled loans during the period.
VAMC fixed interest rates for as many as 28 debts from nine clients at 367 billion VND and 17✃ other clients saw 66 billion VND (3 million USD) worth of fee cuts and reductions.-VNA
Starting 2016, the Vietnam Asset Management Company (VAMC) will mainly buy non-performing loans (NPLs) from credit institutions at market value and restrict using special bonds for the purchase.
From 2012 to August 2015, credit organisations handled 424.14 trillion VND worth of bad debt, bringing the ratio of bad debt to 3.21 percent this August from 4.93 percent in September 2012.
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Illustrative image (Photo:VNA)
