The Vietnam Assets Management Company (VAMC) has purchased 59.5 trillion VND (2.83 billion USD) worth of bad debts from 35 credit institutions by September 1, said Nguyen Quoc Hung – Chairman of VAMC’s member-board.

The VAMC plans to purchase between 70 trillion VND (3.17 billion USD) worth of bad debts during 2014 and 100 trillion VND (4.74 billion USD) in 2015, Hung said.

VAMC, a wholly State-owned company with charter capital of 500 billion VND (23.7 million USD) and managed by the central bank, was established in late July last year to reduce bad debts of the banking sector.

Apart from the debt business, the Ministry of Finance allows the VAMC to hold deposits at State-owned banks and make investments (hold stakes) in other companies.

VNA/VNN