VIETNAM PRESS-Debt firm VAMC struggles to clear up bad debt - Vietnam Economic Times

Tue Aug 19, 2014 10:04pm EDT

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Clearing up non-performing loans (NPLs) in Vietnamese banks has been slow due to troublesome procedures and as buyers seek lower prices for bad debt-backed assets, according to the chairman of Vietnam Asset Management Co (VAMC), the central bank-run NPL solving firm, the Vietnam Economic Times newspaper reported.

Bad debt ratio in Vietnam's banking system rose to 4.07 percent as of end May from 3.61 percent in December last year, while VAMC purchased 11.4 trillion dong ($538.4 million) worth of non-performing loans from lenders, or 16 percent of its full-year target, the report said.

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NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1=21,175 dong) (Hanoi Newsroom; Editing by Subhranshu Sahu)

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