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VAMC plans to resolve 5.95 billion USD of bad debts by 2020

The Vietnam Asset Management Company (VAMC) plans to resolve at least 140 trillion VND (5.95 billion USD) of non-performing loans (NPLs) from now until 2020, of which 34.5 trillion VND will be settled this year.
VAMC plans to resolve 5.95 billion USD of bad debts by 2020 ảnh 1  The Vietnam Asset Management Company (VAMC) also targets to use cash to buy another 3.5 trillion VND of NPLs according to market price in 2018. (Photo: VAMC)

Hanoi (VNS/VNA) – The Vietnam Asset Management Company (VAMC)plans to resolve at least 140 trillion VND (5.95 billion USD) of non-performingloans (NPLs) from now until 2020, of which 34.5 trillion VND will be settledthis year.

Under the company’s latest business plan released late last week, the StateBank of Vietnam (SBV)’s subsidiary also set to buy a maximum of 32 trillion VNDof NPLs from credit institutions this year by using its specialbonds.  

According to the legal regulation, holders of special bonds may use themas collateral for re-financing from the SBV.

Besides the issue of special bonds to buy NPLs, VAMC also targets to use cashto buy another 3.5 trillion VND of NPLs according to market price in 2018.However, to have sufficient capital for the purchase of bad debts under marketvalue, the company has asked the Government to increase its charter capitalfrom the current 2 trillion VND to 5 trillion VND as approved by the PrimeMinister in Decision 1058/QD-TTg dated July 19, 2017.

In order to meet the plans, VAMC requested SBV submit to the Prime Minister todirect competent ministries and agencies to soon issue guidance on theimplementation of the National Assembly’s Resolution No. 42 on settling baddebts.

Specifically, the Ministry of Natural Resources and Environment should issueregulations on guiding procedures related the transfer of bad debts’collaterals, which are unfinished real estate projects.

Meanwhile, the Supreme People’s Court should guide the application of thesummary procedures in the dispute settlement of bad debts’ collaterals atcourt.

VAMC’s management said that the company will study and launch new services suchas guarantee, capital contribution, share purchase, investment and leasing ofcollaterals.

In 2017, VAMC purchased 565 bad debts worth a total of nearly 32.38 trillion VNDfrom 414 customers of 14 credit institutions.

Since its launch in 2013 to the end of last year, it purchased 26,221 bad debtsworth 307.93 trillion VND of 16,269 customers in 42 credit institutions at apurchase price of 277.75 trillion VND.

It last year alone recouped 30.64 trillion VND of bad debts, raising the totaluntil the end of last year to 81.66 trillion VND.-VNS/VNA
VNA
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