Business

Debt trading company increases charter capital

The Prime Minister has approved the addition of 3.1 trillion VND (145.19 million USD) to charter capital of the Debt and Asset Trading Corporation ( DATC) in the period of 2014 – 2015.
The Prime Minister has approved the addition of 3.1 trillion VND (145.19million USD) to charter capital of the Debt and Asset TradingCorporation ( DATC) in the period of 2014 – 2015.

Of theamount, 2.5 trillion VND (117.09 million USD) will come from the fundsupporting the re-arrangement and development of enterprises and therest from other regulated financial sources.

The DATC, founded in 2003, operates under the Finance Ministry in a bid to settle bad debts.

In 2013, the corporation's total revenue was 530 billion VND (24.09million USD), including that from debt trading activities of more than326 billion VND (14.82 million USD). It focused on negotiations withcommercial banks to buy bad debts of mainly State-owned groups andcorporations, and restructured five State-owned enterprises intojoint-stock companies.-VNA
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