THE TOTAL EXTENSION TIME OF ASSET MANAGEMENT COMPANY‘S SPECIAL BONDS IS NO LONGER THAN 10 YEARS
This is the new contents prescribed at the Decision No. 18/2015/ND-CP dated March 18, 2016 of the Government amending, supplementing a number of articles of the Decree No. 53/2013/ND-CP dated May 18, 2013 of the Government on the establishment, organization and operation of Vietnam Asset Management Company.
Accordingly, after being approved by the State Bank, Asset Management Company shall extend the time of special bonds that are issued to purchase bad debts of credit institutions that are implementing restructure plans orhaving financial difficulties. The total extension time and original time of special bonds is no longer than 10 years.
For bad debts purchased by special bonds, Asset Management Company shall be entitled to collect an amount of money at a rate regulated by the State Bank after the consensus with the Ministry of Finance minus the amount collected by the Asset Management Company, if the amount collected from bad debts is more than that of the amount collected.
This Decree takes effect on March 23, 2016.
