9.4 million USD of bad debt recovered

The Vietnam Asset Management Company (VAMC) has purchased 39 trillion VND (1.8 billion USD) in bad debts, of which 200 billion VND (9.4 million USD) has been recovered, said VAMC's vice president Nguyen Quoc Hung on February 28.
The Vietnam Asset Management Company (VAMC) has purchased 39 trillionVND (1.8 billion USD) in bad debts, of which 200 billion VND (9.4million USD) has been recovered, said VAMC's vice president Nguyen QuocHung on February 28.

Further, the wholly-State-ownedcompany plans to purchase an additional 10 trillion VND (473 millionUSD) during the first quarter of this year, though there will bepressure to sell the purchased debts in 2014.

VAMC is also drawing up plans to restructure purchased debts, so as to set up new rooms for companies to gain new loans.

Regardingplans on debt refinancing through special bonds issued by VAMC, thehead of the State Bank of Vietnam ’s Monetary Policy Department,Nguyen Thi Hong, said on February 28 that these plans have not yet beencarried out.

SBV and VAMC are evaluating each case todetermine the volume and time needed to refinance debts. Refinancedvolume must be no more than 70 percent of the price of bonds issued byVAMC, pursuant to current laws.

The large purchase by VAMChas helped Vietnamese banks remove bad debt from their books and polishtheir balance sheets. Under standards set by the central bank, the baddebt ratio of the system increased from 4.08 percent in 2012 to 4.73percent in October 2013, though the ratio was reduced to 3.63 percent inDecember the same year.

Including bad debt rescheduledunder Decision No780/QD-NHNN dated April 23, 2012, Vietnam 's baddebt ratio would rise to about 9 percent, according to the centralbank’s announcement last week.

Earlier this week, thecentral bank issued a regulation that requires VAMC to publishinformation pertaining to its management policies, internal regulationson buying and selling non-performing loans, its processes and methodsfor calculating loan price and assets, and its processes and methods forselling loans and assets. The regulation will come into effect on June1.-VNA

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