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VAMC seeks to sell 7,000 debts at market prices (20/4)
20/04/2016 - 14 Lượt xem
VAMC wants to sell the bad debts at market prices, a source told the Daily.
The source said VAMC has evaluated and classified the debts and mortgaged assets into groups and mapped out settlement solutions. The bad debts do not involve disputes, so they can be sold to investors.
The debts account for nearly one-third of the total VAMC has purchased since its establishment in 2013. The debt trading firm has handled over 24,500 debts worth nearly VND245 trillion.
Settlement of bad debt is among VAMC’s major tasks this year. According to the 2016 plan approved by the State Bank of Vietnam (SBV), the company will continue coordinating with banks to acquire around VND40 trillion in bad debt by issuing special bonds.
If VAMC buys VND40-trillion bad debt this year, it will manage nearly VND300-trillion bad debt on book value at the end of 2016. Besides, the firm will have to review and classify debts and mortgaged assets to find coping solutions.
VAMC’s debts will be divided into four groups. Debts that can be restructured are in Group 1 and those can be recovered are put on Group 2. VAMC will have to file lawsuits against organizations to collect certain debts in Group 3 and sell mortgaged assets or debts in Group 4 to take back money.
New SBV governor Le Minh Hung signed Decision No. 618/QD-NHNN drawing up and implementing VAMC’s plan to buy bad debts at market prices after he took office. Details of the decision have not been announced though it became effective on April 12.
According to the SBV’s website, the decision sets out conditions, rules and procedures for acquiring bad debts at market prices.
Banking experts said the decision is unlikely to help VAMC buy and sell bad debts at market prices immediately as this depends on the firm, banks, law enforcement agencies and the real estate market, among other factors.
Source: SaigonTimes
