return icon Vietnamnet.vn

VN Asset Management Company targets to settle $2.15bil. bad debts this year

The Vietnam Asset Management Company (VAMC) targeted to settle bad debts worth totally VND50 trillion (US$2.15 billion) this year.

 

This year, the Viet nam Asset Management Company would promote the foundation of a debt trading platform to establish a centralised market for trading bad debts. — Photo vietnamnet.vn

 

It also planned to issue VND15 trillion worth of special bonds to buy non-performing loans of credit institutions and spend VND5 trillion in cash to buy another VND5 trillion of NPLs at market prices.

According to Doan Van Thang, VAMC’s general director, VAMC was also promoting the foundation of a debt trading platform together with an AMC club to exchange experience and information so as to establish a centralised market for trading bad debts.

This year, VAMC also expected to get the Government's approval to double its charter capital to VND10 trillion to improve its financial capacity.

Under the project of restructuring the system of credit institutions in association with handling bad debts in the 2016-20 period approved by the Prime Minister on July 19, 2017, VAMC planned to raise its charter capital to VND10 trillion. However, in November 2017, the Prime Minister only allowed VAMC to increase its charter capital to VND5 trillion.

According to VAMC’s recent report, the company reclaimed bad debts worth around VND69.78 trillion in 2019 compared to the sum of VND30.9 trillion in 2018.

Last year, VAMC bought 381 bad debts of nine credit institutions worth more than VND20.5 trillion by special bonds at the price of nearly VND19.8 trillion.

The company also bought 37 bad debts at market prices and helped credit institutions handle more than VND2.13 trillion of bad debts.

Since its foundation in 2013 to the end of December 2019, VAMC used special bonds to buy bad debts worth VND359.39 trillion at the price of VND327.4 trillion. In addition, it spent VND8.2 trillion to buy bad debts worth VND8 trillion at market prices.

The central bank predicted that bad debts would increase this year due to the impacts of the COVID-19 pandemic, given that 23 per cent of the total outstanding loans, or VND2 quadrillion, were in sectors suffering from the pandemic. In the best scenario, the ratio of bad debts would be at around 2.6-3 per cent by the year end. — VNS

Nearly US$3 billion worth of loans to BOT projects likely to become bad debt

Nearly US$3 billion worth of loans to BOT projects likely to become bad debt

Forty-nine BOT (build-operate-transfer) transport projects have been reported as having revenue below expectations.

VN credit institutions recover nearly $1.2b of bad debts in Q1 2020

VN credit institutions recover nearly $1.2b of bad debts in Q1 2020

Credit institutions in Viet Nam settled more than VND26.94 trillion (US$1.17 billion) of non-performing loans (NPLs) in the first quarter of this year.  

MORE NEWS

Gia Lai province has new Chairman

The Government has confirmed Mr. Truong Hai Long as new Chairman of the Gia Lai provincial People's Committee.

Investors dump shares in panic, VN-Index drops nearly 46 points

The VN-Index officially lost the 1,110-point mark, retreating to the bottom made in February 2021 in the first trading session of October on October 3.

First Vietnam monkeypox case returns from Dubai

The Ministry of Health confirmed on October 3 that a woman returning from Dubai has infected with the monkeypox virus, the first case recorded in Vietnam so far.

Coca-Cola injects US$136 million into Long An plant

Coca-Cola Beverages Vietnam Co., Ltd is poised to start development on a beverage factory with total investment capital exceeding US$136 million in Phu An Thanh Industrial Park of Ben Luc district in the southern province of Long An.

List of 48 websites showing signs of law violation announced

The Ministry of Information and Communications (MIC)’ Authority of Broadcasting and Electronic Information has announced a list of 48 websites showing signs of law violations as of the end of the third quarter.

Secretary of Hai Duong Provincial Party Committee expelled from Party

The Party Central Committee decided to expel Secretary of the Hai Duong Provincial Party Committee and Chairman of the provincial People’s Council Pham Xuan Thang from the Party during the first working day of its sixth plenum in Hanoi on October 3.

VIETNAM NEWS HEADLINES OCTOBER 3

Hanoi seeks UNESCO's recognition for Mo Muong

Seven must-visit destinations in Vietnam for coffee connoisseur

From the 19th century until now, coffee has taken a journey to become an irreplaceable part of Vietnamese culture and life.

Petrol prices fall to over a year record low of VND21,000/litre

Petrol prices tumbled to the lowest level in more than a year in the latest adjustments made on October 3 by the Ministries of Industry and Trade and the Ministry of Finance.

Foreign ODA and concessional loans reach 15.5% of target

Disbursement of foreign official development assistance (ODA) and concessional loans has been slow, achieving only 15.48% of the target, the Ministry of Finance reported.

More foreign visitors to HCMC signals thriving tourist season

Roughly 100 French, American, German tourists traveled to Ho Chi Minh City on French Le Laperouse yacht of Ponant after the last visit in mid-November 2019 signaling a thriving tourist season.

First monkeypox infection detected in HCM City

The Ho Chi Minh City Department of Health has just announced the first reported case of monkeypox in Vietnam.

VIETNAM BUSINESS NEWS OCTOBER 3

2.97 billion USD in FDI poured into HCM City in 9 months

Trendy jobs in Vietnam

New and fashionable professions are being pursued by many young people. But not everyone is succeeding.

Shooting star targets bright future

After the retirement of senior champions, the Vietnam shooting team is now relying on its younger athletes, such as 18-year-old Phi Thanh Thao, who was recently nominated as Best Young Athlete of 2022 at the prestigious Victory Cup.
back_to_top