Banks to offload bad debt
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The Vietnam Assets Management Company (VAMC) will issue bonds worth 10 trillion dong (Bt1.49 billion) to buy bad debts from Navibank, Sacombank, Agribank and SHB this year.
They are the first banks to sell bad debts to VAMC since the company was set up in July.
The plan will be divided into two phases, the first of which will be from September 21 to October 30 using bonds worth 10 trillion dong. The second will be from November 1 to the end of this year with bonds worth of 20-25 trillion dong.
According to a VAMC official, the plan was approved by the State Bank of Vietnam (SBV) last week.
The leader said the company’s operating regulations have been completed and will be issued in the next few days.
VAMC leaders last week worked with a number of joint stock banks and the SBV in the southern region to carry out the SBV’s circulars on buying and selling bad debt and refinancing loans of the price of bonds issued by VAMC. They also discussed solutions to the banks’ difficulties.
