VAMC handles over US$299 million deep debts

Vietnam Asset Management Company (VAMC) said it had sold collateral properties and debts to reclaim VND6,513 billion (US$299.65 million) in the first seven months this year, about 20 percent higher than that for the whole of 2014. 

Chairman of VAMC Council of Members Nguyen Quoc Hung said that the company’s plan was to recover VND10 trillion (US$460 million) of bad debts this year.

Credit institutions have filed to sell their bad debts to VAMC with a total value of VND64 trillion (US$2.94 billion) since early this year.

Of the number, VAMC has approved to purchase VND59 trillion at VND54 trillion and issued 51,300 special bonds.

The institutions will have to be more active in the sale of their bad debts to VAMC before September 30 so that the company can issue VND80 trillion special bonds.

By Bao Minh – Translated by Hai Mien

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