Nation to establish debt solving firm

Wednesday, May 15, 2013 19:16

Removing bad debts is necessary to clear credit flows in the economy. — Illustrative image

HA NOI — A national asset management company aiming to eliminate bad debts was expected to be established by the end of this month, National Financial and Monetary Advisory Council member Le Xuan said at a conference held by Viet Nam Investment Securities Co yesterday.

The company would be managed by the State Bank of Viet Nam, and the Government should stipulate a compulsory ratio at which commercial banks would have to sell bad debts, said Nghia.

On a working day in the northern city of Hai Phong last week, Prime Minister Nguyen Tan Dung said removing bad debt was a necessary step to clear credit flows in the economy, as businesses' capacity to absorb capital remained low.

"We'll issue a decree on setting up the company soon," he reportedly said. — VNS


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