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VAMC buys nearly $600m in bad debt

Update: November, 13/2013 - 08:37
Sai Gon-Ha Noi Bank is one of 15 banks that sell their debts to VAMC.— Photo Dantri

HA NOI (VNS)— The Viet Nam Asset Management Company (VAMC) bought over VND12.4 trillion (US$591.9 million) in non-performing loans from 15 commercial banks by November 10.

VAMC vice chairman Nguyen Quoc Hung said 23 banks had applied to sell VND38 trillion ($1.8 billion) of bad debts to the company, and application assessing was underway.

Earlier this year, the company purchased debts from Maritime Bank, Techcombank, Global Petro Bank, Agribank, Viet Nam Construction Bank, Southern Bank, Sai Gon Commercial Bank, Sai Gon-Ha Noi Bank and Petrolimex Group Bank.

The State-owned VAMC was established in late July to remove bad debts from the banking sector. It is expected to buy around VND30-35 trillion ($1.42-1.66 billion) in bad debts by the end of this year. — VNS

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