VAMC to reclaim VND35-40 trillion in bad debt in 2017

10:21 | 11/10/2017 Economy Follow Ven.vn on

The Vietnam Asset Management Company (VAMC) has reclaimed over VND25 trillion (US$1.1 billion) of bad debts from credit institutions since the beginning of 2017, raising the total of bad debt it has collected to over VND260 trillion (US$11.44 billion).

VAMC to reclaim VND35-40 trillion in bad debt in 2017

VAMC has bought over VND25 trillion of bad debts from credit institutions since the beginning of the year, raising the total of bad debt collected to over VND260 trillion

According to the VAMC Chairman Nguyen Tien Dong, the debt asset management company is expected to handle a bad debt figure of approximately VND35-40 trillion in 2017, higher than the volume for 2016, which stood at VND28 trillion.

The purchase and sale of bad debts has also been implemented in accordance with the market mechanism since the issuance of Resolution No. 42/2017/QH14 by the National Assembly on bad debt handling. Following a month of implementing Resolution 42, since it took effect on August 15, the VAMC has bought five bad debts at market price in cash at over VND2 trillion.

Currently, the VAMC is reviewing the list of credit institutions sent to it and will purchase additional bad debts by the year end.

However, the implementation of bad debt buying in cash remains slow, as the VAMC's chartered capital is only around VND2 trillion and is expected to reach VND5 trillion by 2018 and VND10 trillion by 2020. Therefore, in the fourth quarter, the VAMC will submit a bond issuance plan.

Dong confirmed that in the Q4 2017, the VAMC will submit a proposal to the State Bank of Vietnam (SBV) to issue VAMC bonds, but this bond will be rediscounted at the SBV and the VAMC will submit to the Prime Minister on the company's mobilisation of resources for a period of time, with interest being paid when buying the bad debts of credit institutions, to ensure the harmonious interests of credit institutions and the VAMC.

VAMC is 100% State owned and is managed, supervised and inspected by the central bank. The company, which is permitted to buy bad debts from banks, will recover debts, put collateral up for sale and restructure debts. It will also adjust the conditions on loans and convert debt into equity.

It is allowed to consult and act as a broker in order to trade debts and assets, make financial investments and purchases, auction off assets and provide guarantees for businesses and individuals so they can access bank loans.

Since its debut in 2013, VAMC has bought bad debts totaling VND260 trillion from credit institutions and has issued special bonds worth VND230 trillion to buy the debts.

NDO

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