The Vietnam Asset Management Company (VAMC) bought over 12.4 trillion VND (591.9 million USD) in non-performing loans from 15 commercial banks by November 10.

VAMC vice chairman Nguyen Quoc Hung said 23 banks had applied to sell 38 trillion VND (1.8 billion USD) of bad debts to the company, and application assessing was underway.

Earlier this year, the company purchased debts from Maritime Bank, Techcombank, Global Petro Bank, Agribank, Viet Nam Construction Bank, Southern Bank, Sai Gon Commercial Bank, Sai Gon-Ha Noi Bank and Petrolimex Group Bank.

The State-owned VAMC was established in late July with charter capital of 500 billion VND (23.5 million USD) to remove bad debts from the banking sector. It is expected to buy around 30-35 trillion VND (1.42-1.66 billion USD) in bad debts by the end of this year.-VNA