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 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.

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

 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.

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

VietNamNet Bridge – The Viet Nam Asset Management Company will sign contracts this week to purchase more than VND1 trillion (US$47.6 million) in bad debts from Maritime Bank, Techcombank and Global PetroBank.

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 VietNamNet Bridge – Though recognizing the efforts by the Vietnam Asset Management Company (VAMC), experts have pointed out that VAMC is not experienced enough to deal with bad debts.

 VietNamNet Bridge – Economic experts have urged the Government to take drastic measures against “cross ownership and manipulating ownership” in local banks to restore order in the country’s financial and banking sector.

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 Viet Nam Asset Management Company (VAMC) yesterday purchased more than VND1 trillion (US$47 million) of Saigon Commercial Bank (SCB)'s bad debts using its bonds.

 VietNamNet Bridge – The offers to sell bad debts are coming in thick and fast after the Vietnam Asset Management Company (VAMC) started up and made the first deal with Agribank.

VietNamNet Bridge – The Asian Development Bank has maintained its 5.2% GDP growth forecast for Vietnam in 2013 and said gradual progress in settling non-performing loans will prompt its economy to grow by 5.5% in 2014.

 VietNamNet Bridge – The contract worth over VND1.7 trillion will be signed between the state-run Vietnam Assets Management Company (VAMC) with Agribank today, October 1.

VietNamNet Bridge – State-owned Vietnam Asset Management Company (VAMC), launched in late July to clean up banks’ bad debts, is considering buying up the first non-performing loans from four banks burdened by high bad debt rates

Even though the State Bank has released the two important legal documents which guide the bad debt purchases, analysts still don’t think the Vietnam Asset Management Company  would be useful for the debt settlement.

 VietNamNet Bridge – Non-performing loans totalled VND138.98 trillion (US$6 billion) by the end of July, accounting for 4.58 per cent of commercial banks' total loans, according to the latest data from the State Bank of Viet Nam.

 VietNamNet Bridge – Many banks are hoping to offload their bad debts on the new asset management company after the central bank removed a major hurdle to selling their bad debts to the new asset management company,

 VietNamNet Bridge – The State Bank of Vietnam has just issued Circular 19 regulating operations of the Vietnam Asset Management Company (VAMC), giving it the mandate to auction bad debts at credit institutions.

 VietNamNet Bridge – The Nam Viet Commercial Joint Stock Bank (Navibank) and Asia Commercial Bank (ACB) have lodged plans to sell non-performing loans to the Viet Nam Asset Management Company (VAMC).