Business
VAMC deposits over US$790 million in banks
Vietnam Asset Management Company (VAMC) is reported to have deposited VND18 trillion (US$790 million) in banks, said its recent financial statement in 2017.
Specifically, the majority is in blocked accounts of credit institutions, which stood at VND17.2 trillion (US$756 million); VND657 billion under time deposit at BIDV (VND85 billion or US$3.73 million), Agribank (VND160 billion or US$7 million), LienVietPostBank (VND134 billion or US$5.9 million), Ban Viet Bank (VND100 billion or US$4.39 million), and Saigon Bank (VND200 billion or US$8.79 million).
The remaining VND49 billion (US$2.15 million) is in demand deposit. As at December 31, 2017, VAMC's total assets worth reached VND204 trillion (US$8.96 billion), down 2.4% compared to the previous year.
The majority of VAMC's assets is debt purchase at VND183.2 trillion (US$8.05 billion), down VND11.5 trillion (US$505.4 million) or 5.9%, in which debt purchased by special bond is VND182.6 trillion (US$8.02 billion), down VND12 trillion (US$527.4 million) or 6.2%.
Additionally, debt purchased by other financial means stood at VND532 billion (US$23.3 million).
VAMC's equity by the end of 2017 is estimated at VND2.05 trillion (US$90 million), 4 times higher than the previous year, mainly due to VAMC's increase charter capital from VND500 billlion (US$21.9 million) to VND2 trillion (US$87.9 million).
Total payable debt of VAMC is posted at VND201.9 trillion (US$8.87 billion), down 3.1%, in which the majority is the issuance of special bonds at VND182.6 trillion (US$8.02 billion). Moreover, VAMC also has to pay debt of VND17.2 trillion (US$755.9 million) through debt purchase.
In 2017, VAMC posted profit at VND20.4 billion (US$896,000), up 39% compared to 2016.
Since the beginning of 2018, VAMC has stepped up effort in auctioning bad debts from banks such as BIDV or SHB, with the initial value of VND 380 billion (US$16.7 million). These include properties in Binh Duong province from Tan Quoc Duy Steel Company, asset-based loan of Puzolan Gia Lai Cement Company at SHB and bad debts of Kim Son Building Material Production Company at BIDV.
VAMC set 2018 target of purchasing bad debts from VND27 trillion - VND32 trillion (US$1.1 billion - US$1.4 billion) paid by special bonds; purchasing bad debts at market value of VND3.5 trillion (US$153 million); reclaiming bad debts of VND24.9 trillion (US$1.1 billion); reclaiming bad debts paid by special bonds and at market value of VND20 trillion (US$878 million) and VND4.9 trillion (US$215 million), respectively.
VAMC deposits over US$790 million in banks.
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The majority of VAMC's assets is debt purchase at VND183.2 trillion (US$8.05 billion), down VND11.5 trillion (US$505.4 million) or 5.9%, in which debt purchased by special bond is VND182.6 trillion (US$8.02 billion), down VND12 trillion (US$527.4 million) or 6.2%.
Additionally, debt purchased by other financial means stood at VND532 billion (US$23.3 million).
VAMC's equity by the end of 2017 is estimated at VND2.05 trillion (US$90 million), 4 times higher than the previous year, mainly due to VAMC's increase charter capital from VND500 billlion (US$21.9 million) to VND2 trillion (US$87.9 million).
Total payable debt of VAMC is posted at VND201.9 trillion (US$8.87 billion), down 3.1%, in which the majority is the issuance of special bonds at VND182.6 trillion (US$8.02 billion). Moreover, VAMC also has to pay debt of VND17.2 trillion (US$755.9 million) through debt purchase.
In 2017, VAMC posted profit at VND20.4 billion (US$896,000), up 39% compared to 2016.
Since the beginning of 2018, VAMC has stepped up effort in auctioning bad debts from banks such as BIDV or SHB, with the initial value of VND 380 billion (US$16.7 million). These include properties in Binh Duong province from Tan Quoc Duy Steel Company, asset-based loan of Puzolan Gia Lai Cement Company at SHB and bad debts of Kim Son Building Material Production Company at BIDV.
VAMC set 2018 target of purchasing bad debts from VND27 trillion - VND32 trillion (US$1.1 billion - US$1.4 billion) paid by special bonds; purchasing bad debts at market value of VND3.5 trillion (US$153 million); reclaiming bad debts of VND24.9 trillion (US$1.1 billion); reclaiming bad debts paid by special bonds and at market value of VND20 trillion (US$878 million) and VND4.9 trillion (US$215 million), respectively.
