Wednesday, November 14 2018

VietNamNews

VAMC asks for five-fold increase in charter capital

Update: March, 22/2017 - 11:28
The Việt Nam Asset Management Company (VAMC) has proposed to raise its current charter capital from VNĐ2 trillion (US$87.6 million) to VNĐ10 trillion by 2020. — Photo kinhdoanhnet.vn
Viet Nam News

HÀ NỘI — The Việt Nam Asset Management Company (VAMC) has proposed to raise its current charter capital from VNĐ2 trillion (US$87.6 million) to VNĐ10 trillion by 2020.

The amount is aimed to enhance the company’s financial capacity to buy and sell bad debts at prevailing market prices.

This is one of the proposals in an itinerary of raising capacity to solve bad debts in the 2017-20 period that VAMC has sent to relevant bodies recently.

Other proposals include setting up debt buying and selling market and building provisional funds.

VAMC was established in 2013 with the initial charter capital of VNĐ500 billion, which was seen as modest in comparison with the total non-performing loans that the company has to deal with. In 2015, the Government raised the company’s charter capital to VNĐ2 trillion.

In its proposal, VAMC also wanted to issue government-guaranteed bonds worth of about VNĐ45 trillion which will come from domestic and foreign organisations and individuals. — VNS

 

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