The Vietnam Asset Management Company (VAMC), a powerful legal entity established to restructure the bad debts, would issue bonds to deal with the debts.

Vietcombank, one of the biggest commercial banks in Vietnam, has pioneered in slashing the deposit interest rate to 6 percent per annum. Other banks have unanimously reduced the lending interest rates.

While the profits from the credit activities decreased significantly in 2012, the proportion of income from the investment in government bonds tends to increase.

The debt of $600 million, together with interest of the Vietnam Shipbuilding Industry Group (Vinashin) has been agreed by over 51% of the creditors to convert into new bonds, with a term of 12 years.