Deputy Governor of the State Bank of Vietnam, Dang Thanh Binh, has been been appointed as the Chairman of the Board of Members of Vietnam Asset Management Company (VAMC).

VAMC Chairman Dang Thanh Binh

The appointment took effect from July 17 and was made by Governor of the State Bank of Vietnam (SBV), Nguyen Van Binh.

The SBV govenor has also instructed Nguyen Quoc Hung, Deputy General Director of the Vietnam Bank for Agriculture and Rural Development (Agribank), to be the Vice Chairman of the VAMC Board of Members.

Meanwhile, Nguyen Huu Thuy, Deputy Head of the SBV’s Foreign Credit Organisation Inspection Board, has been appointed as the company's general director.

Governor Nguyen Van Binh has assigned Le Quang Chau, Director of Credit Management Board under the Bank for Investment and Development of Vietnam (BIDV); Doan Van Thang, Deputy Director of Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank); Bui Tin Nghi, Deputy Head of Saigon Hanoi Commercial Joint Stock Bank (SHB) to be deputy general directors of VAMC.

Le Thi Mai Huong from the SBV’s Internal Auditing Board is appointed to be Head of the Board of the Supervisors of VAMC.

SBV Governor  Nguyen Van Binh expected that VAC will be able to settle between VND40 trillion (USD142.8 million) and VND70 trillion (USD333.3 million) in bad debts this year.

However, according to Economist Le Xuan Nghia, Head of Business Development Institute, this may be a difficult task. "The company started operations on July 9, however, its two most important regulations, Internal Operation Regulations and Special Bond Issue Regulations, have yet to be signed," he explained.