Twenty three commercial banks have applied to sell VND38 trillion ($1.8 billion) of bad debts to the VAMC.— Photo Thanhniennews.com

HA NOI (Biz Hub)— The Viet Nam Asset Management Company (VAMC) has bought over VND12.4 trillion (US$591.9 million) in non-performing loans from 15 commercial banks by November 10, according to Permanent Deputy Chairman of VAMC's Member Council Nguyen Quoc Hung.

According to the deputy chairman, 23 banks had applied to sell VND38 trillion ($1.8 billion) of bad debts to the VAMC, which is currently assessing the applications.

Earlier this year, the VAMC purchased debts from the Maritime Bank, Techcombank,Global PetroBank (GPBank), Agribank, Viet Nam Construction Bank, Phuong Nam Bank, Sai Gon Commercial Bank (SCB), Sai Gon-Ha Noi Bank (SHB) and Petrolimex Group Commercial Joint Stock Bank (PGBank).

The State-owned VAMC, was launched in late July to remove bad debts from the banking sector. It is expected to buy around VND30-35 trillion ($1.42-1.66 billion) in bad debts by the end of this year. — VNS