The Vietnam Asset Management Company (VAMC) may be exempt from taxes, according to the NA Finance and Budget Committee.

NA Finance and Budget Committee requires more details on VAMC's operation

In April, the Standing Committee of the National Assembly received a proposal from the government to exempt taxes for "the collaterlalised debts held by VAMC, a wholly state-owned company, to help deal with bad debt at credit institutions."

However, the NA Finance and Budget Committee denied the proposal because it was too vague.

On May 10, a review report on the amended tax law stated that the amended draft also made a proposal to the NA Finance and Budget Committee to exempt VAMC from both VAT and income taxes.

Members in the NA Finance and Budget Committee showed favourable opinions toward the idea.

They said that VAMC was set up as non-profit organisation with a purpose to restructure credit institutions and improve the economy, and so collateralised debts held by VAMC should be exempt from taxes.

The committee added, however, that a more solid plan and precise overview of expectations were needed to make a final decision on the proposal.

The amendment and a supplement to the corporate income tax law will be submitted to the National Assembly during the fifth session, on May 20.