VAMC

Update news VAMC

 VietNamNet Bridge – Banks are continuing to struggle with fast rising potentially unrecoverable bad debts.

VAMC buys nearly 60 trillion VND worth of bad debts

 The Vietnam Assets Management Company (VAMC) has purchased $2.83 billion worth of bad debts from 35 credit institutions by September 1, said Nguyen Quoc Hung – Chairman of VAMC’s member-board.

Banks’ settlement of debts hindered by asset regulations

 VietNamNet Bridge – The regulation that banks cannot sell mortgaged assets below face value is the biggest barrier hindering debt settlement.

Commercial banks are indifferent to SBV refinancing

Surprisingly, no commercial bank has asked for refinancing from the State Bank (SBV), although SBV is ready to disburse funds.

VAMC’s debt purchases hard to sell off

 VietNamNet Bridge – The Vietnam Asset Management Company (VAMC) has bought tens of trillions of dong worth of bad debts from commercial banks, but it has not made any considerable progress in selling the debts.

VND30 trillion of bad debt awaits VAMC

 VietNamNet Bridge – Credit institutions have registered to sell more than VND30 trillion in bad debt to Vietnam Asset Management Company (VAMC), according to the State Bank of Vietnam.

Foreign sources needed to settle bank debts: economists

 VietNamNet Bridge – Economists have urged banks to look to foreign sources to settle their bad debts as Vietnam Asset Management Company (VAMC) has limited funds and can issue special bonds only.

Shareholders unhappy with lower, unpaid dividends

 VietNamNet Bridge – Shareholders in many banks have not received their dividends in recent years though banks have set low rates, but not cut them completely.

Bad debt ratio reports show different figures due to different calculation methods

 VietNamNet Bridge – Credit institutions have reported the bad debt ratio of Vietnam’s banking system at 3.86 percent, while the State Bank’s Inspection Agency announced a bad debt ratio of 9.71 percent at the end of February.

BUSINESS IN BRIEF 19/4

 HCM City refunds 1.4 mln USD of VAT for foreigners; VAMC announces interest rate for purchased bad debts; Imports of under-9-seat-cars soar; Toyota expands its recall campaign; Land rentals likely to rise

Banks still bear risks even after selling debts to VAMC

 VietNamNet Bridge – International institutions are remaining doubtful about the ability of the Vietnam Asset Management Company (VAMC) to settle bad debts.

VAMC buys $190 million of bad debts

VietNamNet Bridge – The Viet Nam Asset Management Company (VAMC) has purchased nearly VND4 trillion (US$190.4 million) in bad debts from 10 credit institutions in the first quarter of this year,

$9.4 million of bad debt recovered

 VietNamNet Bridge – The Vietnam Asset Management Company (VAMC) has purchased 39 trillion VND (1.8 billion USD) in bad debts, of which 200 billion VND (9.4 million USD) has been recovered,

BUSINESS IN BRIEF 2/3

New rules press VAMC to be more transparent; Steel production falls in January; Retail sales on upward trend in first two months; Draft law proposes new fat tax on carbonated soft drinks; FPT says will make vigorous steps abroad

Asset market quiet ‘cause there aren’t good-priced items

Though the assets offered for sale are plentiful, only few deals have been made.

VAMC’s herculean debt task in review

VietNamNet Bridge – Nearly half a year since the Vietnam Asset Management Company was established to restructure the Vietnamese banking system’s bad debts, VAMC chairman Dang Thanh Binh spoke with VIR about the company’s achievements

Banks race against time to sell debts

Banks now queue up for their turns to sell bad debts to the Vietnam Asset Management Company. They need to “clean up the balance sheet” by the time when the circular on classifying bad debts according to international standards takes effects.

20 banks sell debts to VAMC

VietNamNet Bridge – Vietnam Asset Management Company (VAMC) has cut deals to buy debts from 20 credit institutions, a source from the enterprise said.

VAMC purchases bad debts from 14 banks

 VietNamNet Bridge - By the end of October, the Vietnam Assets Management Company (VAMC) purchased VND11 trillion of bad debts from 14 banks, despite the fact that more than 20 banks had lined up to sell about VND38 trillion of bad debts.

Economic activities fail to enliven shares

VietNamNet Bridge – Shares were mixed last week with a weak cash flow and cautious investors, but some data hinted at economic recovery.