Legal Counselling

Vietnam: Supplementing regulations on selling a bad debt purchased at market value

15:35, 20/08/2017

On August 14, 2017, the State Bank of Vietnam issued Circular No. 09/2017/TT-NHNN amending Circular No. 19/2013/TT-NHNN on purchase, sale and settlement of bad debts by Vietnam Asset Management Company (VAMC).

Circular No. 09/2017/TT-NHNN of the State Bank of Vietnam supplements regulations on selling a bad debt purchased at market value, specifically as follows:

- VAMC shall decide and take responsibility for the sale of bad debts purchased at market value by negotiation with the buyers or through submission of bids or proposals.

- VAMC shall sell a bad debt by negotiation with the buyer when the selling price is not smaller than the book value of the debt principal or the bidding is not successful.

- The sale of a bad debt by submitting bids shall comply with regulations of law on selling property of VACM at auction.

- The sale of a bad debt by submitting proposals shall comply with Clause 4 Article 35 of Circular No. 19/2013/TT-NHNN.

View new regulations at Circular No. 09/2017/TT-NHNN of the State Bank of Vietnam, effective from August 15, 2017.

- Thanh Lam -

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