Debt Asset Trading Co expands reach to foreign-invested businesses

November 15, 2018 | 12:09

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Debts and non-performing loans of foreign-invested companies would now be also on the radar of the Debt and Asset Trading Company (DATC), Pham Manh Thuong, DATC’s general director, said at a Ministry of Finance press conference on Tuesday.

debt asset trading co expands reach to foreign invested businesses

The DATC hopes the expansion of its reach to foreign-invested enterprises will have positive impacts on the business community and the whole economy.- Photo kinhtedothi.vn

The DATC, established in June, aims to facilitate the restructuring and equitisation of State-owned enterprises (SOEs) in Vietnam. It is involved in the acquisition and capitalisation of non-performing loans of SOEs.

Besides business goals, the DATC implemented economic and political tasks assigned by the Government to facilitate the process of restructuring and renovating SOEs and the commercial banking system, Thuong said.

“The DATC used to focus solely on SOEs, but now it will also cover foreign-invested companies. The DATC hopes the expansion of its reach to foreign-invested enterprises will have positive impacts on the business community and the whole economy,” he said.

The company has settled over VND90 trillion worth of debts and assets so far, helping about 3,000 enterprises to clear up their debts and assets before, during and after equitisation.

It is also helping 150 SOEs to recover, including Vietnam National Shipping Lines (Vinalines), Shipbuilding Industry Corporation (SBIC), Vietnam National Coffee Corporation and Central Construction Joint Stock Company (Centralcons).

VNA

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