As of early September 2014, Vietnam Asset Management Company (VAMC) has bought nearly VND60 trillion non-performing loans (NPLs) from banks, local newswire Infornet reported.
According to Nguyen Quoc Hung, VAMC’s Chairman, as of September 1, 2014, the company bought 3,591 loans, corresponding to VND59.511 trillion principal loans. Those debts were bought at the price of VND49.378 trillion from 35 credit institutions, including those who didn’t have to sell debts.
Thus, after 11 months, VAMC has purchased one third in total NPLs amounting to VND201 trillion of the entire banking system.
Among the acquired debts, VAMC has sorted out 145 debts with total outstanding loans of VND14.785 trillion. In addition, the company has restructured debts for 123 customers who have the ability to recover business with total outstanding principal loans of VND9.685 trillion. The adjusted interest rate that businesses must pay to VAMC with restructured debts is 10.7%/year.
However, so far VAMC has only recovered and sold VND1.4 trillion debts, including those authorized to banks. In which, none has been sold to foreign investors.
Source StoxPlus