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ACB gets ready to sell debt

Aug 1st at 13:21
01-08-2013 13:21:52+07:00

ACB gets ready to sell debt

The Asia Commercial Bank (ACB) is considering the sale of VND1.5 trillion (US$71.5 million) worth of bad debts to the Viet Nam Assets Management Company (VAMC).

The bank is the first to voice the possibility of selling bad debt to VAMC, established on July 26.

General director of ACB Do Minh Toan said the sum accounted for 50 per cent of the bank's total bad debt.

ACB reportedly owns up to VND3,090 billion (US$147 million) of bad debt, 20 per cent more than it did last year. It is the fastest increase in bad debt holdings in the bank's 20 years of operation.

vietnamnews

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