The amount of bad debt that the Vietnam Asset Management Company (VAMC) has to deal with this year accounts for nearly half of the total bad debts VAMC has bought from banks.
New details regarding the business performance and financial health of Hoan Cau Group reveal a large pool of bad debt of VND2.4 trillion (roughly US$105 million) that was just repossessed by VAMC (Vietnam Asset Management Company).
An increase from VND500 billion to 2,000 billion (equivalent to US$22 to 88.1 million) has been approved; however, this amount has not been provided to Vietnam Asset Management Company (VAMC) until now.
After the Vietnam Asset Management Company (VAMC) seized Saigon One Tower project as a collateral, many banks made similar moves with customers violating the debt obligations.
