State firm to issue US$3.7 billion of special bonds

The State Bank Governor gave the Vietnam Asset Management Company (VAMC) the green light to issue up to VND80 trillion (US$3.7 billion) worth of special bonds in 2015.

The approval, confirmed in Document 1264/NHNN-TTGSNH, allows the firm to provide bonds with a maximum 5-year term.

Established in 2013, the VAMC, a one-member limited company, is a State tool for managing bad debt. Accordingly, it purchases bad debt from banks, recovers and restructures the debt, and sells collateral. It also adjusts loan conditions and converts debt into equity.

The company is permitted to consult and act as a broker to trade debts and assets, make financial investments, purchase sales, auction off assets, and provide guarantees for businesses and individuals to access bank loans.

The VAMC’s bonds are only used to buy bad debt from commercial banks and cannot be traded on the stock market.

Source: VNA

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