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VAMC has announced the auction of bad debt from the group of borrowers linked to Nguyen Thi Sau and Tran Van Thong and related parties, with a total value of more than VND 1.502 trillion, acquired from Bank A and Bank S since late 2019 under a market-based mechanism. According to the notice, the total outstanding balance as of February 28, 2026 reached VND 1.502 trillion, comprising principal of VND 623.8 billion, interest in dues of VND 566.3 billion, and overdue interest of VND 312.1 billion. The starting price is set exactly at the debt value, equivalent to more than VND 1.502 trillion and excluding value-added tax. VAMC states that the sale period and the window for viewing and submitting participation documents run from April 20 to 5:00 PM on May 5, 2026 at its Hanoi headquarters (300 Ton Duc Thang, O Cho Dua ward) and the Ho Chi Minh City branch (Saigon Plaza, 24 Le Thanh Ton). The fee for each packet of documents is VND 1 million. Participants may register to view the assets during April 20–May 5, and physically inspect from May 4–6, 2026 at the indicated locations. VAMC notes that only those who have purchased documents and registered properly can view the assets. The deposit for the deal is VND 150 billion, to be transferred to VAMC’s account between April 20 and before 5:00 PM on May 5, 2026. The auction is expected to take place at 9:00 AM on May 8, 2026 at VAMC’s Hanoi headquarters, in a multi-round direct bidding format with bids increasing in 300 million dong steps. Since its establishment 13 years ago, VAMC has moved bad debts off the balance sheet for market efficiency and helped credit institutions reduce on-balance bad debt to below a 3% ratio in line with international practice. However, the nature of bad debt persists and collecting it remains challenging. Currently, credit institutions and asset management companies (AMCs) perform debt collection, but their powers do not differ significantly from VAMC. Without a specific enabling framework, debt resolution will continue to face obstacles. Mr. Tran Trung Dung, Chairman of VAMC’s Council, and head of the NPL Handling Club, stated that VAMC is an institution with corporate-like attributes but performs a political mission, not for profit, and plays a market-building role. Nevertheless, to make the debt trading platform effective, demand must be stimulated; investors must see the potential profitability within a reasonable time frame. Therefore, the market must accept reasonable discounts to encourage participation and yield profits within 2–3 years, especially given streamlined procedures and lengthy enforcement processes. Furthermore, Mr. Tran Trung Dung highlighted market discipline deficiencies among borrowers: many borrowers show weak market discipline, even when loans are well-documented, secured, and properly registered. During debt resolution, some borrowers attempt to drag out proceedings, creating difficulties, including signs of asset stripping or lack of cooperation. A representative of VAMC emphasized that bad debt partly stems from external macroeconomic fluctuations; a not-insignificant portion arises from lack of transparency and market discipline, leading to procrastination in debt repayment and accumulation of bad debt over time. Therefore, a sound legal framework protecting market participants is a prerequisite for forming and developing a debt-buying and selling market. Once the legal framework is complete, the market will operate effectively. Read more…
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