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New rules press VAMC to be more transparent

Feb 28th at 13:14
28-02-2014 13:14:24+07:00

New rules press VAMC to be more transparent

The Viet Nam Asset Management Company (VAMC) will have to publish information about its activities and become more transparent under a new regulation issued by the State Bank of Viet Nam (SBV).

Circular No04 issued on Wednesday, required the firm to publish information pertaining to its management policies, internal regulations on buying and selling non-performing loans, its processes and methods for calculating loan price and assets, and its processes and methods for selling loans and assets.

VAMC's audited annual reports, its criteria while buying bad debts from financial institutions and its methods of selling bad debts and insured assets will also have to be disclosed.

VAMC must also follow regulations to provide statistics on its activities to SBV's Monetary Statistics and Forecasting Department. When statistics in reports are adjusted or undergo any unusual changes, the company must submit all documents required by the department.

The circular will come into effect on June 1.

vietnamnews

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