Vietnam Seeks Faster Bad-Debt Cleanup With 1st Cash Purchase
- Government wants banks to speed up lending to spur growth
- VAMC to resolve about 30 trillion dong of bad loans this year
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Vietnam is accelerating the cleanup of its financial system to help boost lending in an economy threatened by a crippling drought and lower oil revenue.
The Vietnam Asset Management Company, set up to buy the bad debt of banks, will make its first cash purchase of non-performing loans this year, Nguyen Quoc Hung, chairman of the agency also known as VAMC, said in an interview Tuesday in Hanoi. The purchase “will help lay out steps to quicken the bad debt resolution process.”