Asset management company officially begins work

The Vietnam Asset Management Company (VAMC) officially opened for business on July 9 with its functions of r esolving bad debts and boosting credit growth.
The Vietnam Asset Management Company (VAMC) officially opened for business on July 9 with its functions of r esolving bad debts and boosting credit growth.

With a charter capital of 500 billion VND (23.8 million USD), the wholly State-owned company will be managed, supervised and inspected by the State Bank of Vietnam.

VAMC is permitted to issue special bonds to buy bad debts from credit organizations and will recover debts and put collateral up for sale as well as restructuring debts. It will also adjust conditions on loans and convert debt into equity.

It is allowed to act as a broker to trade debts and assets, make financial investments and purchase sales as well as auction off assets and provide guarantees for businesses and individuals so they can access bank loans.

VAMC’s head office is located at No. 22 Hang Voi Street, Hoan Kiem district.-VNA

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