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

VN smartphone hits shops 1    VN smartphone hits shops

Bkav Corporation yesterday launched the first made-in-Vietnam smartphone, Bphone, which was in development for more than four years.

CAAV plan seeks to tighten baggage security 1    CAAV plan seeks to tighten baggage security

The Civil Aviation Administration of Viet Nam (CAAV) has issued a plan for better management and prevention of theft of passengers' baggage and cargo, and to ensure aviation security.

Son makes Dad prize wheelchair 1    Son makes Dad prize wheelchair

Le Van Hoa works through his lunchtime at a workshop at the Hue College of Industry every day, despite the extreme heat. He is finalising an electric wheelchair designed for his father who was paralysed in a motorbike accident 12 years ago.

US show to shoot secret cave special 1    US show to shoot secret cave special

The American television network ABC (American Broadcasting Company) will make a live broadcast of a Good Morning America programme featuring one Viet Nam's natural wonders.

Prime Minister awards merit certificate to swimmer Vien 1    Prime Minister awards merit certificate to swimmer Vien

Nguyen Thi Anh Vien received a Labour Order third class, and a merit certificate from Prime Minister Nguyen Tan Dung on Monday.