Sacombank sells VND2,580 billion deep debt to VAMC

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Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has also signed contracts to sell three debts worth VND2,580 billion (US$114 billion) to Vietnam Asset Management Company (VAMC).
 

Sacombank and VAMC representatives sign the cooperation agreement

Sacombank and VAMC representatives sign the cooperation agreement

These bad debts will be purchased according to market value. Their mortgages are real estates, machines and equipment in Da Nang and HCMC.
The two sides yesterday signed a cooperation agreement on handling bad debts and asset backlog. According to the agreement, Sacombank and VAMC will work together to build a roadmap to handle debts every year.
Sacombank will propose the list of bad debts which will be sold to VAMC through special bonds and those which will be traded according to market value.
This year, they have set a target of tackling VND15-20 trillion of deep debts. Of these, at least VND1 trillion will be traded according to market value.



By NHUNG NGUYEN – Translated by Hai Mien

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