Monday , June 24 2024

State-owned bad debt buyer reports record profits

State-owned debt buyer Vietnam Asset Management Company’s profits soared by 36% last year to VND165 billion (US$6.96 million), its highest ever.

It marked a 10-fold increase from 2017.

VAMC was established by the government in 2013 to deal with bad debts in the banking system, and operates under the State Bank of Vietnam.

In the beginning it issued bonds to pay for the debts it bought, but since 2017 it has been buying debts at market prices, and this has increased its profits.

Also in 2017 its charter capital quadrupled to VND2 trillion, and in 2019 it increased to VND5 trillion.

It has collaborated closely with BIDV, Vietinbank, Agribank, Sacombank, PVCombank, NamABank, and SGBank.

This year it plans to buy VND12 trillion worth of debts by issuing bonds and another VND2.7 trillion at market prices.

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