Deputy Prime Minister Vuong Dinh Hue and the Vietnam Asset Management Company (VAMC) discussed the settlement of bad debts during a working session in Hanoi on April 27.

Deputy Prime Minister Vuong Dinh Hue

Chairman of the VAMC board of directors Nguyen Quoc Hung said the VAMC has purchased more than 24,500 debts worth over 244 trillion VND (11 billion USD).

The VAMC has worked closely with the State Bank of Vietnam (SBV) to build a legal corridor for debt trading, he said, adding that it has also classified purchased bad debts, to adopt appropriate solutions.

Hue admitted that VAMC still meets difficulties involving mechanisms, legal regulations and management.

The Deputy PM said he requested the SBV review the three-year implementation of the Prime Minister’s decision on bad debt settlement among credit organisations, thereby devising a similar scheme for 2016-2020 in which those regarding legal regulations, market development and VAMC’s improved efficiency must be specified.

Relevant ministries must closely liaise with the banking sector during the process, he stated.

Source: VNA