Updated  
April, 18 2014 08:42:00

VAMC announces interest rate for purchased bad debts

The interest rates will be applicable to purchased bad debts, which the VAMC had approved to adjust the rate from April 15 to June 30. — Photo thoibaonganhang

HA NOI (VNS)— Vietnam Asset Management Company (VAMC) will adjust annual interest rates for purchased bad debts at 10.7, 5.2 and 5.7 per cent for the Vietnamese dong, US dollar and Euro, respectively.

The interest rates will be applicable to purchased bad debts, which the VAMC had approved to adjust the rate from April 15 to June 30.

The move is a response to Circular 19/2013/TT-NHNN issued by the State Bank of Viet Nam requiring the VAMC to consider adjusting the interest rates currently applied to purchased non-performing loans to reasonable levels. The levels will be suited to the loan repayment ability of borrowers and market interest rates for every quarter and in line with agreements in credit contracts, loan acknowledgements, entrustment contracts, and corporate bond purchase contracts, as well as loan purchase and sale contracts.

The VAMC will announce the interest rate every quarter.

The VAMC reported that in the first quarter of this year, the company bought bad debts worth VND3.9 trillion ($185.7 million) – much lower than its target of VND10 trillion ($476.2 million).

The VAMC has so far purchased nearly VND43 trillion ($2.05 billion) of bad debts through its bonds. However, it has recovered more than VND300 billion ($14.3 million) worth of debts. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Authorities step in to save old trees 1    Authorities step in to save old trees

The Ha Noi People's Committee has asked Ha Noi Urban Railway Management Unit to try to avoid chopping down many old trees to make way for a future metro line.

Young travellers rescue bus accident victims Young travellers rescue bus accident victims

A group of 16 young Vietnamese motorbikers were first on the scene at last Monday's tragic bus accident on its way from the resort town of Sa Pa, which killed 13 of the 50 passengers on a sleeper bus.

Capital's new urban areas still without safe tap water Capital's new urban areas still without safe tap water

People living in apartment buildings of the capital's new urban areas are expressing concern over poor-quality tap water.

Minister acts on highway peril Minister acts on highway peril

The Ministry of Transport has urged Lao Cai People's Committee to co-ordinate the completion of the highway linking Noi Bai airport with Lao Cai and the resort town of Sa Pa.

VN film triumphs at Venice festival VN film triumphs at Venice festival

A film by Vietnamese female director Nguyen Hoang Diep beat seven other foreign debut features to win the Best Film prize at the 2014 Venice International Film Festival's International Critics' Week.