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Banking & Finance

VAMC introduces new interest rate regime

Released at: 09:17, 30/10/2015

VAMC introduces new interest rate regime

Rates on purchased bad debts lower in the fourth quarter.

by Hung Nguyen

The Vietnam Asset Management Company (VAMC) has announced it will adjust its interest rates on purchased bad debts in the last quarter of the year. 

The interest rate applicable for debts incurred in VND will be 9.6 per cent per annum, 0.3 per cent lower than the 9.9 per cent per annum applicable in the third quarter.  

The rate on debts incurred in USD will be 4.3 per cent per annum, 1.4 per cent lower than in the third quarter, and 5.4 per cent per annum for debts incurred in Euro, or 0.3 per cent lower.

To October 18 this year VAMC had issued special bonds buying over 13,000 bad debts valued at a principal of VND91 trillion ($4.07 billion) for a price of VND82 trillion ($3.67 billion) from 39 financial institutions. It also sold collateral worth over VND10 trillion ($448 million).

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