SBV Amends Circular on NPL and NPL Resolution of VAMC
The Governor of the State Bank of Vietnam (SBV) issued Circular No.09/2017/TT-NHNN to revise and amend the content of Circular No.19/2013/TT-NHNN dated September 6, 2013 on buy, sell non-performing loan (NPL) and NPL resolution of Vietnam Asset Management Company (VAMC). The circular takes effect from August 15, 2017.
The revisions and amendments are in line with stipulations in the Resolution No.42/2017/QH14 by the National Assembly on the pilot program of NPL resolution of credit institutions and in the Decree 61/2017/ND-CP by the Government on appraisal of the reserve price of NPLs, collateral of NPLs and establishment of the Council for auction of NPLs, collateral of NPLs for bad debts and for high value NPLs, and the practical operation of VAMC. Circular 09/2017/TT-NHNN includes three Articles, with the key topics including revising, supplementing the interpretation of terms related to debts and bad debts; revising, supplementing conditions of NPLs shall be bought by VAMC at market price, with the specific requirements; and revising, supplementing regulations relating to principle on selling the purchased NPLs.
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Effective Date: August 15, 2017
Keywords: Asia Pacific, Vietnam, Banking, NPL Resolution, Circular, SBV
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