Vietnam Debt and Asset Trading Company (DATC) under the Ministry of Finance will expand its debt trading activities to all enterprises in the economy, including foreign-invested firms, aside from doing so with State-owned enterprises (SOEs) as usual, news website VnEconomy reported.

Vietnam Debt and Asset Trading Company will expand its debt trading activities to all enterprises in the economy, including foreign-invested firms - PHOTO: VGP

Pham Manh Thuong, deputy general director of DATC, announced the business expansion plan at a press conference held by the ministry on November 13. The DATC leader said the expansion was expected to have a positive impact on enterprises as well as on the local economy in the years to come.

DATC was founded following Decision No.109/2003/QD-TTg, dated June 5, 2003, by the prime minister giving his approval. Its main functions are buying and selling debts of enterprises by tapping the State budget. It has to ensure efficient and profitable operations, added Thuong.

Apart from that, the company serves as the Government’s tool to manage debts and assets that went unresolved during the process of restructuring and reforming SOEs and commercial banks.

Since its debut, DATC has helped some 3,000 enterprises settle public debts and assets in their pre- and post-equitization processes, earning over VND90 trillion, as well as helped restructure their businesses.

In adition, it assisted with the process of equitizing a slew of SOEs and helped over 150 SOEs to recover their businesses, including the Shipbuilding Industry Corporation, Vietnam National Shipping Lines and the Vietnam National Coffee Corporation.

SGT