Vietnam targets bank debt of $474m
- Published: 7 Aug 2013 at 20.19
- Online news:
Vietnam's state asset management company, tasked with cleaning up bad loans, said it will acquire as much as 10 trillion dong (US$474 million - 14.7 billion baht) of spoiled debt over the next two months as it considers possible foreign funding.
Vietnam Asset Management Co (VAMC) will issue special bonds to about 10 banks, chief executive officer Nguyen Huu Thuy said in an interview in Hanoi on Tuesday. The lenders will be able to use the bonds to secure funding from the central bank, he said.
"We can start buying the first batch of bad debt in the next two weeks," Mr Thuy said. "This will send a positive signal to the market and investors, so they can see how quickly we can move forward and how determined we are in resolving bad debt."
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