Illustrative image (Photo: VNA)Hanoi (VNA) – TheVietnam Asset Management Company (VAMC) plans to handle some 50 trillion VND (2.14billion USD) worth of bad debts in 2019, and issue special bonds to purchase 20trillion VND (856 million USD) of non-performing loans.
This year, the VAMC targets to buy 4.5 trillion VND (192.6 million USD) worthof non-performing loans at market value.
In a bid to fulfill its plan, VAMC has proposed raising its current chartercapital from 2 trillion VND (86 million USD) to 5 trillion VND (215 millionUSD) this year. The move is aimed at enhancing the company’s financial capacityto buy and sell bad debts at prevailing market prices.
VAMC asked the Ministry of Finance to instruct the collection of corporate andincome tax in case of mortgaged asset transfer in service of bad debt recovery,thus ensuring rights of mortgaged asset buyers.
Meanwhile, it is requesting the Ministry of Natural Resources and Environmentto issue regulations on registration of mortgage of land use right, andprocedures to transfer collateral of bad debts in pending property projects asstipulated at clause 1, Article 9, Resolution No.42.
Last year, VAMC purchased more than 30.9 trillion VND (1.32 billion USD) of baddebts from 13 credit institutions. As of December 2018, the company bought over338.84 trillion VND (14.5 billion USD) worth of bad debts at a price of 307.56trillion VND (13.16 billion USD). -VNA
VNA
