VAMC

Update news VAMC

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.

BUSINESS IN BRIEF 23/10

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It’s easy to buy, but difficult to re-sell bad debts

 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.

Gov’t asked to get tough on cross ownership in banks

 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.

BUSINESS IN BRIEF 13/10

 Taiwan firms explore distribution opportunities in Vietnam; Rubber exports to fetch 4.5 billion USD this year; Thanh Hoa calls for more investment; Vietnam helps Laos develop coffee

VAMC begins bulk buys of bank debts

 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.

Commercial banks queue up to sell bad debts

 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.

ADB maintains 5.2% GDP forecast for Vietnam in 2013

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.

VAMC signs the first bad debt purchasing contract

 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.

VAMC embraces first bad debt evaluation

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

Bad debt settlement: do it yourself

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.

Non-performing loans total $6b in July

 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.

Central bank eases debt hurdle

 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,

New rule enables VAMC to auction bad debt

 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.

Local banks plan to sell bad debt to asset management firm

 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).

VAMC cuts annual debt target

VietNamNet Bridge – The Viet Nam Asset Management Company (VAMC) may fall well short of its target to remove VND70 trillion worth of non-performing loans from the nation's banking sector this year.

Asset firm queried on non-performing loans

 VietNamNet Bridge – The Viet Nam Asset Management Company (VAMC) has been operating for nearly one month. However, investors still lack information about how the company will buy non-performing loans (NPLs) from banks.

Banks’ bad debts drop suspiciously

Finance reports released by commercial banks showed that their bad debt ratios have fallen down to below 3%. This spells that the Vietnam Asset Management Company VAMC, established to help set banks free from bad debts, will have no job to do.

Banks keep wait-and-see attitude, reluctant to sell bad debts

 VietNamNet Bridge – A lot of banks have affirmed that they are willing to sell bad debts to the Vietnam Asset Management Company (VAMC). However, no official deal has been made so far, since banks still “listen to the news.”

Vietnam’s NPL attractive to foreign investors

 VietNamNet Bridge - While Vietnamese banks are not much interested in selling bad debt for debt settlement companies, many foreign investors are very excited.