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Thursday,  Dec 14,2017,15:10 (GMT+7)

VAMC settles VND66 trillion of bad debt

The Saigon Times Daily
Thursday,  Nov 16,2017,18:33 (GMT+7)
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VAMC settles VND66 trillion of bad debt

The Saigon Times Daily

HCMC - Vietnam Asset Management Company (VAMC) has settled bad debt worth VND66 trillion (about US$2.9 billion) since it was founded in 2013, and the progress is getting faster, according to VAMC general director Doan Van Thang.

Since the National Assembly’s Resolution 42/2017/QH14 on settlement of bad debt at credit institutions came into force in August 2017, VAMC has settled VND5 trillion in debt, bringing the total amount settled in the year to date to about VND16 trillion.

The company has plans to acquire at least VND2 trillion of bad debt from credit institutions at market prices from now until the end of this year, according to VnEconomy online newspaper.

Thang said Resolution 42 has effectively facilitated bad debt collection and settlement, especially property seizure.

Previously, credit institutions and VAMC seized debtors’ properties on the basis of Decree 163/2006/ND-CP on secured transactions. However, the handling process was slower than expected due to weak creditors’ rights as such properties remain in the debtors’ custody.

Meanwhile, Resolution 42 protects creditors better and reaffirms their right to seize collateral of the debtors.

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