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VietNamNews

Local banks offload bad debt to VAMC

Update: September, 24/2013 - 09:19
Navibank, Sacombank, Agribank and SHB are the first to sell bad debts to VAMC.—Photo vietnamnet

HA NOI (VNS)— The Viet Nam Assets Management Company (VAMC) will issue bonds worth VND10 trillion (US$476.1 million) to buy bad debts from Navibank, Sacombank, Agribank and SHB this year.

They are the first banks to sell bad debts to VAMC since the company was set up in July.

The plan will be divided into two phases, the first of which will be from September 21 to October 30 using bonds worth VND10 trillion. The second will be from November 1 to the end of this year with bonds worth of VND20-25 trillion ($952.4-1.2 billion).

According to a VAMC official, the plan was approved by the State Bank of Viet Nam (SBV) last week.

The VAMC leader said the company's operating regulations have been completed and will be issued in the next few days.

VAMC leaders last week worked with a number of joint stock banks and the SBV in the southern region to carry out the SBV's circulars on buying and selling bad debt and refinancing loan of the price of bonds issued by VAMC. They also exchanged to solve difficulties of the banks. — VNS

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