The State Bank of Viet Nam on Tuesday announced the appointment of the new chairman of the Viet Nam Asset Management Company (VAMC).

Under Decision 2539/QD-NHNN, SBV Governor appointed Nguyen Tien Dong as new chairman of the debt asset management company as of January 1, 2017. Dong will assume the position for five years.

Prior to the appointment, Dong worked as director of SBV’s Credit Department from mid 2014.

On the same day, the Governor also appointed former VAMC chairman Nguyen Quoc Hung to be new director of SBV’s Credit Department as of January 1, 2017.

VAMC, with charter capital of VND2 trillion (US$88.1 million), is 100 per cent State owned and is managed, supervised and inspected by the central bank. The company, which is permitted to buy bad debts from banks, will recover debts, put collateral up for sale and restructure debts. It will also adjust the conditions on loans and convert debt into equity.

It is allowed to consult and act as a broker to trade debts and assets, make financial investments and purchases, auction off assets and provide guarantees for businesses and individuals so they can access bank loans.

Since its debut in 2013, VAMC has bought bad debts totalling VND260 trillion from credit institutions and issued special bonds worth VND230 trillion to buy the debts.

VNS