By Hung Le  June 22, 2019 | 09:44 am GMT+7 At the end of 2018 VAMC had VND339 trillion ($14.5 billion) worth of bad debts it had bought since 2013. Photo by VnExpress. The Vietnam Asset Management Company has announced plans to set up a bad debt trading floor in the next two years. Its business plan for 2019-23 announced earlier this week envisages setting up and operating an exchange for buying and selling non-performing loans to boost liquidity in the bad debts market. The VAMC is a state-owned buyer of bad debts, which takes them off bank’s books in exchange for special government bonds or cash. The banks are obliged to buy back any bad debt VAMC fails to collect after a period five years. The VAMC will focus on completing documentation for the exchange, studying suitable models and creating a legal framework. It expects to finalize a proposal on the exchange this year. At the end of 2018 the company had VND339 trillion ($14.5 billion) worth of bad debts it had bought since 2013, mostly by issuing five-year bonds. This year it seeks to recover VND50 trillion ($2.14 billion), buy up another VND4.5 trillion ($192.61 million) worth of bad… Read full this story
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