Deputy Governor of Viet Nam State Bank, Dang Thanh Binh.File  Photo

HA NOI (Biz Hub) — The Deputy Governor of Viet Nam State Bank, Dang Thanh Binh, has become chairman of the board of Vietnam Asset Management Company (VAMC).

The decision was made by SBV Governor Nguyen Van Binh on Tuesday.

VAMC came into being on July 9 in a move to resolve bad debts and boost credit growth. The company, managed, supervised and inspected by the SBV, has a charter capital of VND500 billion (US$23.8 million).

According to a governmental decree, credit institutions with a bad-debt rate higher than three per cent will be required to sell loans to the VAMC. The company will enjoy 2 per cent of the revoked debt.

In other moves, the Deputy General Director of Agribank, Nguyen Quoc Hung, has been made VAMC's permanent Deputy Chairman. Nguyen Huu Thuy from the SBV's General Supervisory Department will become VAMC General Director.

The SBV governor also assigned three deputy general directors to VAMC. They are all currently deputy directors of theVietnam Investment and Development Bank (BIDV), Lienviet Post Bank and Saigon-Hanoi Bank (SHB). — VNS