VIETNAM PRESS-VAMC to double bad debt purchase in 2014 - Tuoi Tre

Mon Jan 6, 2014 9:33pm EST

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The Vietnam Asset Management Co (VAMC) plans to buy between 70 trillion and 100 trillion dong ($3.3 billion-$4.7 billion) worth of banks' bad debts in 2014, according to a company executive, the Tuoi Tre (Youth) newspaper reports. It bought bad debts worth 38.9 trillion dong in 2013.

In order to sell the bad debt, the central bank-run VAMC needs to raise its registered capital to 2 trillion dong, from 500 billion dong now, through additional funds or long-term borrowing, the report quoted the executive as saying.

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NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1=21,075 dong) (Compiled by Hanoi Newsroom)

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