Deputy Governor of the State Bank of Vietnam, Dang Thanh Binh, has become chairman of the board of the Vietnam Asset Management Company (VAMC).
The decision was made by SBV Governor Nguyen Van Binh on July 16.
VAMC came into being on July 9 in a move to resolve bad debts and boost credit growth. The company, managed, supervised and inspected by the central bank, has a charter capital of 500 billion VND (23.8 million USD).
According to a government decree, credit institutions with a bad debt rate higher than 3 percent will be required to sell loans to VAMC. The company will enjoy 2 percent of the revoked debt.
In other moves, the Deputy General Director of Agribank, Nguyen Quoc Hung, has been made VAMC’s permanent Deputy Chairman. Nguyen Huu Thuy from the central bank’s General Supervisory Department will become VAMC General Director.
The SBV governor also assigned three deputy general directors to VAMC. They are all currently deputy director of the Vietnam Investment and Development Bank (BIDV), Lienviet Post Bank and Sai Gon-Hanoi Bank (SHB).-VNA
The decision was made by SBV Governor Nguyen Van Binh on July 16.
VAMC came into being on July 9 in a move to resolve bad debts and boost credit growth. The company, managed, supervised and inspected by the central bank, has a charter capital of 500 billion VND (23.8 million USD).
According to a government decree, credit institutions with a bad debt rate higher than 3 percent will be required to sell loans to VAMC. The company will enjoy 2 percent of the revoked debt.
In other moves, the Deputy General Director of Agribank, Nguyen Quoc Hung, has been made VAMC’s permanent Deputy Chairman. Nguyen Huu Thuy from the central bank’s General Supervisory Department will become VAMC General Director.
The SBV governor also assigned three deputy general directors to VAMC. They are all currently deputy director of the Vietnam Investment and Development Bank (BIDV), Lienviet Post Bank and Sai Gon-Hanoi Bank (SHB).-VNA
